Leading South Korean cryptocurrency exchange Upbit has enacted two separate service suspensions affecting multiple digital assets, citing critical network failures and scheduled maintenance. The first and more severe incident involves a complete withdrawal halt for RevolverCoin (RVC), ExclusiveCoin (EXCL), and Crown (CRW) due to a cessation of block generation on their respective networks. Upbit announced this critical suspension on March 15, 2025, after detecting that new block creation had stopped, preventing the secure processing of any outgoing transactions.
The exchange identified the halt in block generation as the primary technical cause, a severe network failure that freezes the entire blockchain. Deposits for RVC, EXCL, and CRW remain functional but will not be credited to user accounts until network stability is restored. Upbit has not provided a timeline for resumption, stating it depends entirely on the external development teams for each asset. The affected networks, with ages ranging from 7 to 9 years, operate with smaller node counts, making them more vulnerable to such disruptions. Expert analysis from Dr. Min-ji Park of KAIST notes this "underscores the infrastructure gap between large and small crypto projects."
In a separate but concurrent development, Upbit announced on March 21, 2025, the temporary suspension of all deposit and withdrawal services for the Sei (SEI) token. This action is attributed to essential wallet system maintenance, a standard procedure for implementing security enhancements, network upgrades, and performance optimizations. Importantly, spot trading for SEI on the exchange continues uninterrupted. The market reaction to this maintenance announcement was muted, indicating it was perceived as routine.
Upbit's protocols during such network crises align with global best practices, prioritizing user asset security. The exchange's response to the RVC, EXCL, and CRW halt involves continuous monitoring and will only resume services after multiple block confirmations are observed on the restored networks. These incidents highlight the operational risks exchanges assume when listing less-established assets and the ongoing technical diligence required in the industry.
