Upbit Prepares for Polygon Hard Fork With Temporary Suspension of POL and GMT Transactions

South Korean cryptocurrency exchange Upbit has announced plans to temporarily suspend deposits and withdrawals for two tokens, POL and GMT, in preparation for an upcoming hard fork on the Polygon network. The suspension is designed to prevent potential losses and technical issues that may arise during the network upgrade.

The scheduled maintenance will begin at 11:00 a.m. UTC on May 21 and will affect all transactions involving POL and GMT. During this time, users will not be able to move their assets in or out of the exchange, although trading pairs may still be active. The exchange has stated that services will resume once the network upgrade is confirmed to be stable.

The hard fork on Polygon is a routine event aimed at improving the network's functionality and stability. While it can cause short-term volatility in token prices, the suspension is a precautionary measure taken by exchanges like Upbit to protect user funds during the process.