Attention all MultiversX (EGLD) traders on Bithumb! The South Korean exchange has issued an important service announcement that directly impacts your ability to move funds. Starting at 1:00 p.m. UTC on December 2, Bithumb will temporarily suspend all EGLD deposits and withdrawals. This planned pause is not a cause for alarm but a necessary step for a network upgrade. Let’s break down what this means for you and how to navigate this brief interruption smoothly.
Why Is Bithumb Suspending EGLD Deposits and Withdrawals?
The primary reason for this temporary halt is a scheduled network upgrade on the MultiversX blockchain. Exchanges like Bithumb must pause external transaction services during such upgrades to ensure security and prevent any loss of funds. Think of it like temporarily closing a bridge for essential maintenance; it’s a standard safety procedure in the crypto world. Therefore, this proactive measure protects user assets during the technical transition.
What Does This Mean for Your EGLD Holdings?
It’s vital to understand the scope of this suspension. The temporary halt applies specifically to moving EGLD tokens on and off the Bithumb exchange. However, your other activities on the platform remain unaffected. Here is a quick breakdown of what you can and cannot do:
- •Paused: Depositing new EGLD tokens from an external wallet to your Bithumb account.
- •Paused: Withdrawing EGLD from your Bithumb account to an external wallet.
- •Unaffected: Trading EGLD against other cryptocurrencies like Bitcoin or Korean Won on Bithumb’s spot market.
- •Unaffected: The safety of the EGLD tokens already held in your Bithumb wallet.
In essence, your existing EGLD balance is safe, and you can still trade it. The only restriction is on moving tokens across the exchange’s boundary.
How Can You Prepare for the Temporary Halt?
A little preparation can help you avoid any inconvenience. Since the suspension of EGLD deposits and withdrawals begins at a specific time, you have a clear deadline. If you need to move EGLD for any urgent reason, such as participating in an external staking pool or transferring to a private wallet, you must complete that transaction before 1:00 p.m. UTC on December 2. Planning ahead is the best strategy.
What Happens After the MultiversX Network Upgrade?
Once the MultiversX network upgrade is successfully completed and tested, Bithumb will resume its services. The exchange will make a follow-up announcement to confirm the resumption of EGLD deposits and withdrawals. Typically, such suspensions last only for the duration of the upgrade and a short verification period. It’s a good practice to monitor Bithumb’s official announcements for the exact reactivation time.
In summary, Bithumb’s decision to temporarily suspend EGLD deposits and withdrawals is a routine and user-protective action. It ensures the integrity of your assets during a core blockchain improvement. By understanding the limits of the suspension and planning your transactions accordingly, you can navigate this period without stress. This upgrade ultimately aims to enhance the MultiversX network, potentially benefiting all EGLD holders in the long run with improved performance and features.
Frequently Asked Questions (FAQs)
Q1: Is my EGLD safe on Bithumb during this suspension?
A1: Yes, absolutely. The suspension only affects moving tokens in or out of the exchange. The EGLD held in your Bithumb wallet remains secure and unaffected.
Q2: Can I still buy or sell EGLD on Bithumb?
A2: Yes. The trading markets for EGLD will remain fully operational. You can continue to buy, sell, and trade EGLD against other supported currencies on the platform.
Q3: How long will the EGLD deposit and withdrawal services be suspended?
A3: The suspension begins at 1:00 p.m. UTC on Dec. 2. The duration depends on the MultiversX network upgrade. Services will resume once the upgrade is stable, as announced by Bithumb. These halts typically last a few hours.
Q4: Will other cryptocurrencies on Bithumb be affected?
A4: No. This announcement is specific to MultiversX (EGLD). Deposit and withdrawal services for other cryptocurrencies continue as normal unless stated otherwise in a separate notice.
Q5: What should I do if I have a scheduled transaction around this time?
A5: If you planned to deposit or withdraw EGLD, ensure you complete it before the deadline. If you miss it, you must wait until Bithumb officially resumes the service.
Q6: Where can I get official updates on this situation?
A6: Always refer to Bithumb’s official website or verified social media channels for the most accurate and timely updates regarding service status.