Upbit said it will suspend Cosmos ATOM deposits and withdrawals starting at 6:00 a.m. UTC on May 20 to support a network upgrade. The exchange did not provide a specific reopening time, saying services will resume only after the Cosmos upgrade is finished and the chain is confirmed stable.
The restriction applies only to transfers. According to the exchange, existing ATOM balances held on Upbit will not be affected, and ATOM trading is expected to continue as usual during the maintenance window. Users will still be able to buy and sell the token, while inbound and outbound transfers are temporarily disabled. Anyone needing to move ATOM must do so before the deadline.
Transfer suspensions are meant to prevent version mismatch issues
Pausing deposits and withdrawals during a protocol upgrade is standard procedure across major crypto exchanges. The core problem is simple: if an exchange node is still running older software while external wallets or network participants have already moved to a new version, incoming transactions may fail to reconcile properly.
That can lead to delayed credits, failed processing, or funds getting stuck for an extended period. By freezing transfers until its own infrastructure has been updated and checked against the upgraded network, an exchange reduces that operational risk.
The move comes as Cosmos faces broader pressure
The timing also lands in a difficult period for the Cosmos ecosystem. In January, Anoma co-founder Christopher Goes said Cosmos was nearing its end, pointing to high operating costs and the exit of several major projects from the network.
Separately, Osmosis proposed converting its OSMO token into ATOM and pushing deeper integration with Cosmos Hub as part of an effort to consolidate liquidity and governance. Upbit, the largest crypto exchange in South Korea, has previously influenced short-term price action in supported assets through listing and support decisions.