Bithumb has announced a temporary suspension of deposits and withdrawals for Chiliz (CHZ), SPURS, and PEPPER tokens starting September 9th due to an upcoming network upgrade.
Reasons for Bithumb’s Suspension
According to the announcement, as of September 9th at 3:00 a.m. UTC, Bithumb will suspend all operations for deposits and withdrawals for the specified tokens. This is a common practice for major exchanges aimed at ensuring a smooth implementation of necessary upgrades within the Chiliz network.
Importance of Network Upgrades for Blockchain
Network upgrades play a key role in the evolution of decentralized systems. They help improve security, increase transaction capacity, introduce new features, and enhance the overall efficiency of the network. In this case, the Chiliz network upgrade is expected to enhance the infrastructure supporting fan tokens and engagement.
Recommendations for Bithumb Users Before Suspension
Bithumb users are advised to plan any transactions involving CHZ, SPURS, and PEPPER tokens in advance. It is recommended to complete all transactions before 3:00 a.m. UTC on September 9th and to monitor Bithumb’s official announcements regarding the duration of the suspension.
The temporary suspension of CHZ, SPURS, and PEPPER operations on Bithumb is a strategic move to support the vital Chiliz network upgrade. Users should stay informed and plan their actions carefully leading up to this event.
