Attention, Cosmos (ATOM) holders! South Korean crypto exchange Bithumb has issued an important announcement that directly impacts users of the ATOM token. If you use Bithumb for your ATOM transactions, there’s a key date you need to mark on your calendar.
Bithumb Announces ATOM Deposit and Withdrawal Suspension
According to an official notice on its website, the major South Korean crypto exchange Bithumb will temporarily halt deposit and withdrawal services for Cosmos (ATOM) tokens. This suspension is scheduled to begin at 09:00 UTC on May 15.
The reason behind this action is to support the upcoming Cosmos (ATOM) mainnet upgrade. Such suspensions are standard practice across crypto exchanges when a network undergoes significant technical changes like a mainnet upgrade. It helps ensure the safety of user funds and the stability of the exchange’s systems during the transition.
Why Crypto Exchanges Suspend Services for Cosmos (ATOM) Upgrades
When a blockchain network like Cosmos undergoes a mainnet upgrade, it involves fundamental changes to its protocol. For a crypto exchange like Bithumb to remain compatible and secure, they need to:
- Stop transactions to prevent assets from being sent to or from the exchange using the old network rules.
- Update their wallet infrastructure and systems to align with the new network version.
- Verify the stability and functionality of the upgraded network before resuming services.
This temporary pause for Cosmos (ATOM) specifically on Bithumb is a necessary step in this technical process.
What Bithumb ATOM Users Need to Know
If you are a Bithumb ATOM user, the primary takeaway is the deadline. Any deposits or withdrawals of ATOM you plan to make on the Bithumb platform must be completed before 09:00 UTC on May 15. Transactions initiated after this time will likely be rejected or face delays until services resume.
It’s crucial to remember that this is a temporary measure. Bithumb will reinstate ATOM deposit and withdrawal services once they have successfully completed their integration with the upgraded Cosmos mainnet and are confident in the network’s stability. Keep an eye on Bithumb’s official announcements for updates on when services will resume.
Staying Informed About Bithumb and ATOM Updates
For the most accurate and timely information regarding the Bithumb ATOM suspension and the subsequent resumption of services, always refer to Bithumb’s official website or announcement channels. Relying on unofficial sources could lead to misinformation.
In summary, Bithumb is temporarily suspending ATOM deposits and withdrawals from May 15, 09:00 UTC, to support the Cosmos mainnet upgrade. Bithumb ATOM users should plan their transactions accordingly before the deadline. This is a routine procedure by the crypto exchange to ensure a smooth transition for the ATOM token on their platform.
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