Attention, Ethereum holders and traders! If you use the Bithumb crypto exchange, there’s an important announcement you need to know about. Bithumb is taking steps to prepare for the upcoming Ethereum hard fork, which will impact how you interact with your ETH and related tokens on the platform.
What’s Happening at Bithumb?
Major South Korean crypto exchange, Bithumb, has officially announced a temporary suspension of deposits and withdrawals for Ethereum (ETH) and all tokens based on the Ethereum network (ERC-20 tokens). This measure is scheduled to begin on May 7 at 05:00 UTC.
Why is this happening? The suspension is a precautionary measure taken by the crypto exchange in anticipation of an upcoming hard fork on the Ethereum mainnet. Hard forks are significant protocol upgrades that require exchanges and other infrastructure providers to update their systems to remain compatible with the network.
Key Details of the Suspension:
- Affected Assets: Ethereum (ETH) and all ERC-20 tokens supported by Bithumb.
- Start Time: May 7, 2024, at 05:00 UTC.
- Action: Deposits and withdrawals will be temporarily halted.
- Reason: Preparation for an upcoming Ethereum network hard fork.
Understanding the Ethereum Hard Fork and Exchange Preparations
An Ethereum hard fork is a fundamental change to the network’s protocol that is not backward-compatible. This means that all participants on the network, including exchanges like Bithumb, must upgrade their software to continue operating on the new chain.
Exchanges typically suspend deposits and withdrawals leading up to and during a hard fork event to ensure the safety and integrity of user funds. This prevents issues like deposits or withdrawals being sent to the old chain (which would become invalid) or discrepancies arising from the fork process. Trading of ETH and ERC-20 tokens on Bithumb is expected to continue as usual during the suspension period, only deposits and withdrawals are affected.
What Should Bithumb Users Do?
If you plan to deposit or withdraw Ethereum or ERC-20 tokens from Bithumb, make sure to complete these transactions before the May 7 deadline. The exchange will announce when deposits and withdrawals resume after the hard fork is successfully implemented and they have verified the stability of their systems on the new chain.
Conclusion: Stay Informed
The temporary suspension by Bithumb is a standard procedure undertaken by exchanges to navigate network upgrades like the upcoming hard fork. While inconvenient for users needing to move assets, it’s a necessary step to protect funds and ensure a smooth transition. Keep an eye on Bithumb’s official announcements for updates on when normal deposit and withdrawal services for ETH and ERC-20 tokens will resume.
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