Bithumb Freezes ONIT Deposits and Withdrawals on May 17 for Network Upgrades

IconCNT16 May, 2024

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Bithumb Freezes ONIT Deposits and Withdrawals on May 17 for Network Upgrades

Bithumb, a prominent cryptocurrency exchange, has announced the suspension of ONIT deposits and withdrawals on May 17 at 6 PM (KST) to facilitate a network upgrade for Ontology (ONT). The upgrade involves rebranding ONT to Lumywave (LWA) and migrating its blockchain from Ethereum to Sui. During the upgrade, ONIT deposits and withdrawals will be unavailable on Bithumb. However, trading of ONIT will continue as usual. Bithumb urges users to complete any necessary transactions before the suspension takes effect. The network upgrade is expected to enhance the functionality and scalability of the Ontology blockchain. Once completed, Lumywave (LWA) will operate on its own dedicated blockchain, providing faster transaction speeds, lower fees, and improved security. Bithumb assures users that the suspension is temporary and will be lifted once the network upgrade is complete. The exchange will provide regular updates on the progress of the upgrade through its official channels. Previously on May 16, 2024, Bithumb announced the impending suspension of ONIT deposits and withdrawals due to the network migration.

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