Leading South Korean cryptocurrency exchanges Upbit and Bithumb have announced temporary suspensions of deposit and withdrawal services for major altcoins to support scheduled network upgrades. Upbit will halt all ATOM (Cosmos) deposit and withdrawal services starting at 09:00 UTC on March 11, 2025. Similarly, Bithumb will suspend LUNA2 (Terra) withdrawals beginning at 09:00 UTC on March 12, 2025.
Upbit's ATOM suspension is a standard security procedure to support an upcoming "substantial upgrade" to the Cosmos Hub network. The exchange has not specified an exact resumption time, though such maintenance typically lasts several hours depending on the upgrade's complexity. During this period, users cannot move ATOM tokens into or out of their Upbit wallets, but trading of ATOM against other cryptocurrencies on spot markets is expected to continue uninterrupted.
Bithumb's LUNA2 withdrawal halt follows the same industry protocol for network upgrades. The exchange confirmed that only withdrawal services will be affected, with deposit services and LUNA2 trading continuing normally throughout the maintenance period. Like Upbit, Bithumb has not provided a specific end time, stating services will resume upon completion of the Terra network upgrade.
Both exchanges emphasize these suspensions are mandatory security protocols rather than optional administrative decisions. Continuing transactions during a chain upgrade poses severe risks of fund loss or failed transactions if exchange nodes and user wallets operate on different chain versions. Major global exchanges like Binance, Coinbase, and Kraken follow identical procedures for similar events.
The announcements highlight the maturing infrastructure of South Korea's cryptocurrency industry, where regulatory bodies like the Financial Services Commission (FSC) mandate strict operational transparency. Market analysts note that such events typically cause only minor, short-lived price volatility, with any impact correcting quickly after services resume.
Users of both platforms are advised to complete necessary transfers before the respective deadlines and monitor official channels for resumption updates. Tokens held in exchange wallets remain secure during the suspensions, with only on-chain movement being restricted.
