[Upbit] Notice on Designation of Loom Network (LOOM) as a Trading Caution Item
Hello. This is Upbit, the most trusted global standard digital asset exchange. Loom Network (LOOM) has been designated as a trading caution item, and deposit services will be temporarily suspended accordingly. (Virtual Asset User Protection Act Enforcement Decree Article 17, Paragraph 1, Item 5) Loom Network (LOOM) has been designated as a trading caution item by the Digital Asset Exchange Joint Council (DAXA). DAXA can take measures such as joint cautions, designation of trading caution items, and termination of trading support for investor protection. Please find detailed reasons for the designation as a trading caution item below. Members who hold this digital asset are advised to check the following information. [Reasons for Designation as a Trading Caution Item] Target Markets: LOOM/KRW, LOOM/BTC Reasons for Designation as a Trading Caution Item Upbit has determined that Loom Network (LOOM), according to virtual asset trading support best practices, has numerous deficiencies in terms of disclosure of important matters related to the virtual asset, transparency and reasonableness of the procedure for changing the virtual asset's business plan, the reality of the business, and actual progress status, which may cause harm to users. Therefore, Upbit designates Loom Network (LOOM) as a trading caution item for investor protection. Designation Period: March 18, 2025 (Tuesday) 15:30 KST ~ April 1, 2025 (Tuesday) 23:59 KST [Next Steps After Designation as a Trading Caution Item] When an item is designated as a trading caution item, Upbit generally conducts a detailed review of the digital asset to determine whether to extend the caution designation, lift it, or make a final decision on terminating trading support. Upbit will conduct a review based on the digital asset trading support termination policy regarding the reasons for the trading caution item designation. During the review process, the review period for the trading caution item designation may be extended, and if the reasons for the designation are not fully resolved, termination of trading support may be decided. If the review period is extended or trading support termination is decided, we will provide guidance through a separate notice, and the exact schedule will be announced through that notice. Digital assets designated as trading caution items cannot have deposits reflected after the posting of this notice, and all deposits will be subject to return. Upbit's designation of digital assets as trading caution items and termination of trading support are based on the digital asset trading support termination policy. [Notice on Temporary Suspension of Deposits] Target Digital Asset: Loom Network (LOOM) Deposit Blocking Time: March 18, 2025 (Tuesday) 15:30 KST Deposit Resumption Notice: To be announced according to the procedure following the designation as a trading caution item [Deposit-Related Precautions] If you deposit LOOM after the deposit support suspension time, it may not be reflected in your Upbit account, and in such cases, recovery may not be possible. Please be aware of this and absolutely do not make deposits after the deposit support suspension time. During the deposit support suspension period, the deposit return procedure for the digital asset will be temporarily suspended, and will be processed sequentially after the deposit support resumption time. In case of deposit suspension, there may be delays in deposit processing due to network congestion and other reasons, and there may be differences between the time when the transaction is confirmed on the blockchain network and when the deposit is reflected. Deposits may occur on some blockchain networks before or after the deposit suspension time, but normal processing is not possible during the inspection period depending on our wallet system processing situation. After the inspection is completed, they will be processed sequentially after going through a verification process, so reflection in member accounts may be delayed. In case of unscheduled inspections such as wallet inspections or network inspections, deposits may occur on some blockchain networks before or after the notice, but normal processing is not possible during the inspection period depending on our wallet system processing situation. After the inspection is completed, they will be processed sequentially after going through a verification process, so reflection in member accounts may be delayed. If there are any special circumstances related to the resumption of deposit support, we will inform you through this notice. Upbit will always do its best for your safe trading. Thank you. ※ Virtual assets are high-risk products that may result in the loss of all or part of your investment. This is automatically generated information.
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