Bithumb Temporarily Halts ONT, ONG, and MBL Transactions for Ontology Network Upgrade

South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for three tokens—ONT, ONG, and MBL—effective from 10:00 a.m. UTC on August 20. The move is part of the exchange’s support for the upcoming Ontology network upgrade.

Reason for the Suspension

The suspension is necessary to facilitate the Ontology network’s scheduled protocol upgrade. Such upgrades often introduce changes to the blockchain’s underlying structure, requiring exchanges to pause token transactions to ensure network stability and user asset safety. Bithumb’s proactive measure aligns with standard industry practice during major network updates.

Users holding ONT, ONG, or MBL on Bithumb will be unable to deposit or withdraw these assets during the maintenance window. Trading on the exchange may continue, but network-dependent functions will be temporarily disabled. Bithumb has not yet specified the exact duration of the suspension, but similar upgrades typically last a few hours.

Impact on Traders and Users

For active traders, the suspension means that any ONT, ONG, or MBL tokens moved during the maintenance period will not be credited until the network upgrade is complete. This could affect arbitrage opportunities or time-sensitive transfers. However, the exchange has advised users to monitor its official announcements for updates on when services will resume.

It is also important to note that the suspension affects only the Ontology network tokens. Other tokens and blockchain networks on Bithumb remain unaffected, and the exchange’s overall trading functionality is expected to continue normally.

Why This Matters

Network upgrades are critical for blockchain projects to improve scalability, security, or functionality. For Ontology, this upgrade may introduce new features or optimizations that could influence the token’s long-term value. By pausing transactions, Bithumb ensures that users’ funds are not lost or stuck during the transition—a risk that exists if transfers are processed during a hard fork or incompatible upgrade.

This event also highlights the importance of staying informed about exchange maintenance schedules, especially for users who rely on timely transfers for trading strategies or participation in decentralized finance (DeFi) activities.

Conclusion

Bithumb’s temporary suspension of ONT, ONG, and MBL deposits and withdrawals is a precautionary measure aligned with the Ontology network upgrade. While the exact duration remains unannounced, users should expect the maintenance to be completed within a day. As always, it is advisable to follow official Bithumb channels for the latest updates and to plan any token movements accordingly.

FAQs

Q1: Will my ONT, ONG, or MBL tokens be safe during the suspension?
Yes, your tokens remain safe in your Bithumb account. The suspension only affects deposits and withdrawals; balances are not at risk.

Q2: How long will the suspension last?
Bithumb has not specified an exact duration, but network upgrades of this type typically take a few hours. The exchange will announce when services resume.

Q3: Can I still trade ONT, ONG, or MBL on Bithumb during the suspension?
Trading may continue, but you cannot deposit or withdraw these tokens. If you transfer tokens to an external wallet during the suspension, they will be credited after the upgrade is complete.