[Notice Regarding Temporary Suspension of Enjin Coin (ENJ) Deposits and Withdrawals]

Due to the upcoming network upgrade of Enjin Coin (ENJ), deposits and withdrawals will be suspended from February 24, 2025 (Mon) 15:00 (KST)

Major South Korean cryptocurrency exchange Upbit has announced the suspension of Enjin Coin (ENJ) deposits and withdrawals due to the upcoming network upgrade.

According to an announcement from Upbit on Monday, ENJ deposits and withdrawals will be suspended from Feb. 24, 2025, at 3 AM Eastern Time. The suspension will remain in effect until the network upgrade's stability is confirmed and will be announced later.

The suspension is being implemented as per Article 17(1)(a) of the Enforcement Decree of the Virtual Asset Users Protection Act in South Korea, which pertains to the suspension of digital asset deposits and withdrawals due to network upgrades.

“Enjin Coin (ENJ) network upgrade,” the announcement reads.

The affected digital asset is specified as Enjin Coin (ENJ) on the Enjin Network. The suspension will impact ENJ deposits and withdrawals.

Those interested can view the Enjin Coin (ENJ) Network Upgrade Notice for further details.

Upbit has also included some important notes in the announcement.

“Deposits made after the suspension of deposit/withdrawal support may not be reflected in your Upbit account and may be unrecoverable in such cases,” the exchange noted. “Please be aware of this and absolutely refrain from making deposits after the suspension time.”

During the suspension period, procedures related to returning deposits and registering withdrawal addresses for the digital asset will be paused temporarily. These procedures will be processed sequentially once deposit and withdrawal support resumes.

When deposits and withdrawals are suspended, there may be delays in deposit processing due to network congestion, and the time of completion for blockchain network transactions may differ from the time deposits are reflected.

Suspensions may also impact deposits and withdrawals on some blockchain networks before or after the stated suspension time, but these transactions will not be processed normally during the maintenance period based on the processing status of the exchange's wallet system. After maintenance ends, processing will be sequential following verification, which may cause delays in reflecting transactions in member accounts.

Finally, Upbit has included a section on frequently asked questions.

“Trading of the digital asset will continue to be supported without interruption regardless of the deposit/withdrawal suspension,” the exchange stated.

“Upbit will work closely with the project team to safely protect members' assets, and if there are any additions or changes, we will update this notice.”

“We ask for your understanding regarding this measure to ensure safe deposit and withdrawal support,” Upbit concluded.

“Thank you.”