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South Korean Giant Upbit Halts Transactions for Three Altcoins, Delists Another

Andras Crow-Hreidar
By Andras Crow-Hreidar 206 Comments
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South Korean Giant Upbit Halts Transactions for Three Altcoins, Delists Another = The Bit Journal

One of South Korea’s leading crypto exchanges, Upbit, recently announced the temporary suspension of deposits and withdrawals for Lisk (LSK), Brett (BRETT), and CARV due to node synchronization issues. Additionally, Upbit has decided to end support for Plian (PI), marking a significant change for the platform’s users. The exchange confirmed that transactions for these assets will resume once system stability is ensured.

Contents

South Korean Giant Upbit Halts Transactions for Three Altcoins, Delists Another = The Bit Journal

Upbit’s Announcement Raises Concerns Among Users

On November 2, Upbit disclosed that, due to technical difficulties, it had to pause deposits and withdrawals for Lisk, Brett, and CARV. The exchange also revealed it would no longer support trading for Plian (PI), and withdrawal services for this altcoin would be phased out. Upbit stated that transactions would resume after confirming the stability of the affected networks.

Price Impacts and Market Reactions

Currently, Lisk is trading at $0.76, experiencing a 0.5% drop in the past 24 hours, with a daily high of $0.789. Brett, a meme coin, trades around $0.086 and saw a 3.92% decline over the past day, having reached $0.93 earlier. CARV currently sits at $0.72, showing a minor 0.45% gain. Meanwhile, Plian (PI), following Upbit’s withdrawal halt, dropped 10% to $0.00050, reflecting the impact of the delisting announcement.

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South Korean Giant Upbit Halts Transactions for Three Altcoins, Delists Another = The Bit Journal

Upbit’s Role in the Crypto Market

Upbit’s recent moves highlight the platform’s importance in the South Korean crypto market. Since its launch in 2017, Upbit has become one of the region’s most popular exchanges. Partnering with U.S.-based Bittrex in 2017 fueled its rapid growth, allowing Upbit to attract a global user base. However, Upbit has also faced challenges. In 2018, the exchange’s headquarters were raided amid a fraud investigation, leading to charges against three Upbit officials. This episode marked a turning point, pushing Upbit to strengthen its security protocols.

As one of the most active exchanges globally, Upbit’s listing and delisting decisions can significantly impact altcoin prices, often leading to sharp increases for listed tokens and steep declines for those delisted.

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Disclaimer

The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.

You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.

Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.

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Andras-Crow-Hreidar
By Andras Crow-Hreidar
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Editorial Director Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.
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