South Korea's leading cryptocurrency exchange, Upbit, has announced temporary suspensions for deposits and withdrawals of two altcoins, Initia (INIT) and Sei (SEI). These are standard security and maintenance procedures tied to upcoming network upgrades for each blockchain.
The suspension for INIT is scheduled to begin on December 22 at 9:00 a.m. UTC. Upbit stated this is a standard procedure for network upgrades or wallet maintenance, emphasizing that user assets remain secure. The exchange confirmed that spot trading of INIT on its platform will likely continue uninterrupted during the suspension period. The resumption time will be announced separately once all checks are complete.
Separately, the suspension for SEI is set to start on December 23 at 3:00 a.m. UTC. This action is explicitly to facilitate a crucial network upgrade for the Sei blockchain. Upbit advises users to complete any pending SEI transfers before the deadline. As with INIT, existing SEI holdings on Upbit remain secure, and internal trading may continue. The upgrade is expected to enhance network performance, potentially offering benefits like faster transaction speeds or lower fees.
In both cases, Upbit has not specified exact end times for the suspensions, noting that resumption will be announced upon successful completion of the upgrades and system synchronization. The exchange warns users not to attempt deposits during the suspension windows, as this could lead to loss of assets.
