Are you a user of the Bithumb crypto exchange trading the STRAX token? Pay close attention, as Bithumb has announced a temporary suspension impacting STRAX deposits and withdrawals. This is a crucial update for anyone holding or planning to move STRAX on the platform.
Why is Bithumb Suspending STRAX Transactions?
The reason behind this action is straightforward: the suspension is in direct support of the upcoming Stratis mainnet upgrade. Mainnet upgrades are significant events for blockchain networks, often requiring exchanges and other service providers to pause transactions to ensure a smooth transition and compatibility with the new network version. This move by Bithumb is a standard procedure to safeguard user assets during such a critical network event for Stratis.
When Does the STRAX Suspension Begin on Bithumb?
According to the official announcement on the Bithumb website, the temporary halt for both deposits and withdrawals of the STRAX token is scheduled to begin at:
- Date: June 12
- Time: 03:00 UTC
It’s important for users to mark this time and date. Any deposits or withdrawals initiated after this cutoff may not be processed or could face complications.
What Does This Bithumb Update Mean for Users?
During this suspension period, users will not be able to move STRAX tokens into or out of their Bithumb accounts. While trading of STRAX on the exchange might still be possible (users should verify this with Bithumb‘s official notice), the ability to deposit or withdraw the token will be unavailable. This means you need to complete any planned transfers before the deadline.
Understanding the Stratis Mainnet Upgrade
A mainnet upgrade represents a fundamental update or improvement to the underlying blockchain technology of a cryptocurrency. These upgrades can introduce new features, enhance security, improve scalability, or make other significant changes. For Stratis, this upgrade is a key step in its development roadmap and is necessary for the network’s continued evolution. Exchanges like Bithumb must align their systems with the updated network, hence the need for temporary service interruptions for the associated token.
Staying Informed on Crypto Exchange Announcements
Users trading STRAX on Bithumb must be aware of this impending deadline. It is essential to plan any potential STRAX transfers before the 03:00 UTC June 12 cutoff. Always refer to the official Bithumb website for the most accurate and up-to-date information regarding the suspension duration and the expected time for services to resume. Crypto exchange operations are dynamic, and staying informed is the best way to manage your assets effectively.
In summary, Bithumb is temporarily suspending STRAX deposits and withdrawals from June 12, 03:00 UTC, to support the Stratis mainnet upgrade. This is a necessary step during significant network events. Users should note the deadline and monitor official Bithumb channels for updates on when services will resume. Prepare accordingly to avoid inconvenience.
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