South Korea’s largest cryptocurrency exchange Upbit has announced that it has temporarily suspended STX trading due to a technical issue with its Stacks (STX) network.
According to the official statement, delays in block production on the network affected the movement of STX assets into and out of exchange wallets.
The statement made by Upbit included the following statements:
“Due to the block generation delay experienced on the Stacks (STX) network, deposits and withdrawals of STX assets have been temporarily suspended. This decision was taken in accordance with the relevant provisions of the law on the protection of virtual asset users.”
Due to the development, the STX price has fallen by 7% in the last 24 hours. There has been no official statement from STX officials on the subject.
The exchange warned its users to stop their transactions during this period, stating that STX deposits made during the suspension period may not be reflected in the account and such transactions may not be reversible.
Stacks are known as a layer for smart contracts used in Bitcoin, allowing smart contracts and decentralized applications to use Bitcoin as an asset and perform transactions on the Bitcoin blockchain.
*This is not investment advice.
