• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bithumb Temporarily Suspends GMX Operations: Causes and Implications

user avatar

by Giorgi Kostiuk

8 hours ago


Recent news about Bithumb's temporary suspension of GMX deposits and withdrawals has captured attention in the digital asset community. The exchange cited security concerns and the need for network stability restoration.

Reasons for the Temporary GMX Suspension on Bithumb

Bithumb has decided to temporarily suspend GMX operations due to 'security concerns' and the need to restore 'network stability'. Specific details regarding the nature of these concerns were not immediately disclosed. Such measures are typically taken to protect user assets and ensure the exchange's operations.

What is GMX in the Context of DeFi?

GMX is a decentralized perpetual exchange and spot trading platform operating on Arbitrum and Avalanche. It allows users to trade popular cryptocurrencies like BTC and ETH with leverage without needing to deposit funds onto a centralized exchange. The GMX protocol emphasizes self-custodianship and permissionlessness, aligning with the core tenets of DeFi.

Impact on Bithumb Users

The GMX suspension means users will not be able to withdraw or deposit their GMX tokens on the Bithumb exchange. While this creates some inconvenience, it is crucial to understand that such a decision serves a protective measure. Users should closely monitor Bithumb's official announcements regarding the resumption of services.

| Impact Area | Explanation | | ----------- | --------- | | **Access to Funds** | Your GMX tokens remain on Bithumb, but you cannot move them in or out. Trading may still be available, depending on the exchange. | | **Price Volatility** | Suspensions can lead to localized price disparities or increased volatility for the affected asset. | | **Trust and Confidence** | While inconvenient, a proactive suspension can reinforce trust by demonstrating a commitment to user security.

The temporary GMX suspension at Bithumb highlights the importance of security and service quality in the crypto industry. This situation serves as a reminder for both users and platforms about the necessity of vigilance and a proactive approach in risk management.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

EthGlobal Cannes Hackathon: 0G Labs Supports Innovators with $275K Prize Pool

chest

0G Labs participated in EthGlobal Cannes, organizing a hackathon with a $275K prize pool for web3 developers.

user avatarGiorgi Kostiuk

Institutional Investment in Bitcoin for Q2 2025: 18% Increase

chest

In Q2 2025, corporations invested $17.4 billion in Bitcoin, showing growing interest from institutional investors.

user avatarGiorgi Kostiuk

Crypto Influencer Predicts XRP to Reach $3 by End of July

chest

XRP Queen predicts XRP price to hit $3 by the end of July, drawing attention from the crypto community and experts.

user avatarGiorgi Kostiuk

SEC Clarifies the Status of Tokenized Stocks in the US

chest

Regulation of tokenized stocks in the US: Commissioner Hester Peirce comments on the legal status.

user avatarGiorgi Kostiuk

Updates on BlockDAG, Cardano, Litecoin, and Polkadot: Trends for 2025

chest

Market participation growth for BlockDAG, Cardano, Litecoin, and Polkadot, driven by latest technological upgrades and active leadership.

user avatarGiorgi Kostiuk

Monad Strengthens Payment Position with Portal Labs Acquisition

chest

Topics: stablecoins, payments, fintech — Monad Foundation announced the acquisition of Portal Labs to expand its capabilities.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.