Temporary Suspension of Deposits, Withdrawals, and Trading Support due to Sentinel Protocol (UPP) Rebranding and Token Swap

Dear Upbit users,

Upbit will support the rebranding and token swap from UPP to BOUNTY.

Please note that deposits, withdrawals, and trading support will be temporarily suspended during the rebranding and token swap process.For more details, please refer to the following information.(Article 17, Paragraph 1, Subparagraph (a), (b) of the Enforcement Decree of the Act on the Protection of Digital Asset Users)

[UPP Rebranding and Token Swap Guide]

• Network transition: Ethereum → Arbitrum One
• Name change: SentinelProtocol → Chainbounty
• Symbol change: UPP → BOUNTY
• Token swap ratio: 1 UPP : 1 BOUNTY*The chain change and token swap schedule may vary depending on project circumstances.

[UPP Rebranding]

• On 19 August, 2024, the Foundation announced the rebranding of Sentinel Protocol to Chainbounty.
• Chainbounty is a decentralized digital asset crime bounty platform that has succeeded the Sentinel Protocol. It is a platform designed to detect threats to digital assets, enabling security experts, white-hat hackers, and regular users to collaborate in the fight against cybercrime.
• Chainbounty aims to enhance the efficiency and scalability of the platform through the network transition from Ethereum to Arbitrum and the mainnet launch.
• According to the whitepaper, inflation issuance will begin before the mainnet launch in October 2024, with the official Chainbounty mainnet scheduled for release in December.
  • The Sentinel Protocol whitepaper roadmap, released on 7 April, 2018, mentioned the mainnet launch and inflation plans.
  • The Foundation plans to conduct 20 additional inflation issuance periods over 20 years, starting at 7% inflation rate and decreasing annually to reach around 0.1% in the 20th year.
  • Tokens issued through inflation from October to December 2024 will be allocated to the Foundation and mainly used for platform development. Starting from January 2025, 50% of tokens issued through inflation will be reserved for community bounties, with the remaining 50% provided as rewards for validators.
  • Reference: Foundation's Rebranding Announcement
  • Reference: Chainbounty Website
  • Reference: Chainbounty Whitepaper
  • Reference: Sentinel Protocol Original Whitepaper
• The Foundation will provide swap options from 31 October, 2024, to 30 December, 2024, in relation to the token swap.
• As the Foundation will not maintain the existing UPP, Upbit will support the rebranding to BOUNTY.
• Upbit will closely collaborate with the Foundation for the secure protection of your assets, and in case of any additional updates or changes, we will provide further guidance through this notice.

[Temporary Suspension of Deposits and Withdrawals]

• Schedule of deposit and withdrawal suspension: 2024-11-01 (Fri) 12:00 KST
• Information on the resumption of deposits and withdrawals: Resumption of deposit and withdrawal support will be announced separately once the rebranding and token swap are completed and the stability of deposits and withdrawals is confirmed.
  *During the period of deposit and withdrawal support suspension, the process for returning deposits of the relevant digital assets will be temporarily suspended.

[Temporary Suspension of Trading Support]

• Target Markets: UPP/KRW, UPP/BTC
• Period of trading support suspension: 2024-11-08 (Fri) 14:00 KST ~ Until the completion of rebranding and token swap operations, guidance will be provided through a separate announcement.
  *Upon resumption of trading support, the market names will be changed to BOUNTY/KRW and BOUNTY/BTC, respectively.
  *During the period of trading support suspension, exposure of the targeted markets will be halted, and the UPP equivalent amount will not be included in the KRW balance. Please take note of this.

[Notes]

• In case of deposit and withdrawal suspension, delays in processing deposits may occur due to reasons such as network congestion, and there may be differences between the completion time of transaction confirmations on the blockchain network and the time of deposit reflection.
• Deposits and withdrawals may occur on some blockchain networks before or after the suspension period, but normal processing is not possible during the maintenance period based on our wallet system operation. After the maintenance is completed, verification processes will be sequentially processed, which may result in delayed account reflections.
• UPP deposited after the deposit and withdrawal suspension will not be included in the token swap conversion targets. Therefore, please refrain from depositing UPP after the suspension point.
• After the completion of the network transition of UPP, the deposit address for UPP will be changed. Therefore, after the network transition is completed, you must obtain a new deposit address.
• If you deposit UPP to the existing UPP deposit address (Ethereum) after the suspension of deposits and withdrawals, it will take a long time for recovery and incurr recovery fees.
  *Recovery may not be possible depending on the Foundation's plans and decisions.

Thank you.

※ Digital assets are highly volatile and your investment may result in significant loss.※ If there is any discrepancy between the translated English version and the original Korean version, the Korean version shall prevail.