Bithumb to Temporarily Halt GRAM Deposits and Withdrawals for Network Upgrade

South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of GRAM deposits and withdrawals, effective today at 10:00 a.m. UTC. The exchange cited a network upgrade as the reason for the halt, which is expected to last until the upgrade is completed and the network stabilizes.

Timeline and Details of the Suspension

According to Bithumb’s official announcement, the suspension will begin at 10:00 a.m. UTC on the day of the upgrade. During this period, users will not be able to deposit or withdraw GRAM tokens. Trading on the exchange may also be affected, depending on the duration of the maintenance. Bithumb has not provided a specific end time for the suspension, noting that it will resume services once the network upgrade is fully verified and stable.

Why This Matters for GRAM Traders

Network upgrades are routine in the cryptocurrency space, often introducing new features, security patches, or performance improvements. However, temporary suspensions can create uncertainty for traders, especially those who need to move assets quickly in response to market movements. For GRAM holders on Bithumb, the key takeaway is to plan ahead: any transactions requiring deposits or withdrawals should be completed before the 10:00 a.m. UTC deadline. Once the upgrade is live, users should monitor Bithumb’s official channels for the resumption announcement.

What Is the Gram Network?

GRAM is the native token of the Gram blockchain, a project that focuses on decentralized communication and data storage. The network upgrade is expected to enhance scalability and security, which could positively impact the token’s long-term viability. However, short-term price volatility is possible during the suspension period, as reduced liquidity often amplifies price swings.

Conclusion

Bithumb’s temporary suspension of GRAM deposits and withdrawals is a standard operational measure to support a network upgrade. While the halt may cause minor inconvenience for active traders, it is a necessary step to ensure the network’s reliability and security. Users are advised to complete any pending transactions before the deadline and stay updated via Bithumb’s official communications.

FAQs

Q1: How long will the GRAM suspension last?
Bithumb has not specified an exact duration. The suspension will remain in effect until the network upgrade is complete and the exchange confirms network stability. Users should check Bithumb’s official announcements for updates.

Q2: Will GRAM trading be affected during the suspension?
Trading may be impacted if the upgrade requires a full maintenance window. Bithumb has not detailed whether trading pairs will be paused, but deposits and withdrawals are confirmed to be halted.

Q3: What should I do if I have GRAM in my Bithumb wallet?
If you need to move GRAM tokens, initiate the transaction before 10:00 a.m. UTC. Otherwise, your tokens will remain safe in your wallet, and you will be able to use them normally once the suspension is lifted.