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Crypto Exchange Upbit Clarifies Reason for Halting Withdrawals

source-logo  beincrypto.com 25 September 2023 08:02, UTC

Crypto exchange Upbit has clarified the reason behind its temporary freeze of withdrawals on the platform. It has assured that it has conducted a thorough review and is now ready to resume its services.

Measures have been taken to address abnormal deposit attempts, and there are no issues with your Aptos transactions,” the statement noted.

Crypto Exchange Halts Withdrawals Due To Suspicious Transactions

In a recent statement, Upbit said the temporary pause on all Aptos deposit and withdrawal services was to conduct due diligence on the crypto exchange.

During the monitoring process of the Aptos (APT) deposits and withdrawals, abnormal deposit attempts were detected. As a result, we have suspended deposits and withdrawals and conducted a wallet system check for Aptos (APT).”

The statement emphasized that the resumption of services could lead to significant price swings:

“There is a possibility of rapid price fluctuations during the resumption of Aptos (APT) deposits and withdrawals,” the statement noted.

At the time of publication, APT’s price stands at $5.46.

Aptos (APT) Price Chart 1 Month. Source: BeInCrypto

Upbit stated that suspended deposits, might cause users to experience delays in processing them because of factors like network congestion.

However, it highlights the possibility of variations in the timing of transaction confirmations on the blockchain network and the timing of deposit reflection.

Read more: 9 Best Crypto Exchanges for Day Trading in 2023

Aptos Grabs Recent Headlines

Aptos recently experienced a substantial price swing following its partnership with Microsoft.

The company announced on August 9 that it is partnering with Microsoft to help bring Web3 into the mainstream. Shortly after the announcement, the APT price bounced by 15%. However, it couldn’t maintain its momentum and dropped below its breakout level.

Meanwhile, FTX court documents suggested that APT could face further sell-offs.

On September 11, reports indicated that the bankrupt exchange is expected to sell approximately $100 million worth of digital assets every week.