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.
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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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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