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In a sudden move that has caught the attention of the crypto community, South Korean exchange giant Upbit has announced a temporary suspension of all deposit and withdrawal services for assets on the Polygon network. This critical action comes as a direct response to an emergency network upgrade, following a concerning halt in block production. For traders holding assets like POL and GMT, this news is a pivotal development that requires immediate understanding. Why Did Upbit Suspend the Polygon Network? The core reason behind this suspension is an urgent technical issue. The Polygon network itself initiated an emergency upgrade after its block production unexpectedly stopped. When a blockchain halts block production, new transactions cannot be confirmed or added to the ledger. Therefore, exchanges like Upbit must proactively suspend related services to protect user funds and prevent transactions from being lost or stuck in limbo during the network instability. This is a standard security protocol in the cryptocurrency industry. However, it highlights the inherent challenges of operating within decentralized ecosystems where third-party network performance directly impacts exchange operations. The suspension is a precaution, not necessarily an indication of a problem with Upbit’s own platform. Which Assets Are Affected by This Suspension? The temporary halt specifically impacts any digital asset that utilizes the Polygon network for transfers on Upbit. The exchange has named two major tokens in its announcement: POL (Polygon Ecosystem Token): The native token of the revamped Polygon 2.0 ecosystem. GMT (STEPN): The governance token of the move-to-earn fitness application. It is crucial for users to note that trading of these assets may still be available on Upbit’s internal order books. The suspension applies only to moving tokens on or off the exchange via the Polygon network. Always check the official Upbit announcement page for the most current and complete list of affected assets. What Should Upbit Users Do Now? If you are an Upbit user, do not panic. This is a temporary, protective measure. Here are your actionable steps: Do Not Initiate Deposits: Any attempt to deposit POL, GMT, or other Polygon-based assets to your Upbit wallet during the suspension will likely fail or be significantly delayed. Withdrawals Are On Hold: You cannot withdraw these assets to an external Polygon wallet until Upbit resumes services. Monitor Official Channels: For updates, rely solely on official Upbit announcements via their website or verified social media. Avoid speculation from unverified sources. Consider the Network: Remember, this is a Polygon network issue. Other exchanges may implement similar suspensions, so check the status if you plan to use other platforms. How Does This Impact the Broader Crypto Market? While disruptive for direct users, this event serves as a powerful reminder of the interconnected nature of cryptocurrency infrastructure. An issue on a major Layer-2 network like Polygon can ripple through to top-tier exchanges, affecting liquidity and user activity. It underscores the importance of: Network Reliability: The need for robust, fault-tolerant blockchain systems. Exchange Risk Management: How leading exchanges like Upbit implement safeguards. User Education: The critical need for traders to understand the underlying technology of their assets. Historically, such suspensions are resolved within hours or a few days once the underlying network is stable and the exchange has completed its safety checks. Conclusion: A Temporary Hiccup in a Maturing Ecosystem The decision by Upbit to suspend Polygon network services is a prudent and expected response to unforeseen blockchain turbulence. It prioritizes the security of user assets above all else. For the crypto community, it’s a moment to reflect on the growing pains of a rapidly evolving industry. As networks and exchanges coordinate to resolve these issues, the overall system demonstrates its resilience. The key takeaway is that such events, while inconvenient, are part of the process that leads to more robust and reliable infrastructure for everyone. Frequently Asked Questions (FAQs) Q1: Can I still trade POL and GMT on Upbit during the suspension?A1: Possibly. The suspension is for deposits and withdrawals via the Polygon network. Internal trading on Upbit’s platform may remain active, but you should verify this on the exchange’s trading interface. Q2: How long will Upbit suspend Polygon network deposits and withdrawals?A2: The duration is not specified but is directly tied to the completion of the Polygon network upgrade and subsequent security verifications by Upbit. Monitor their official announcements for the resumption notice. Q3: Are my funds safe on Upbit during this time?A3: Yes. The suspension is a security measure designed specifically to keep your funds safe. Assets held in your Upbit account are not at risk due to this network-level action. Q4: Does this affect other exchanges besides Upbit?A4: It might. Since the issue originated on the Polygon network, other exchanges that support Polygon-based assets may enact similar temporary suspensions as a precaution. Always check the status with your specific exchange. Q5: What is an emergency network upgrade?A5: It is a critical software update deployed by a blockchain development team to fix a severe bug, vulnerability, or performance issue (like halted block production) that cannot wait for a scheduled upgrade. Q6: Will this suspension affect the price of POL or GMT?A6: It could cause short-term volatility due to reduced liquidity from halted deposits/withdrawals on a major exchange like Upbit. However, the long-term price depends on broader market factors and the swift resolution of the network issue. Found this breakdown of why Upbit suspended Polygon network services helpful? Navigating exchange updates can be tricky. Share this article on your social media to help other traders in your network stay informed and secure during market developments. To learn more about the latest Polygon network trends, explore our article on key developments shaping Polygon’s ecosystem and its future roadmap for scaling Ethereum. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Whale activity in the cryptocurrency markets has increased significantly in recent hours. According to on-chain data, high-volume investors have made significant transfers of several major crypto assets, particularly Bitcoin and Ethereum. According to the data, a whale deposited 10,169 ETH, worth approximately $29.77 million, into Binance, earning a total profit of $11.36 million. It was noted that this investor had previously withdrawn 19,505.5 ETH ($48.69 million) from the exchange and staked it, then reinvested 20,269 ETH ($60.05 million) into the exchange, generating a total staking income of $763.58 ETH. It is stated that this same whale has earned a total profit of $11.36 million from ETH transactions over the past three years. Related News Why Is the Bitcoin Price Constantly Falling? Analysis Firm Says “The Selling Process Has Reached Saturation,” Shares Its Expectations On the other hand, a newly created wallet was observed withdrawing a large number of different crypto assets from Binance. The assets transferred to this wallet included 5,770 ETH, 9,870 LINK, 140.62 AAVE, 1,950 UNI, 75,450 POL, and 9.99 COMP. It was also reported that a whale with the address 0xc8D4 completely closed their position of 10,169 ETH ($29.7 million) approximately 4 hours ago and exited the market. This move is being considered in conjunction with the recent volatility in the Ethereum price. Another notable development is that Arthur Hayes purchased a total of 32.42 million USDC from Binance, Galaxy Digital, Wintermute, and several other platforms in the last two days. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

Polygon Labs, the group developing the eponymous blockchain, is making a strategic investment in web3 media project Boys Club. Boys Club will work closely with the RD lab to help "advance Polygon's mission of making crypto more practical, accessible, and valuable for everyday people through products, payments, and meaningful storytelling." "Boys Club brings a cultural intelligence and creative voice that perfectly complements our vision for the future of crypto," Head of Marketing at Polygon Labs Leon Stern said in a statement, noting Boys Club will contribute across events, social strategy, editorial development, and narrative design. The investment comes amid a reevaluation of marketing across tech, especially in web3, which has seen rising prices without corresponding adoption. Last week, the Wall Street Journal published an article that found even big tech firms like Google and Microsoft are hiring "storytellers" as large language models drive the marginal cost of copy to practically zero. Noting that "storytelling" has become a "buzzword," Polygon said it is looking for assistance in gaining cultural capital, particularly as blockchain-based use cases like stablecoin payments and neobanking find a wider audience. Strategic investment or partnership? It is unclear why the relationship is being called a "strategic investment," rather than an undisclosed payment for services rendered. Terms of the deal were not disclosed, though Boys Club stressed it will continue to operate as an "independent and neutral media organization." The Block reached out to Boys Club for a comment and asked a Polygon representative if Polygon Labs will receive equity in Boys Club. “Central to this partnership is Boys Club’s continued editorial independence and neutrality. Boys Club will retain full control over its creative direction, voice, and business operations,” and maintain its client roster, including potential competitors, including protocols like Aptos, Base, Solana, Stellar, and others, the statement reads. Launched in 2021, Boys Club has published newsletters, podcasts, and other forms of media, and has produced events, including through partnerships with leading crypto firms like a16z crypto, Coinbase, Kraken, and Polymarket. At publication time, Boys Club has not posted about the investment on its main X account. Many sides of Polygon Notably, Polygon has had an evolving brand image over the years. Launched in 2017 as a Plasma-based sidechain called Matic Network, the team shifted strategy to align as an Ethereum Layer 2 in 2021 while rebranding to Polygon. The project converted MATIC tokens to POL, and launched an SDK and the Agglayer to become a hub for interoperable chains. Even today, debate persists as to whether Polygon is a true Layer 2. In October, Polygon co-founder Sandeep Nailwal commented on the phenomenon of the "Ethereum community" embracing Polygon-based apps like Polymarket and Polygon SDK chains like Katana and XLayer, while discounting Polygon's allegiance to Ethereum. Earlier this year, Nailwal took "unilateral control" as the CEO of the Polygon Foundation and is the last remaining Polygon co-founder. Polygon's multi-chain framework has made notable contributions to zero-knowledge tech and proof-of-stake operations, including research supporting open-source Plonky2 and Plonky3 proof systems. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

According to on-chain analyst Ai Auntie, a fresh address 0xDE2…E4613 has begun accumulating a widely tracked Ethereum DeFi token, signaling potential strategic positioning within the ecosystem. The observation relies on live wallet activity and token balance shifts, offering a snapshot of evolving sentiment among active liquidity providers and token holders on the Ethereum network. Within a short window, a bundled withdrawal from Binance totalled $17.8 million, encompassing assets including ETH, LINK, AAVE, UNI, POL, and COMP. The ETH portion represented about 95% of the value, roughly $16.93 million, with an average transfer price of $2,935.55. The distribution across six tokens underscores notable cross-asset liquidity movements in today’s DeFi landscape. Share News: