Two of South Korea's largest cryptocurrency exchanges, Upbit and Bithumb, have announced a temporary suspension of deposit and withdrawal services for the Injective (INJ) token. This coordinated action is a standard operational procedure to facilitate a scheduled network upgrade on the Injective blockchain, aimed at protecting user funds during the protocol transition.
Upbit's suspension is set to begin at 11:00 a.m. UTC on December 18, affecting all INJ deposits and withdrawals. The exchange has clarified that spot trading for INJ/KRW and INJ/BTC pairs will continue uninterrupted during this period. Users are advised to complete any necessary transfers well in advance of the deadline to avoid potential issues with transactions initiated near the cutoff time.
Similarly, Bithumb will halt INJ deposits and withdrawals starting at 9:00 a.m. UTC on December 18. The exchange also expects spot trading to remain operational. Both exchanges have emphasized that the suspension is a precautionary measure to prevent transaction errors or losses that could occur while the network state is changing. User funds held on the exchanges remain secure.
The resumption of services for both platforms is contingent upon the successful completion and stabilization of the Injective network upgrade. Neither exchange has provided a specific end time for the suspension, instructing users to monitor official announcement channels for updates. Network upgrades typically introduce improvements in scalability, transaction speed, security, and new features, which are viewed as positive long-term developments for the underlying protocol and its token.
