Coinspeaker
Upbit to Suspend Filecoin (FIL) Transactions on August 6 amid Major Network Upgrade
South Korean cryptocurrency exchange, Upbit, has revealed its plans to suspend Filecoin (FIL) deposits and withdrawals starting August 6 at 18:00 KST. This move comes as Filecoin is set to roll out its latest network upgrade NV23 codenamed ‘Waffle’ on the same day.
Upbit Temporarily Freezes Filecoin (FIL) Deposits and Withdrawals
Upbit’s upcoming suspension of FIL transactions was shared in an announcement via the company’s official website. However, it does not exactly come as a surprise, given that it is standard practice among exchanges like Upbit. Usually, this is their way of avoiding disruptions that may come with major network upgrades such as the one Filecoin intends to embark on. Freezes like this are solely aimed at ensuring a smooth transition. Therefore, services will most likely resume immediately when the upgrade is complete.
The implication of this suspension is that users holding Filecoin tokens do not have to worry about losing their assets. However, they may want to stay informed through official channels for updates on service resumption. Although the temporary suspension may cause inconvenience, it remains a necessary measure to maintain operational integrity during the network upgrade.
Filecoin NV23 Upgrade
Like every other network upgrade, the NV23 upgrade is a move by Filecoin aimed, first, at improving its network performance. The upgrade will also ease the network’s integration with the broader blockchain ecosystem among several other benefits. These include faster transaction processing, simplified and less costly storage additions, and support for legacy Ethereum transactions, which opens up new cross-chain possibilities.
Furthermore, the soft launch of F3 marks a major step toward significantly reducing transaction confirmation times.
It is not exactly clear when Upbit will resume FIL-related services. However, that will most likely depend on how long the upgrade takes. Nonetheless, users may continue to monitor both Upbit’s announcements and Filecoin’s official communication lines. That is, to stay abreast of the latest updates on Filecoin’s NV23 upgrade and the resumption of services.
As of publication, Coinspeaker data showed FIL trading at $4.34, down 2.65% in the last 24 hours.
Upbit to Suspend Filecoin (FIL) Transactions on August 6 amid Major Network Upgrade
