Upbit Halts NEAR Flows for Critical Network Upgrade

Woofun AI reports that Upbit has initiated a temporary suspension of Near Protocol (NEAR) deposit and withdrawal services, effective July 19 at 2:00 p.m. UTC, to facilitate a critical network upgrade.

The operational halt commences precisely at 2:00 p.m. UTC, during which time the exchange will block all inbound and outbound NEAR token movements. Despite these restrictions on custody functions, trading activity within the spot market remains fully active and unaffected by the maintenance window.

Structurally, this intervention supports essential enhancements to the sharding architecture and smart contract capabilities, aiming to bolster blockchain security and scalability. Per Woofun AI, such upgrades are routine yet vital procedures that require exchanges to pause external transfers to prevent transaction processing errors or potential asset losses while the underlying protocol undergoes changes.

Users are advised to finalize any pending NEAR deposits or withdrawals before the specified cutoff, as external transfers will be impossible during the upgrade period. The duration of the suspension is contingent upon the successful verification of network stability, with no fixed reopening time currently disclosed.

This temporary restriction represents a standard operational measure designed to preserve the integrity and advancement of the Near Protocol blockchain. While causing short-term inconvenience, the pause ensures system reliability, and users should monitor official channels for resumption announcements.