Network Disruption Triggers Exchange Response

Osmosis, a Cosmos-based Layer 1 blockchain that supports decentralized exchange and liquidity services, ceased producing new blocks at approximately 22:57 UTC on November 12. Infrastructure monitoring placed the stall at block height 74,955,152. Without new blocks, transactions cannot be confirmed, preventing reliable processing of deposits or withdrawals on the chain.

Upbit responded by suspending OSMO deposits and withdrawals that rely on the Osmosis Chain. The exchange announced the measure at 10:21 a.m. Korean Standard Time on November 13. Spot trading of OSMO continued without interruption. The temporary restriction follows the exchange’s standard practice when blockchain confirmations stop, allowing internal trades between users while external transfers remain paused.

Upbit cited Article 17, Paragraph 1, Subparagraph A of the Enforcement Decree of South Korea’s Virtual Asset User Protection Act as the basis for the action. The exchange stated it would restore deposit and withdrawal services once it confirms the network can process transfers safely. No specific restart time was provided.

Broader Exchange Impact

Other platforms also encountered issues linked to the same network interruption. Bithumb, another major South Korean exchange, issued its own suspension notice for OSMO deposits and withdrawals earlier on November 13, at 8:43 a.m. Korean time. It kept trading available and noted that pending transactions could experience delays until network stability returns.

Coinbase reported delays in sending and receiving OSMO tokens. The U.S. exchange said purchases, sales, and fiat deposits and withdrawals remained unaffected, and it confirmed that customer funds stayed secure while it investigated the problem.

Available reports did not identify a confirmed technical root cause or any security breach. No losses of funds were reported in connection with the stall. Osmosis status information indicated that certain services, including the mainnet LCD endpoint and snapshot service, experienced downtime, while the RPC endpoint and primary application interface remained operational.

Market Activity During the Outage

OSMO continued to trade on centralized platforms. Data showed the token near $0.036 to $0.037 on November 13, with a 24-hour gain of roughly 10 to 14 percent. Market capitalization stood near $25 million to $26 million, and daily trading volume was reported in the range of $9 million to $11 million. The token remained lower by approximately 10 percent over the preceding seven days.

The price movement occurred while transfer services were restricted on several exchanges. Internal exchange trading does not require on-chain confirmation for every order, which allows markets to remain open during network interruptions of this type.

Users with OSMO balances on affected platforms can continue to buy and sell the token where trading remains active. External transfers into or out of those accounts via the Osmosis Chain stay unavailable until the suspension is lifted. Pending deposit refund requests and withdrawal address registrations were also placed on hold during the pause.

Timeline of Key Events

The network remains dependent on validators resuming block production for normal operations to return. Exchanges have indicated they will monitor conditions and restore transfer services once confirmations can be processed reliably.