Bithumb to Suspend POKT Deposits and Withdrawals on June 9 for Network Upgrade

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Bithumb to Suspend POKT Deposits and Withdrawals on June 9 for Network Upgrade

South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for Pocket Network (POKT), effective June 9 at 10:00 a.m. UTC. The move is intended to support an upcoming network upgrade, according to an official statement from the exchange.

Details of the Suspension

Bithumb confirmed that the halt will apply to all POKT transactions on its platform, with the suspension beginning at the specified time on June 9. The exchange advised users to complete any pending deposits or withdrawals before the deadline to avoid delays. The suspension is expected to remain in effect until the network upgrade is completed and stability is confirmed. Bithumb has not yet provided a specific timeline for resumption, stating that further announcements will be made once the upgrade process is finalized.

Understanding the Pocket Network Upgrade

Pocket Network is a decentralized blockchain protocol designed to provide reliable and cost-effective infrastructure for Web3 applications. Network upgrades are routine events that introduce improvements in security, scalability, or functionality. During such upgrades, exchanges like Bithumb temporarily suspend token transactions to prevent errors, lost funds, or network inconsistencies. This is a standard industry practice observed across major trading platforms.

What This Means for POKT Traders

For traders holding POKT on Bithumb, the suspension means they will be unable to move tokens into or out of the exchange during the upgrade window. This could affect trading strategies, particularly for those who rely on quick arbitrage or transfers between exchanges. However, trading of POKT pairs on Bithumb is expected to continue as normal, unless otherwise specified. Users should monitor Bithumb’s official announcements for updates on the resumption of services.

Conclusion

Bithumb’s decision to suspend POKT deposits and withdrawals on June 9 is a precautionary measure to ensure a smooth network upgrade. While temporary, such suspensions are common in the cryptocurrency industry and reflect standard operational procedures. Traders are advised to plan accordingly and stay informed through official channels.

FAQs

Q1: Why is Bithumb suspending POKT deposits and withdrawals?
Bithumb is suspending POKT transactions to support an upcoming network upgrade on Pocket Network. This prevents potential errors or lost funds during the upgrade process.

Q2: When will the suspension start and how long will it last?
The suspension begins on June 9 at 10:00 a.m. UTC. Bithumb has not announced a specific end time; services will resume once the upgrade is complete and network stability is confirmed.

Q3: Can I still trade POKT on Bithumb during the suspension?
Bithumb has indicated that trading of POKT pairs may continue as normal, but deposits and withdrawals will be unavailable. Users should verify the latest status on the exchange’s platform.

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