Upbit stop ZIL deposits and withdrawals before Zilliqa hard fork
Upbit go pause Zilliqa (ZIL) deposits and withdrawals small‑small from 09:00 UTC on 3 Feb 2025 because dem wan do one non‑backward‑compatible Zilliqa hard fork. Trading of ZIL pairs for inside Upbit order books (like ZIL/KRW) go continue normally while dem reject deposits and put withdrawal requests for queue. Dis pause na normal safety move to prevent transaction loss, chain splits or funds wey fit scatter as validators and node operators dey do upgrade. Upbit talk say service go resume only after the upgraded network don show say e stable and dem don finish internal post‑fork checks; normally dis kin suspension fit last about 6–24 hours, but dem no give exact finish time. Users no suppose send ZIL to Upbit deposit addresses during the suspension and people wey dey hold their own wallet suppose update wallets like ZilPay or Moonlet if necessary. Exchange also yarn say users' ZIL balances dey safe. This action follow industry best practices and wetin South Korean regulators expect for protecting assets during protocol upgrades. Traders make dem watch official Upbit announcements for timing updates and any possible token distributions or fork matters.
Neutral
Di suspension na na, na just precautionary operational measure, no be market event wey get to do with fundamentals or sentiment. Short term: impact on ZIL price suppose limited and mix — temporary liquidity reduction for Upbit (one major KRW venue) fit make volatility rise during the pause, and trading wey continue for order books fit create small transient spreads, but most market access still dey available. Withdrawals wey queue and deposit rejection fit cause local dislocations for users wey plan to move funds, fit make some short‑term sell pressure when withdrawals resume. Long term: if hard fork go smooth without chain split or major incident, confidence go remain intact and the event no likely change ZIL’s fundamental outlook. If the fork get problem (network instability, long downtime, or contentious chain split), the impact go negative and fit turn substantially bearish. Overall, considering Upbit clear communication and standard mitigation steps, base case na neutral to modestly volatile short term with no directional bias.