Bithumb, a prominent South Korean crypto exchange, has announced a temporary suspension of deposits and withdrawals for ZKSync tokens.
Details of the ZK Suspension on Bithumb
Bithumb stated that the temporary suspension of ZKSync deposits and withdrawals will commence on September 8 at 2:00 AM UTC. During this time, users will be unable to transact with ZK tokens until further notice. This measure is connected to an upcoming upgrade of the ZKSync network and is a standard procedure to ensure the safety of user funds.
Why is the Network Upgrade Necessary?
Network upgrades are crucial for enhancing the functionality and security of blockchains. For ZKSync, a Layer 2 solution for Ethereum, this upgrade is vital for maintaining its efficiency. Bithumb's decision to suspend operations helps prevent potential financial losses and ensures smooth transaction management during the upgrade.
What Should ZK Holders on Bithumb Do?
Holders of ZK tokens are advised to complete any necessary deposits or withdrawals before the temporary suspension begins on September 8 at 2:00 AM UTC. It is important to avoid attempting transactions during this period, as funds will remain secure but inaccessible for withdrawals.
The temporary suspension of ZK deposits and withdrawals on Bithumb, effective September 8, is a necessary step to facilitate a network upgrade. Users should remain vigilant and monitor for updates from the exchange.
