South Korean exchange Korbit to end Web3 wallet service on Dec. 31

South Korean exchange Korbit announced it will end its Web3 wallet service at 3:00 a.m. UTC on Dec. 31. From that point, all asset transfers through the Web3 wallet, including withdrawals and transfers, will no longer be available, and users were urged to move their holdings beforehand to their Korbit exchange accounts or external wallets. Ahead of the shutdown, Korbit said it will suspend withdrawals on the Silicon network from the Korbit exchange, the creation of new Web3 wallets, and the receive function within the Web3 wallet at 3:00 a.m. UTC today. After the service ends, existing wallets will only allow balance inquiries in the Korbit app.