Attention, crypto enthusiasts! Bithumb, one of South Korea’s leading cryptocurrency exchanges, has announced a temporary suspension of Cosmos (ATOM) deposits and withdrawals. This move comes as the Cosmos network undergoes a significant upgrade. Here’s everything you need to know.
Why is Bithumb Suspending ATOM Transactions?
Bithumb has temporarily halted ATOM deposits and withdrawals starting July 2 at 09:00 UTC. The suspension is due to the Cosmos network upgrade, which requires exchanges to update their systems to ensure compatibility and security.
What Does the Cosmos Network Upgrade Entail?
The Cosmos network upgrade aims to improve scalability, security, and functionality. Key changes include:
- Enhanced interoperability between blockchains
- Improved transaction speeds
- New governance features
How Will This Affect ATOM Holders?
While ATOM trading remains active on Bithumb, deposits and withdrawals are temporarily unavailable. Users should:
- Avoid initiating new ATOM transactions during the suspension
- Monitor official announcements for updates
- Ensure their wallets are compatible with the upgraded network
When Will Services Resume?
Bithumb has not specified an exact timeline but expects to restore services once the upgrade is complete and thoroughly tested. Users can check the exchange’s official channels for updates.
What Other Exchanges Are Affected?
Other major exchanges may also suspend ATOM transactions during the network upgrade. Always verify the status with your preferred platform.
In summary, Bithumb’s temporary suspension of ATOM deposits and withdrawals is a precautionary measure during the Cosmos network upgrade. Stay informed and plan your transactions accordingly.
Frequently Asked Questions (FAQs)
1. Why is Bithumb suspending ATOM deposits and withdrawals?
Bithumb is suspending ATOM transactions due to the Cosmos network upgrade, which requires system updates for compatibility and security.
2. Can I still trade ATOM on Bithumb during the suspension?
Yes, ATOM trading remains active. Only deposits and withdrawals are temporarily suspended.
3. How long will the suspension last?
The duration depends on the completion of the network upgrade. Bithumb will announce updates via official channels.
4. What should I do if I have pending ATOM transactions?
Avoid initiating new transactions during the suspension. Monitor Bithumb’s announcements for updates on when services will resume.
5. Will other exchanges also suspend ATOM transactions?
Other exchanges may suspend ATOM transactions during the network upgrade. Check with your preferred platform for details.
