Attention Bithumb users holding Hippocrat (HPO)! A significant change is on the horizon that requires your awareness. South Korean crypto exchange **Bithumb** has issued an important notice regarding the HPO token.
What’s Happening with HPO on Bithumb?
Starting precisely at 09:00 UTC on May 22, **Bithumb** will implement a temporary suspension of all deposits and withdrawals for the Hippocrat (HPO) token. This isn’t a random action; it’s a planned move to support a major development for the project.
Why the Suspension? Rebranding to Hippo Protocol
The core reason behind this suspension is the project’s upcoming transformation. Hippocrat is undergoing a significant rebranding effort and will soon be known as **Hippo Protocol**. This change is more than just a new name; it involves a fundamental network transition.
Network Transition and Token Swap Details
The **Hippo Protocol** will be moving away from its current base on the Ethereum network. This transition is a key part of the rebranding process. As part of this network shift and rebranding, the existing HPO token will be swapped for a new token. The swap will occur at a 1:1 ratio, meaning for every one HPO token you hold, you will receive one new token. The token symbol will also change from HPO to HP.
This **token swap** is essential for holders to reflect their ownership on the new **Hippo Protocol** network. The suspension on the **crypto exchange** ensures that all HPO balances are recorded accurately before the swap takes place and prevents transactions during the critical transition period.
Key Takeaways for Bithumb Users
- Action Required: No immediate action is required from users holding HPO on Bithumb; the exchange will handle the swap.
- Suspension Start: HPO deposits and withdrawals stop on May 22, 09:00 UTC.
- Reason: Project rebranding to Hippo Protocol and network transition.
- New Token: HPO becomes HP.
- Swap Ratio: 1:1.
Users should monitor Bithumb’s official announcements for updates on when deposit and withdrawal services for the new HP token will resume. The temporary suspension is a standard procedure during such significant network upgrades and token swaps to ensure a smooth transition for all users.
Summary
**Bithumb** is temporarily halting HPO deposits and withdrawals from May 22, 09:00 UTC, to facilitate the Hippocrat project’s rebranding to **Hippo Protocol** and its network transition away from Ethereum. The process includes a 1:1 **token swap**, changing the symbol from HPO to HP. This move is crucial for the project’s evolution and is being managed by the **crypto exchange** to protect user assets during the transition. Stay tuned for further announcements from Bithumb regarding the completion of the swap and the resumption of services for the new HP token.
