Upbit, South Korea’s largest cryptocurrency exchange, announced that it has removed all old deposit addresses from the system as part of wallet maintenance work.
The exchange emphasized that users should always create a new wallet address before making a deposit to avoid losing funds. Upbit announced that deposits and withdrawals will gradually resume following the comprehensive update.
According to a statement released by the stock exchange, deposit and withdrawal services will be gradually reactivated across 21 different networks for a total of 33 assets, starting at 5:00 PM on December 5th. During this period, users are advised to check their accounts and, especially those using automatic transfer systems, update their new address information.
Upbit’s move follows a security breach on November 27th that caused losses of approximately KRW 44.5 billion (approximately $33 million). In the incident, attackers confirmed that unauthorized transfers were made from the exchange’s hot wallets, and the company immediately activated security protocols to halt all fund movements.
Officials stated that the new wallet infrastructure was designed with stronger security standards and that the complete deactivation of old addresses aims to increase user security. Upbit stated that services will return to normal once the system is fully stabilized, but cautioned users to exercise caution during the update period.
*This is not investment advice.
