Upbit Suspends Osmosis Transfers After Network Block Stall
Upbit, Bithumb, and Coinbase restricted Osmosis transfers after the blockchain stopped producing blocks at height 74,955,152, though OSMO spot trading remains uninterrupted.
South Korean cryptocurrency exchange Upbit temporarily suspended Osmosis (OSMO) deposits and withdrawals after the underlying Layer 1 blockchain stopped generating new blocks. According to an announcement published by Upbit on November 13 at 10:21 a.m. Korean time, the restriction applies strictly to on-chain transfers, while OSMO spot trading remains fully functional on the platform.
Exchange Suspensions and Regulatory Basis
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Upbit cited Article 17, Paragraph 1, Subparagraph A of the Enforcement Decree of South Korea’s Virtual Asset User Protection Act as the legal foundation for suspending OSMO deposits and withdrawals. The exchange stated that service resumption will be announced once safe deposit and withdrawal processing is verified.
Competing South Korean exchange Bithumb issued a similar notice at 8:43 a.m. Korean time on November 13, halting OSMO transfers while keeping spot trading open. In the United States, Coinbase reported delayed Osmosis transactions on November 12, confirming that fiat services and order matching were unaffected.
Network Halt at Block Height 74,955,152
Blockchain infrastructure provider QuickNode reported that the Osmosis network suffered a network-wide stall at block height 74,955,152 at 22:57 UTC on November 12. The block production failure prevented validators from confirming transactions, leaving external transfer requests pending across centralized exchanges and self-custody wallets.
Despite the operational disruption, OSMO gained nearly 14% over 24 hours to trade near $0.03738 on November 13, according to CoinGecko data. The token recorded approximately $8.8 million in 24-hour volume and a market capitalization of $26 million, though it remained down about 10% over the trailing seven-day period.
Key facts
- Osmosis block production stalled at height 74,955,152 at 22:57 UTC on November 12.
- Upbit and Bithumb suspended OSMO deposits and withdrawals on November 13.
- Upbit cited South Korea's Virtual Asset User Protection Act to justify the transfer pause.
- Coinbase acknowledged Osmosis transfer delays while keeping trading fully operational.
- OSMO rose nearly 14% in 24 hours to $0.03738 despite the network halt.
Source: crypto.news
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