The cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for Stellar (XLM) and AQUA starting September 3. This measure is in support of an important Stellar network upgrade.
Reasons for Bithumb's Service Suspension
The suspension of services at Bithumb is linked to the necessity of performing a Stellar network upgrade. Network upgrades are standard practice in the cryptocurrency world, aimed at enhancing blockchain performance and security. It can be compared to a software update on your phone that brings new features and fixes bugs.
Impact of Stellar Network Upgrade on Users
The primary impact on Bithumb users will be the inability to move XLM and AQUA assets during this specified period. However, trading of these tokens is expected to continue. Users should consider the potential limitations and follow official announcements from Bithumb and the Stellar Development Foundation for up-to-date information.
Feedback and Next Steps
Once the Stellar network upgrade is successfully implemented, Bithumb will closely monitor the network's stability before resuming deposits and withdrawals for XLM and AQUA. Users are advised to exercise caution and wait for official notifications before conducting any operations. This update represents a crucial step towards a more secure and efficient Stellar network.
The suspension of deposits and withdrawals at Bithumb due to the Stellar network upgrade is a standard procedure aimed at ensuring user security and improving blockchain performance. While it requires temporary adjustments, the benefits of a more stable and capable network will outweigh these efforts.
