Upbit Announces Suspension of MON Deposits and Withdrawals for Monad Hard Fork Upgrade

SEOUL, South Korea – March 18, 2025 – Upbit, South Korea's largest cryptocurrency exchange, announced today that it will suspend deposit and withdrawal services for Monad (MON) tokens. This suspension will take effect at 9:00 AM UTC on March 19, 2025, to support Monad's upcoming blockchain network hard fork upgrade. As a significant protocol update, this upgrade requires the coordinated support of exchanges, temporarily limiting MON trading for traders and investors. Upbit MON Service Suspension: Timeline and Technical Details Upbit released detailed information on its official announcement platform, clarifying the specific arrangements for this suspension. Deposit and withdrawal services for MON tokens will cease at the designated time. Notably, trading activities for MON trading pairs will remain unaffected and will continue throughout this maintenance period. Upbit's strategy aims to ensure market trading continuity while safeguarding network security during the upgrade. This suspension specifically applies to the native token of the Monad blockchain. Upbit confirmed that this action is a standard operating procedure to support a major network upgrade and emphasized it as a precautionary measure to prevent potential transaction errors or fund losses during the hard fork transition. Previously, similar suspension measures were implemented during Ethereum's London and Merge upgrades. Blockchain networks typically implement hard forks to introduce new features, enhance security, or fix critical vulnerabilities. During such events, exchanges must temporarily halt trading to ensure the safety of user assets throughout the process. Upbit's announcement reflects standard industry practices for handling such network upgrades. Understanding the Monad Hard Fork and Network Upgrade The Monad development team has planned this hard fork to implement several key network improvements. The upgrade aims to enhance network scalability and reduce transaction fees, while also introducing new smart contract functionalities. These improvements are expected to significantly boost the blockchain's performance in supporting decentralized applications. A hard fork represents a fundamental change to a blockchain protocol, creating a permanent divergence from its previous version. All network participants are required to upgrade their software to continue validating transactions. Nodes running older software will not be compatible with the upgraded network, making coordination among exchanges, validators, and users crucial. Monad's upgrade follows months of extensive testing on dedicated testnets. The development team has conducted multiple security audits on the new code and underwent community governance proposals before the final implementation decision. These meticulous preparations are designed to ensure a smooth transition for all network participants. Expert Analysis: Exchange Protocols for Supporting Network Upgrades