South Korea’s largest cryptocurrency exchange Upbit announced that it has temporarily suspended STX transactions due to a technical issue related to the Stacks (STX) network.
According to the official statement, the delays in block production on the network have affected the entry and exit transactions of STX assets to and from exchange wallets.
The statement made by Upbit included the following expressions:
“Due to the block creation delay experienced in the Stacks (STX) network, the deposit and withdrawal transactions of STX assets have been temporarily suspended. This decision has been made in accordance with the relevant provisions of the virtual asset user protection law.”
Due to the development, the STX price has experienced a drop of about 7% in the last 24 hours. There has been no official statement from STX officials regarding the matter.
The exchange warned its users to halt their transactions during this process, stating that STX deposit transactions made during the suspension period may not be reflected in the account and that such transactions cannot be reversed.
Stacks is known as a layer for smart contracts used on Bitcoin; it allows smart contracts and decentralized applications to use Bitcoin as an asset and perform transactions on the Bitcoin blockchain.
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