Bithumb to Halt NEAR Deposits and Withdrawals on June 9 for Network Upgrade

South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for Near Protocol (NEAR) starting at 10:00 a.m. UTC on June 9. The halt is necessary to support a scheduled network upgrade, according to an official notice from the exchange.

Details of the Suspension

The suspension will affect all NEAR transactions on Bithumb, including both deposits and withdrawals. The exchange has not specified the exact duration of the downtime, but similar network upgrade-related halts typically last several hours. Users are advised to complete any pending NEAR transactions before the cutoff time to avoid delays.

Bithumb emphasized that trading of NEAR against other cryptocurrencies and fiat pairs will remain unaffected during the suspension. The exchange also stated that user funds remain secure throughout the process.

Why Network Upgrades Matter

Network upgrades are routine events in blockchain ecosystems, introducing improvements such as enhanced security, scalability, or new features. For Near Protocol, this upgrade is part of its ongoing development roadmap aimed at improving transaction efficiency and developer experience.

Exchanges like Bithumb temporarily suspend services during such upgrades to prevent transaction errors, lost funds, or network inconsistencies. This is a standard practice across the industry.

Implications for NEAR Traders and Holders

For active traders, the suspension means they cannot move NEAR in or out of Bithumb during the maintenance window. Those who need to transfer tokens for staking, trading on other platforms, or DeFi activities should plan accordingly. The halt may also cause short-term price volatility as liquidity on the exchange is temporarily restricted.

For long-term holders, the event is routine and poses no risk to their assets. Once the upgrade is complete and services resume, normal operations will continue.

Bithumb’s Track Record with Network Upgrades

Bithumb has handled numerous network upgrades in the past, including for major assets like Bitcoin, Ethereum, and various altcoins. The exchange typically provides advance notice and updates users through its official channels. Past suspensions have generally been completed without major incidents.

Conclusion

The temporary suspension of NEAR deposits and withdrawals on Bithumb is a standard operational measure to support a network upgrade. Users should complete any necessary transactions before the June 9 deadline and monitor Bithumb’s announcements for updates on service resumption. The event underscores the importance of exchange maintenance in maintaining blockchain network integrity.

FAQs

Q1: When exactly will Bithumb suspend NEAR services?
The suspension begins at 10:00 a.m. UTC on June 9. Users should complete transactions before this time.

Q2: Will NEAR trading on Bithumb be affected?
No, only deposits and withdrawals are suspended. Trading of NEAR against other assets will continue as normal.

Q3: How long will the suspension last?
Bithumb has not specified an exact duration, but network upgrade-related halts typically last a few hours. Users should check official updates for precise timing.