BitcoinWorld Essential Update: Bithumb Temporarily Pauses AVAX Deposits and Withdrawals for Network Upgrade Attention cryptocurrency traders! If you’re using Bithumb for your AVAX transactions, you’ll want to mark your calendar. The South Korean exchange has just announced a temporary suspension of AVAX deposits and withdrawals to support an important network upgrade. This proactive move ensures the platform remains secure and up-to-date with the latest blockchain improvements. Why Are AVAX Deposits and withdrawals Being Temporarily Suspended? Bithumb is taking this necessary step to support the Avalanche mainnet upgrade, which represents significant progress for the network. When blockchain networks undergo upgrades, exchanges must temporarily pause services to ensure smooth integration and prevent potential issues. This temporary suspension affects multiple tokens operating on the Avalanche network, not just AVAX itself. Which Tokens and Services Are Affected? The suspension impacts several popular tokens that utilize the Avalanche network. Here’s what you need to know: AVAX – The native token of the Avalanche network FITFI – Step App’s governance token JOE – Trader Joe’s exchange token NXPC – Naxap’s utility token Important to note: trading of these tokens will remain active during this period. Only deposits and withdrawals are temporarily paused. When Will AVAX Deposits and Withdrawals Resume? The suspension begins precisely at 9:00 a.m. UTC on July 19. While Bithumb hasn’t provided an exact end time, these maintenance windows typically last several hours. The exchange will announce when AVAX deposits and withdrawals resume normal operation through their official channels. We recommend monitoring their announcements page for the latest updates. What Should Traders Do During This Period? If you regularly use AVAX deposits and withdrawals, planning ahead is crucial. Consider these actionable steps: Complete any urgent transactions before the suspension begins Monitor Bithumb’s official communication channels for updates Remember that trading continues unaffected during this period Keep your assets secure in your preferred wallet during the upgrade Why Network Upgrades Matter for Your Crypto Assets Blockchain upgrades like this Avalanche mainnet improvement bring enhanced features, better security, and improved performance. While temporary suspensions of AVAX deposits and withdrawals might cause minor inconvenience, they ultimately benefit the entire ecosystem. These upgrades often introduce faster transaction times, lower fees, and new capabilities that improve your overall trading experience. Looking Beyond the Temporary Pause Once the upgrade completes and AVAX deposits and withdrawals resume, users can expect a more robust and efficient network. The temporary inconvenience pays off through long-term benefits including enhanced network stability and potentially new features that could increase the value and utility of your Avalanche-based assets. Bithumb’s proactive approach to handling network upgrades demonstrates their commitment to platform security and user asset protection. While the temporary suspension of AVAX deposits and withdrawals requires some planning from users, it ultimately contributes to a safer and more advanced trading environment for everyone involved in the Avalanche ecosystem. Frequently Asked Questions How long will the AVAX deposits and withdrawals suspension last? While Bithumb hasn’t specified an exact duration, similar network upgrades typically take several hours. The exchange will announce when services resume. Can I still trade AVAX and other affected tokens during this period? Yes, trading continues normally. Only deposits and withdrawals are temporarily suspended. Will my existing AVAX holdings be safe during the upgrade? Absolutely. Your assets remain secure in your Bithumb account throughout the maintenance period. Should I move my AVAX to another wallet before the suspension? Only if you need immediate access during the maintenance window. Otherwise, leaving assets in your Bithumb account is perfectly safe. How will I know when AVAX deposits and withdrawals resume? Bithumb will make an official announcement through their website and social media channels when services are restored. Are other exchanges also suspending AVAX services? Other exchanges supporting Avalanche may implement similar temporary suspensions. Check with your specific exchange for their maintenance schedule. Found this update helpful? Share this important information with fellow crypto enthusiasts on social media to help them prepare for the temporary suspension of AVAX deposits and withdrawals. Knowledge sharing strengthens our community! To learn more about the latest cryptocurrency exchange developments, explore our article on key developments shaping Avalanche network growth and institutional adoption. This post Essential Update: Bithumb Temporarily Pauses AVAX Deposits and Withdrawals for Network Upgrade first appeared on BitcoinWorld .
