South Korean cryptocurrency exchange Bithumb has alerted its users to delays in XRP withdrawals following a sudden surge in transaction volumes, resulting in longer processing times than usual.
Increase in XRP Transaction Volumes
In a recent statement, Bithumb disclosed that the unexpected rise in Ripple (XRP) withdrawal requests had caused longer-than-usual processing times. The exchange assured users that withdrawals are being handled on a first-come, first-served basis while efforts to resolve the issue are underway.
Current Cryptocurrency Market Conditions
The delays come at a time when heightened market volatility is influencing crypto transactions. The exchange has urged its users to remain patient and stay updated through its official channels as the situation unfolds. Bithumb’s announcement also highlights a broader trend, with users across various platforms experiencing similar disruptions amidst ongoing market declines. In October, veteran trader Peter Brandt sounded the alarm on Bitcoin, suggesting a potential price decline, citing the 'Three Blind Mice and a Piece of Cheese' pattern.
Bithumb Delists RDNT Token
In another significant development, Bithumb announced it would terminate trading support for Radiant Capital’s RDNT token due to unresolved security issues, following a directive from the Digital Asset Exchange Association (DAXA). This decision came after Radiant Capital failed to adequately address a recent $50 million security breach and did not meet the necessary expectations set by DAXA. Bithumb stated that delisting RDNT is essential for safeguarding investors and upholding industry standards.
The situation concerning XRP withdrawal delays underscores the challenges faced by cryptocurrency exchanges in times of market volatility and security concerns. Bithumb is taking steps to restore normal operations while continuing to adapt to changes in the industry.
