Upbit Suspends ZIL Deposits/Withdrawals Ahead of Zilliqa Hard Fork
Upbit will temporarily suspend Zilliqa (ZIL) deposits and withdrawals from 09:00 UTC on 3 Feb 2025 to support a planned non‑backward‑compatible Zilliqa hard fork. Trading of ZIL pairs on Upbit’s internal order books (for example ZIL/KRW) will continue uninterrupted while deposits are rejected and withdrawal requests are queued. The pause is a standard safety measure to avoid transaction loss, chain splits or orphaned funds while validators and node operators upgrade. Upbit said services will resume only after the upgraded network proves stable and internal post‑fork checks are complete; typical suspension windows historically range from about 6–24 hours, though no exact end time was given. Users should avoid sending ZIL to Upbit deposit addresses during the suspension and self‑custody holders should update wallets such as ZilPay or Moonlet as required. The exchange also noted users’ ZIL balances remain secure. This action aligns with industry best practices and South Korean regulatory expectations for asset protection during protocol upgrades. Traders should monitor official Upbit announcements for timing updates and any potential token distributions or fork‑related developments.
Neutral
The suspension is a precautionary operational measure rather than a market event tied to fundamentals or sentiment. Short term: the impact on ZIL price should be limited and mixed — temporary liquidity reduction on Upbit (a major KRW venue) could increase volatility during the pause, and trading continuation on order books may create transient spreads, but most market access remains available. Withdrawals queued and deposit rejection can cause localized dislocations for users who planned to move funds, possibly prompting short‑term sell pressure when withdrawals resume. Long term: assuming a smooth hard fork with no chain split or major incident, confidence should remain intact and the event is unlikely to change ZIL’s fundamental outlook. If the fork encounters problems (network instability, extended downtime, or contentious chain split), the impact would be negative and could be substantially bearish. Overall, given Upbit’s clear communication and standard mitigation steps, the base case is neutral to modestly volatile in the short term without directional bias.