South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for Songbird (SGB), the native token of the Songbird network, to accommodate an upcoming network upgrade. The suspension will take effect at 8:00 a.m. UTC on July 7, 2025.
Details of the Suspension
According to Bithumb’s official notice, the halt is necessary to support a scheduled upgrade of the Songbird network. During this period, users will be unable to deposit or withdraw SGB tokens. The exchange has advised users to complete any pending transactions before the cutoff time to avoid delays or complications.
Bithumb has not specified the exact duration of the suspension but stated that services will resume once the network upgrade is complete and the exchange has verified network stability. Users are encouraged to monitor Bithumb’s official announcements for updates on the resumption timeline.
What Is Songbird (SGB)?
Songbird is a canary network for the Flare blockchain, designed to test and validate new features before they are deployed on the main Flare network. SGB tokens are used for governance and transaction fees within the Songbird ecosystem. Network upgrades on such test networks are common and typically aim to improve performance, security, or functionality.
Impact on Traders and Holders
For SGB holders who trade on Bithumb, the suspension means temporary illiquidity for deposits and withdrawals. However, trading of SGB may continue on other exchanges that do not suspend services. Users should plan accordingly, especially if they need to move tokens during the maintenance window.
This type of operational pause is standard practice among major exchanges during network upgrades to prevent transaction errors or losses. Bithumb’s proactive communication helps users manage their assets effectively.
Conclusion
Bithumb’s temporary suspension of SGB deposits and withdrawals is a routine but important measure to support a network upgrade. SGB holders should complete any necessary transactions before July 7 and stay updated via Bithumb’s official channels for resumption details. The event underscores the importance of network maintenance in the cryptocurrency ecosystem.
FAQs
Q1: When does the SGB suspension start on Bithumb?
The suspension begins at 8:00 a.m. UTC on July 7, 2025.
Q2: Can I still trade SGB on Bithumb during the suspension?
Trading may still be possible, but deposits and withdrawals will be halted. Check Bithumb’s specific trading rules during the maintenance period.
Q3: How long will the suspension last?
Bithumb has not provided an exact end date. Services will resume after the network upgrade is complete and stability is confirmed.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
