Stellar (XLM) Deposits and Withdrawals Temporarily Suspended on Upbit in Korea
South Korea’s leading cryptocurrency exchange, Upbit, has announcement the temporary suspension of deposits and withdrawals of the native Stellar network token, XLM, and other assets on the network. According to a statement from the exchange, nothing serious happened, and the event was caused by the need for maintenance of the Stellar network and the wallets within it.
Since official Stellar news sources are silent and similar temporary suspensions are not seen on exchanges other than Upbit, it can be assumed that this is an issue directly with the platform South Korean.
Stellar Course (XLM)
The XLM token was also not particularly impacted by the event, with its price falling more than 2% at the moment but in tandem with the rest of the crypto market.
Interestingly, since the start of the year, XLM has outperformed XRP by more than 4%, which could generally be considered its competitor. The rivalry dates back to when Jed McCaleb left Ripple – which uses XRP in its cross-border currency transactions – and founded Stellar, which uses XLM.
It seems mostly that XLM is trying to catch up and act as a sort of beta of XRP, i.e. reacting inertia to all the narratives that move the price of its biggest competitor. . However, it now seems that the division into senior and junior parts is gradually fading.