Woofun AI reports that South Korean exchange Upbit will suspend Hippo Protocol (HP) deposits and withdrawals effective July 6 at 3:00 a.m. UTC to facilitate a scheduled blockchain network upgrade. The maintenance window begins precisely at the stated time, with no fixed end date provided as resumption depends on confirming network stability and completion. While transfer capabilities are disabled, HP trading pairs on the platform will remain fully operational, permitting users to execute spot market buys and sells without interruption.

Structurally, this restriction isolates deposit and withdrawal functions, preventing HP holders from moving assets to external wallets or other exchanges during the upgrade period. Hippo Protocol, a blockchain initiative dedicated to decentralized data storage and sharing, utilizes its native token for transaction fees, staking, and governance mechanisms. The upcoming technical enhancement aims to bolster network performance, security, or functionality, although the project team has not yet disclosed specific implementation details.

Per Woofun AI, this suspension represents a standard industry precaution designed to mitigate transaction errors or potential fund loss during critical infrastructure updates. Traders requiring asset transfers must execute these movements well before the July 6 deadline to avoid being locked out of the network. This operational pause underscores the ongoing necessity for exchanges to coordinate closely with underlying protocol developments to ensure user asset safety.