ZEN Withdrawals Halted: Upbit’s Critical Suspension of Horizen Services

Key Points

1. Upbit suspended ZEN withdrawals because the Horizen network has been terminated, making transaction processing unavailable.

2. Investors holding ZEN on Upbit cannot move their tokens off the exchange, limiting their immediate options.

3. The situation underscores the importance of due diligence, diversification, understanding exchange policies, and considering self-custody for crypto investments.

4. The termination of the Horizen network suggests a severe issue, possibly due to lack of development or critical failure, with recovery prospects unclear.

5. This event serves as a reminder of the volatility and inherent risks in the cryptocurrency market, including counterparty risk and network dependency.