Bithumb, one of South Korea’s top cryptocurrency exchanges, has announced a temporary suspension of SEI token deposits and withdrawals. This move is part of a major Sei blockchain upgrade aimed at improving scalability, security, and performance. Here’s what SEI token holders need to know.
Why is Bithumb Suspending SEI Token Transactions?
Bithumb will halt SEI deposits and withdrawals starting at 01:00 UTC on August 4. This suspension is necessary to facilitate the Sei blockchain network upgrade. While trading will remain active, users won’t be able to move SEI tokens in or out of their Bithumb accounts during this period.
Key Benefits of the Sei Blockchain Upgrade
- Faster transaction processing
- Reduced network costs
- Enhanced security features
- Improved scalability for decentralized trading
What SEI Token Holders Should Do
Bithumb advises users to complete any planned SEI token transfers before the suspension begins. Attempting transactions during the upgrade could result in lost or delayed funds. Monitor official announcements for updates on when normal operations will resume.
The Bigger Picture: Blockchain Maturity
This temporary suspension reflects the growing maturity of cryptocurrency infrastructure. Network upgrades are becoming more routine as blockchain technology evolves, ensuring long-term stability and performance improvements.
FAQs About the Bithumb SEI Suspension
1. When will SEI deposits and withdrawals resume on Bithumb?
The exchange hasn’t specified an end date but will announce when the upgrade is complete.
2. Can I still trade SEI tokens during the suspension?
Yes, trading will continue unaffected – only deposits and withdrawals are paused.
3. What happens if I try to send SEI during the suspension?
Transactions may be lost or significantly delayed. It’s best to wait until operations resume.
4. Why is the Sei blockchain being upgraded?
The upgrade aims to improve transaction speed, reduce costs, and enhance security for the trading-focused blockchain.
