Bithumb, a leading South Korean cryptocurrency exchange, announced a temporary suspension of Zetachain (ZETA) deposits starting 2025-02-24 to support the mainnet network upgrade.
Such suspensions are standard practice to ensure the security and stability of user assets during major network upgrades, with minimal expected impact on broader cryptocurrency markets.
Bithumb Pauses Zetachain Deposits Amid Mainnet Upgrade
Bithumb has issued a notice halting Zetachain deposits due to a scheduled mainnet network upgrade. The measure aims to protect user assets amid system enhancements by the Zetachain team. Bithumb and Zetachain are involved in this temporary service suspension. Bithumb ensures platform stability during the upgrade, which is set for early 2025.
Minimal Impact on Wider Crypto Market Expected
Zetachain (ZETA) is the principal asset affected by the halt. There is no immediate impact on other cryptocurrencies like BTC or ETH, and no market volatility is linked to this event.
The temporary suspension aligns with industry norms during upgrades. Analysts predict no major financial or technological shifts due to these standard operational adjustments.
Historical Suspension Practices Secure User Funds
Temporary suspensions during network upgrades are common practice for exchanges. Similar actions have historically ensured smooth operational transitions, safeguarding user funds from potential mishaps.
Bithumb Official Announcement, Bithumb, – “ZetaChain (ZETA) Deposit and Withdrawal Suspension. Reason: Network upgrade and stable service provision. Suspension Time: 2025-02-24 (Mon) 18:00 (KST). Resumption Time: Once network stabilization is confirmed.” – Bithumb Statement
Experts from Kanalcoin suggest such operational measures are routine and effective, minimizing risks associated with protocol changes, based on historical precedents and current trends.
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