Heads up, crypto traders and Gravity (G) holders on Bithumb! A crucial announcement has come from the South Korean crypto exchange that could affect your plans.
Bithumb Announces Temporary Gravity (G) Suspension
According to an official statement on its website, the prominent crypto exchange Bithumb is implementing a temporary halt. The platform will suspend deposits and withdrawals for the Gravity (G) token. This action is scheduled for May 7, starting precisely at 05:00 Coordinated Universal Time (UTC).
Why the Gravity (G) Mainnet Transition Requires Action
The primary reason behind this deposit withdrawal suspension is to support the upcoming Gravity mainnet transition. A mainnet transition is a significant event in a blockchain project’s lifecycle, often involving an upgrade or migration to a new, improved network. Exchanges typically suspend deposits and withdrawals during such periods to ensure the safety and integrity of user funds and to facilitate a smooth transition to the new network.
Key points regarding the suspension:
- **What:** Suspension of Gravity (G) deposits and withdrawals.
- **When:** May 7, 2024, at 05:00 UTC.
- **Why:** To support the Gravity mainnet transition.
- **Platform:** Bithumb crypto exchange.
What Bithumb Users Need to Know About the Suspension
If you hold Gravity (G) on Bithumb or plan to move G tokens to or from the exchange, it’s critical to note the scheduled time. Any deposit or withdrawal initiated close to or after the 05:00 UTC cutoff on May 7 may not be processed until the suspension is lifted. Bithumb has not yet specified the duration of the suspension, but such halts typically last until the exchange is confident the mainnet transition is complete and the new network is stable for transactions.
Users should monitor Bithumb’s official announcements for updates on when these services will resume. While deposits and withdrawals are affected, trading of Gravity (G) on Bithumb is usually unaffected during these periods, allowing users to manage their positions on the exchange itself.
Summary: Prepare for the Bithumb Gravity G Halt
In summary, Bithumb is temporarily halting Gravity (G) deposits and withdrawals starting May 7 at 05:00 UTC to facilitate the Gravity mainnet transition. This is a standard procedure among crypto exchange platforms to ensure network compatibility and asset security during significant blockchain upgrades. Plan your G token movements accordingly and stay informed via Bithumb’s official channels for the resumption of services.
Be the first to comment