What is Bithumb? EGLD Deposit/Withdrawal Suspension Today at 18:00 (KST) Due to Network Upgrade
CryptoNewsTerminal Staff21 May, 2024
What is Bithumb? EGLD Deposit/Withdrawal Suspension Today at 18:00 (KST) Due to Network Upgrade
Bithumb, one of the largest cryptocurrency exchanges in South Korea, announced through its official homepage on May 20th that due to the MultiverseX (EGLD) network upgrade, deposits and withdrawals will be temporarily suspended on May 21st at 18:00 (KST). The exchange stated that the suspension is necessary to ensure the safety of user assets during the network upgrade. Bithumb also mentioned that the exact duration of the suspension will depend on the progress of the network upgrade. MultiverseX, formerly known as Elrond, is a blockchain platform that aims to provide high scalability and low transaction costs. The network upgrade is expected to bring a number of improvements to the platform, including increased throughput, reduced latency, and enhanced security. Bithumb users who are planning to deposit or withdraw EGLD should take note of the suspension and make arrangements accordingly. The exchange will post updates on its official homepage as the situation progresses.
