Upbit: Deposits and withdrawals resumes earlier than expected, but only for bitcoin

Upbit, one of Korea’s largest cryptocurrency exchanges, restarted deposits and withdrawals of bitcoin on Tuesday. Alongside the restart, Upbit has also asked bitcoin users to switch to new wallets. Wallet system update “For enhanced safety, we are updating our wallet system,” Upbit wrote in a Tuesday announcement. The measure follows a Nov. 27 incident when 342,000 etherium, worth around 58 billion won, was sent from the company’s Ethereum hot wallet to an anonymous address. That same day, Upbit suspended deposits and withdrawals of all crypto assets to prevent additional damage. At the time, it added that the suspension would take at least two weeks. The Tuesday notice comes a week short of that original due date. Recovery of old BTC wallets could be “long and costly” Upbit stated in its announcement Tuesday that using the old BTC wallet address could be faulty, urging users to get a new wallet address. Users can do so by logging in, going to wallet, then to bitcoin and selecting “Issue Wallet Address.” Parker’s note Cryptocurrency investors are no longer in the elementary stage. Upbit’s notice has sent ripples across online bitcoin communities, creating various rumors. One question is: why is it that only bitcoin services are resumed. The dominant response in communities is that at the moment, late subscribers at Upbit cannot deposit Korean won; the purpose of resuming bitcoin only is to attract money. Whether the rumor is true or not, Upbit should speed up in fully resuming deposit and withdrawal services, especially now that they’ve done so with bitcoin.

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