Upbit Suspends Deposits and Withdrawals for Six Sui-Based Assets After Network Halt

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Upbit Suspends Deposits and Withdrawals for Six Sui-Based Assets After Network Halt

South Korean cryptocurrency exchange Upbit has temporarily suspended deposits and withdrawals for six assets operating on the Sui (SUI) network, following an unexpected halt in the network’s block production. The exchange announced the suspension on March 27, 2025, citing the need to protect user funds during the disruption.

Affected Assets and Scope of Suspension

The suspension applies to the following Sui-based cryptocurrencies: DeepBook (DEEP), Haedal Protocol (HAEDAL), LumiWave (LWA), Momentum (MMT), Sui (SUI), and Walrus (WAL). Upbit stated that the decision was made to prevent potential losses or processing errors while the Sui network remains unstable. The exchange will resume services once the network confirms stable block production and the team verifies transaction safety.

Network Halt Details and Causes

The Sui network experienced a temporary halt in block production earlier on March 27. According to the Sui Foundation, the issue was caused by a bug in a transaction scheduling logic that affected the network’s ability to produce new blocks. The team deployed a fix and the network has since resumed operation. However, Upbit has chosen to maintain the suspension as a precautionary measure while it conducts its own internal review.

Impact on Traders and Market Activity

The suspension affects traders who hold these assets on Upbit, one of the largest cryptocurrency exchanges in South Korea by trading volume. Users attempting to deposit or withdraw the listed tokens will see their transactions blocked until further notice. Trading on the exchange’s order books for these assets remains active, but users cannot move funds on or off the platform. This situation creates a liquidity bottleneck for affected holders, potentially impacting short-term trading strategies.

Broader Implications for Sui Ecosystem

The incident highlights ongoing risks associated with newer blockchain networks that are still maturing. Sui, a Layer 1 blockchain developed by former Meta engineers, has gained traction for its high throughput and low fees. However, network halts, even temporary ones, can shake user confidence and prompt exchanges to impose stricter due diligence before supporting native assets. The suspension on Upbit could slow adoption among South Korean retail investors, who are a significant demographic in the global crypto market.

Conclusion

Upbit’s suspension of Sui-based assets is a prudent risk management response to a network-level failure. While the Sui team has resolved the underlying bug, the exchange’s cautious approach underscores the importance of operational reliability for blockchain platforms. Users holding affected tokens should monitor Upbit’s official announcements for updates on when normal services will resume. The incident serves as a reminder that even high-performance networks are not immune to technical disruptions, and that exchange policies can significantly influence asset accessibility.

FAQs

Q1: Why did Upbit suspend deposits and withdrawals for Sui-based assets?
Upbit suspended services due to a halt in block production on the Sui network, which could have caused transaction errors or fund losses. The exchange is waiting for network stability before resuming operations.

Q2: Which assets are affected by the suspension?
The suspension affects DeepBook (DEEP), Haedal Protocol (HAEDAL), LumiWave (LWA), Momentum (MMT), Sui (SUI), and Walrus (WAL).

Q3: Can I still trade these assets on Upbit during the suspension?
Yes, trading on Upbit’s order books for these assets remains active. Only deposits and withdrawals are temporarily blocked.

Q4: When will Upbit resume normal services?
Upbit has not provided a specific timeline. The exchange will announce resumption after confirming the Sui network is stable and transaction safety is assured.

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