Upbit has taken a precautionary step by halting Stacks token transactions amid network delays impacting the Stacks blockchain. The decision comes after experiencing significant block generation issues on the Stacks network, causing STX prices to drop 7% within 24 hours. Notably, Upbit’s suspension solely affects STX assets and does not impact other tokens listed on their platform. This move aligns with South Korea’s regulatory framework for virtual asset protection. ⬇️
Upbit acknowledges the block delays on the Stacks network and has consequently suspended STX deposits and withdrawals. The exchange states its decision is in line with regulations aimed at safeguarding user rights. However, this suspension impacts the liquidity on Upbit’s platform, drawing attention to potential concerns for traders.
While Upbit maintains strict compliance with regulatory frameworks, the Stacks network faces scrutiny over the block delay issues. The silence from the Stacks team further fuels speculation about their response. ⏳
Historical trends indicate a pattern of temporary dips following network delays. STX holders are facing a period of uncertainty while anticipating a resolution and regaining liquidity.