South Korean cryptocurrency exchanges Bithumb and Upbit have announced separate temporary suspensions of deposit and withdrawal services for the Waves (WAVES) and Mantra (MANTRA) tokens, respectively, to facilitate critical network upgrades. These standard operational procedures are designed to ensure user asset security and seamless integration during blockchain protocol changes.
Bithumb WAVES Suspension Details
Bithumb will halt all WAVES deposit and withdrawal services starting at 12:00 a.m. UTC on April 28. The suspension supports an upgrade to the Waves blockchain. Importantly, trading of WAVES against Bitcoin (BTC) and Korean Won (KRW) will continue uninterrupted. Users must complete any pending WAVES transfers before the deadline. Bithumb has not specified an exact duration, but industry standards suggest services may resume within several hours to a full day. The exchange will issue a follow-up announcement once services are fully restored. This decision follows best practices observed during major upgrades on networks like Ethereum and Solana.
Upbit MANTRA Suspension Details
Upbit will temporarily suspend all MANTRA deposits and withdrawals starting at 8:00 a.m. UTC on April 29. This action supports a scheduled network upgrade for the MANTRA blockchain. Unlike Bithumb's approach, Upbit's suspension will affect all MANTRA trading pairs, meaning users cannot deposit or withdraw MANTRA tokens during this period. Spot trading may continue but with reduced liquidity. The duration depends on the upgrade's complexity, typically lasting from a few hours to a full day. Upbit will resume services after confirming network stability.
Understanding the Upgrades
Both suspensions are preventive measures to protect user funds during core protocol changes. Network upgrades, often called hard forks or mainnet migrations, introduce new features, enhance security, or improve scalability. Exchanges must update their internal node software to remain compatible with the new protocol rules. Failure to do so could result in transaction failures or fund loss. Past upgrades, such as Waves 2.0 in 2023, saw major exchanges like Binance and Coinbase execute similar halts without major incidents.
Regulatory and Market Context
In South Korea, where the crypto market is highly regulated, the Financial Services Commission (FSC) mandates clear user communication for any service disruption. These announcements demonstrate compliance and a user-first approach. Industry experts note that transparent, pre-announced suspensions build trust and reduce disruption. Blockchain analyst Kim Min-ji commented: “Network upgrades are essential for long-term network health. Exchanges that coordinate well minimize user disruption.” Historically, network upgrades can influence token prices, with positive upgrades potentially boosting investor confidence.
User Guidance
Users holding WAVES on Bithumb or MANTRA on Upbit should complete all pending deposits and withdrawals before the respective deadlines. Assets already held in spot wallets remain safe. Users should avoid initiating transfers during the suspension to prevent delays or losses. Both exchanges will issue restoration notices after confirming network stability.
