In a surprising turn of events, South Korea's leading cryptocurrency exchange, Bithumb, has announced a temporary halt on all deposits and withdrawals of Cardano (ADA) due to technical difficulties with the Cardano mainnet. The publication provides the following information: this decision, effective from 8:40 AM UTC today, has raised eyebrows among traders and investors alike.
Suspension of ADA Funds Movement
The suspension affects only the movement of ADA funds in and out of Bithumb, meaning that users' existing ADA holdings remain secure within their wallets on the platform. Despite the restrictions on deposits and withdrawals, traders can still engage in ADA trading against other cryptocurrencies available on Bithumb, allowing for continued market activity.
Duration and Updates
While the exact duration of the suspension is yet to be determined, past incidents of this nature have typically lasted anywhere from a few hours to several days. Bithumb has committed to keeping its users informed and will provide updates through its official communication channels. Traders are advised to stay vigilant and monitor the situation closely as it develops.
Earlier today, Bithumb announced a temporary halt on ADA transactions for a network upgrade, which is set to enhance system compatibility and security. For more details, you can read the full announcement here.
