South Korean cryptocurrency exchange Upbit temporarily suspended deposits and withdrawals of Osmosis (OSMO) on November 13, 2026, after the underlying blockchain stopped producing new blocks, preventing transactions from being processed normally. The exchange announced the restrictions at 10:21 a.m. Korean Standard Time, citing an interruption affecting the Osmosis Chain network. The suspension applied specifically to OSMO deposits and withdrawals, while cryptocurrency trading remained available. Upbit said the precautionary measure was necessary because the blockchain could no longer generate the confirmations required to process transfers safely.
The disruption also affected other cryptocurrency platforms, including South Korean exchange Bithumb and U.S.-based Coinbase, which reported delays or restrictions involving Osmosis transactions. Blockchain infrastructure provider QuickNode independently confirmed the network interruption, reporting that block production stopped late on November 12. The incident raised concerns about transaction processing across the Osmosis ecosystem, although no confirmed security breach or theft of customer assets was identified in the initial announcements.
Osmosis Blockchain Stalls at Block 74,955,152
According to QuickNode’s November 12 incident report, Osmosis stopped generating blocks at approximately 22:57 UTC, with the blockchain stalled at block height 74,955,152. The provider classified the incident as a network-wide stall, explaining that infrastructure services dependent on new blocks would remain affected until the network resumed normal operations. Osmosis is a Layer 1 blockchain within the Cosmos ecosystem, supporting decentralized cryptocurrency trading, liquidity pools and cross-chain financial applications. Unlike centralized exchanges, where trades can be recorded internally, on-chain cryptocurrency transfers require blockchain validators to confirm transactions.
When block production stops, transfers cannot receive the necessary confirmations, potentially leaving deposits and withdrawals pending until network functionality returns. Upbit invoked provisions of South Korea’s Virtual Asset User Protection Act enforcement framework when announcing the temporary restrictions. The exchange initially said transfers would resume after network stability and transaction-processing safety had been verified. It also warned that pending deposits, withdrawal requests and related processing could experience delays.
Bithumb and Coinbase Report Similar Transfer Disruptions
Bithumb announced its own OSMO deposit and withdrawal suspension at 8:43 a.m. Korean time on November 13, citing the same interruption in Osmosis block production. The exchange confirmed that OSMO trading would continue and advised customers that pending transactions could take longer to appear in their accounts. Coinbase separately reported delays affecting OSMO transfers, while indicating that cryptocurrency trading and fiat payment services remained operational. Despite the disruption, OSMO traded near $0.037 on November 13, registering an approximately 14% gain over 24 hours, according to CoinGecko figures cited by crypto.news.
The token nevertheless remained approximately 10% lower over the preceding week. The price increase does not establish that the outage caused buying demand, particularly because centralized exchange trading can continue without immediate on-chain settlement. Upbit’s official communications subsequently displayed the suspension notice as completed, although the exact restoration time was not independently established. The incident illustrates how blockchain-level interruptions can affect multiple trading platforms simultaneously, even when their centralized trading systems remain operational.