Upbit Places MultiversX Under Review Following Mainnet Exploit

The trouble began when an attacker attempted to manipulate atomicity at the virtual-machine level, resulting in invalid state changes that compelled developers to pause the network to prevent further damage. While MultiversX engineers have since developed a software fix and initiated shadow-fork testing to replicate mainnet conditions, the network remains in a state of recovery. No definitive timeline for a full restart has been provided, as the team continues to coordinate with validators and infrastructure providers.

Upbit’s decision to place EGLD/KRW, EGLD/BTC, and EGLD/USDT under caution mirrors broader industry caution. Kraken has shifted its EGLD pairs to cancel-only mode, while Bithumb and Coinbase have restricted transfer services to protect users. Upbit cited Article 17(1)(e) of South Korea’s Virtual Asset User Protection Act in its notice, noting that the ongoing uncertainty regarding the security incident necessitates a deeper review. The exchange plans to evaluate the project's resolution efforts between October 19 and 23, with the possibility of extending the review or terminating trading support entirely.

Market reaction has been volatile, with EGLD prices sliding approximately 8.7% between September 18 and 20. Trading volume spiked significantly during the disruption, climbing from roughly $3.35 million to $10.18 million. MultiversX has advised its community to avoid broadcasting transactions or moving tokens across bridges until the incident is fully resolved and a technical report is released.