Bithumb Suspends Siacoin Transactions for Network Upgrade

Bithumb Suspends Siacoin Transactions for Network Upgrade

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by Mohamed Farouk

a year ago

Made with AI

Bithumb, one of the leading cryptocurrency exchanges, has announced a temporary halt on Siacoin deposits and withdrawals. This decision is part of the exchange's efforts to facilitate a significant network upgrade for Siacoin, aimed at enhancing security and functionality. The source notes that this upgrade is expected to improve transaction speeds and reduce fees.

Suspension Details

The suspension will take effect at 7:00 AM UTC on December 2 and is intended to ensure the safe integration of new network protocols. During this time, users will still be able to trade Siacoin (SC) against other cryptocurrencies on the platform, but all external transactions will be paused.

Importance of the Measure

Bithumb emphasizes that this measure is crucial for protecting user funds and maintaining the integrity of the Siacoin network.

Earlier today, Terminal Finance paused its operations but assured users of their investment safety through 1:1 withdrawal guarantees. For more details, see the full article here.

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