Emergency warning for traders on June 3rd

Hey traders and pocket network enthusiasts! There are important updates from Upbit on the Korean crypto exchange, especially when you are holding or trading POKT. Upbit has announced a temporary suspension for certain operations, including Pocket Network Tokens (POKTs). this Upbit POKT suspension An important heads up for anyone planning to move the POKT around a specified date.

What’s going on with the Upbit POKT suspension?

Upbit, a leading player in the Korean crypto market, officially stated on its website that it will temporarily suspend both deposits and withdrawals of its Pocket Network (POKT). This is not a permanent change, it is a temporary measure. The suspension is scheduled to begin 09:00 UTC on June 3rd. This means that from this point onwards you will not be able to send Pokt to your Upbit account or forward Pokt.

Why is there a sudden pause? The reason given by Upbit is directly related to upcoming technological events in the pocket network itself. Pocket Network Hard Fork.

Hard fork to understand pocket networks

For new people in the concept, a Hard fork Essentially it’s a major upgrade to the software of your blockchain network. Think of it like an update to your computer’s major operating system. Often, new rules, features, or changes are introduced into the network’s protocols. When a hard fork occurs, the network is effectively split into two potential paths. One follows the old rules and the other follows the new rules. For a successful upgrade, the majority of participants (nodes, minors/validators, etc.) must adopt new rules.

Crypto exchanges like Upbit should be carefully prepared for these events. Here’s why:

• Ensuring compatibility: You need to make sure the system is compatible with the newer version of the blockchain software after fork.
• Problem prevention: Performing a transaction (deposit/drawer) during the exact moment of the fork can lead to complications, loss of funds, or transactions that are incorrectly recorded against one chain and the other chain.
• Maintaining consistency: Pausing operations helps exchanges to securely navigate the migration, ensure user balance integrity after the fork is complete and the network is stable.

from now on Pocket Network Hard Fork It’s a technical trigger for Upbit’s decision.

Impact on the withdrawal of POKT sediments

So what is the temporary stop? POKT Deposit withdrawal For you as a user of the Upbit platform? The most direct effect is that the holdings of POKTs cannot be moved to exchange during the suspension period. Here are some important points:

• Planning is very important: If you were planning to deposit Pokt with Upbit for a transaction or withdrawal, or if you need to withdraw your POKT for a private wallet or another exchange, you will need to complete these actions Before 9:00 UTC on June 3rd.
• Your funds are safe (in exchange): Any POKTs you currently have in your Upbit account will remain there. Suspension only affects the ability to move tokens Inside or Out Exchange wallet. Your balance will not go away.
• The transaction may continue: Deposits and withdrawals will cease, but trading of POKT pairs at Upbit may continue as normal. Although Upbit’s announcement specifically mentions deposits and withdrawals rather than transactions, it is always best to check official notices of confirmation regarding transaction status over the period.
• The period is temporary: The suspension is temporary. Upbit resumes POKT sediment and drawers once it is certain that the pocket network hard fork is complete and the network is stable and that its system is fully synchronized with the upgraded chain. We will provide another announcement regarding reopening times.

Why do exchanges like Upbit take this action?

Actions like Upbit Crypto Exchange Suspending deposits and withdrawals during network upgrades is a standard practice across the industry. It is not specific to Upbit or Pokt. This precaution is primarily adopted for security and stability reasons. Exchanges reduce the risks associated with network migration by suspending transfers and protect both the exchange fund and, more importantly, the user fund.

It highlights the technical complexity and the need for careful management that comes with performing crypto exchanges during critical blockchain events such as hard forks.

Wider crypto hard fork impact

The upbit and pocket network situation is a good example of the possibility Crypto Hard Fork Impact About Exchange users. Hard forks are often required to evolve and improve networks, but exchanges and user vigilance are required as well. For users, it emphasizes the following importance:

• Stay info: Following official announcements from the exchange and certain blockchain projects holding tokens.
• Future plans: Predicts potential service disruptions for known upgrade dates.
• Understanding the risks: Moving funds during critical network events creates higher risks if all involved parties do not handle them correctly.

This event reminds us that while the Crypto world is constantly undergoing upgrades, these technical steps may require a temporary pause in user accessibility.

Summary: Keep alerts on the June 3rd deadline

In conclusion, Upbit is implementing a temporary stop of POKT sediment and drawers from 09:00 UTC on June 3, 2024. This action is a direct result of future pocket network hard forks and is a standard procedure to ensure the safety and integrity of your funds during network upgrades. If you need to deposit your POKT with Upbit, be sure to deposit it before the deadline. Please be aware of Upbit’s official announcement for the latest information on when services will resume.

For more information on the latest crypto market trends and blockchain technology development, check out our article on the major developments that shape the crypto landscape.