South Korean cryptocurrency exchange Upbit has temporarily suspended deposits and withdrawals of Osmosis (OSMO) following a network outage that disrupted block production on the Osmosis blockchain. The exchange confirmed the suspension applies to transactions involving OSMO on Osmosis Chain, while spot trading of the cryptocurrency remains available.
The decision comes after the Cosmos-based Layer 1 blockchain stopped producing blocks, affecting the network's ability to process transactions. Upbit introduced the temporary restrictions in response to the disruption, limiting users' ability to deposit or withdraw OSMO through the affected blockchain network.
Upbit Restricts OSMO Transfers Following Network Disruption
According to information reported by Wu Blockchain, Upbit announced the suspension as a precautionary measure following the interruption in Osmosis Chain's block production. The exchange's restrictions cover both deposits and withdrawals, meaning users cannot currently transfer OSMO into or out of Upbit through the affected network.
Osmosis is a Layer 1 blockchain built within the Cosmos ecosystem. Its network relies on block production to process transactions and maintain the blockchain's operational activity. When a network stops producing blocks, transaction processing can be disrupted, creating complications for cryptocurrency exchanges that support deposits and withdrawals on that chain.
Upbit's response reflects the distinction between exchange-based trading and blockchain transfers. Although the network outage has affected OSMO transactions through Osmosis Chain, the exchange has not suspended spot trading of the token.
OSMO Spot Trading Remains Available
Importantly, Upbit users can continue trading OSMO on the exchange despite the temporary suspension of deposits and withdrawals. The measure therefore concerns the movement of tokens between the exchange and the blockchain rather than the availability of the OSMO spot market itself.
For traders and investors, the distinction is significant. Users may still access the exchange's OSMO spot market, but they cannot use the affected deposit and withdrawal services until Upbit restores them. The suspension also means that transferring OSMO between Upbit and external wallets through Osmosis Chain is temporarily unavailable.
Upbit is South Korea's largest cryptocurrency exchange by trading volume, making its operational decisions relevant to users participating in the country's digital asset market. The exchange's announcement specifically identifies Osmosis Chain as the affected network and does not indicate that OSMO spot trading has been interrupted.
The suspension follows the blockchain's halt in block production, with deposits and withdrawals remaining the affected services. Upbit's spot trading support for Osmosis (OSMO), however, remains operational.
Writer: Victoria Hale Technology & Blockchain Writer
Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.
She prioritises clarity and accuracy when explaining technical developments to a general audience.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
