Upbit announced the restriction at 10:21 a.m. Korean time on November 13. It applies to deposits and withdrawals using Osmosis Chain, not to buying or selling OSMO in the exchange’s supported markets. Customers cannot move tokens between Upbit and external wallets through the affected network while the suspension is in effect.
The exchange cited Article 17, Paragraph 1, Subparagraph A of the Enforcement Decree of South Korea’s Virtual Asset User Protection Act as the legal basis for the measure. Upbit said deposit refund requests and withdrawal address registrations would also be unavailable during the suspension. It will process pending requests after services resume; deposits submitted during the disruption may not appear in accounts until network checks are complete.
Blockchain infrastructure provider QuickNode reported that Osmosis stopped producing blocks at 22:57 UTC on November 12, at height 74,955,152. It described the incident as a “Network-Wide Stall” and said the problem was under investigation. The available reports did not identify a technical cause or confirm a security breach.
Bithumb also suspended OSMO deposits and withdrawals on November 13, scheduling its restriction for 8:43 a.m. Korean time. It warned that pending transactions could be delayed and said transfers would resume once network stability was confirmed. OSMO trading remained available, with a caution about possible price volatility. Coinbase separately reported delayed OSMO transfers on November 12, while saying purchases, sales and fiat deposits and withdrawals were unaffected. Coinbase said it was investigating and that customers’ funds remained safe.
CoinGecko data put OSMO near $0.03738 on November 13, up almost 14% over 24 hours. Daily trading volume was around $8.8 million and market capitalization near $26 million, while the token was down about 10% over the preceding week. The price movement does not show that traders welcomed the outage or that the disruption caused the daily gain.
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