Upbit, a prominent South Korean cryptocurrency exchange, has temporarily suspended deposits and withdrawals for Akash Network's native token, AKT, starting November 24. This measure is part of routine maintenance aimed at enhancing platform security and performance.
The maintenance, initiated by Upbit, one of Asia's leading exchanges, is focused on fortifying its security protocols. Notably, trading services for AKT remain unaffected during this period. The suspension is confined to Upbit's internal infrastructure and is not indicative of any protocol issues with Akash Network itself.
AKT Trading Uninterrupted Amid Deposit Suspension
Despite the pause in deposit and withdrawal functions, trading for AKT on Upbit continues without interruption. This distinction highlights that the maintenance is operational rather than market-driven, and no significant impacts on global cryptocurrency markets are anticipated.
Market analysts have observed a generally bearish price sentiment for AKT around the time of the suspension. However, historical trends associated with such exchange interventions suggest that any volatility is typically short-lived and does not lead to prolonged financial repercussions for the asset.
Previous Maintenance Events Show No Long-Term Market Impact
Upbit has a history of conducting periodic maintenance on its platform, which has previously affected other digital assets such as Cardano and Avalanche. In those instances, these maintenance events did not result in any sustained adverse effects on the prices or trading volumes of the affected cryptocurrencies.
Insights from crypto analytics platforms suggest that minor fluctuations in AKT's performance are to be expected during this maintenance period. Historical data from similar events indicates that such maintenance typically has short-lived financial impacts, without causing permanent damage to an asset's market credibility or long-term trajectory.
Deposits and withdrawals for Akash Network (AKT) have been temporarily suspended for scheduled wallet maintenance to improve platform security and reliability. Trading is not affected and will continue as usual. Service resumption will be announced once maintenance is complete. - Upbit Official Announcement