Bithumb Temporarily Suspends ATOM Deposits and Withdrawals Amid Network Upgrade
CryptoNewsTerminal Staff05 Sep, 2024
Bithumb Temporarily Suspends ATOM Deposits and Withdrawals Amid Network Upgrade
Bithumb, a South Korean cryptocurrency exchange, has announced the temporary suspension of deposits and withdrawals for the Cosmos (ATOM) network. The suspension, effective from 7 PM KST today, is due to an upcoming network upgrade. Bithumb has stated that the suspension is a precautionary measure to ensure the safety and stability of user funds during the upgrade. ATOM holders on Bithumb are advised to be aware of the suspension and plan their transactions accordingly. The exchange will announce the resumption of deposits and withdrawals once the upgrade is complete and the network is stable. It is not yet known how long the upgrade will take or when deposits and withdrawals will resume. Bithumb has urged users to stay updated through its official channels for further information. Despite the suspension, ATOM remains available for trading on Bithumb. However, users will not be able to deposit or withdraw ATOM until the upgrade is completed. The Cosmos (ATOM) network is a decentralized, open-source platform for building and connecting blockchains. The network upgrade is expected to bring improvements to scalability, security, and interoperability.
