Bithumb Suspends INJ Deposits and Withdrawals for Injective Network Upgrade

Bithumb, a South Korean cryptocurrency exchange, has announced a temporary suspension of Injective (INJ) token deposits and withdrawals in preparation for a significant network upgrade. The suspension commenced at 09:00 UTC on August 19 and is intended to ensure the smooth transition to the upgraded Injective blockchain. This action is part of standard protocol for exchanges when supporting major network improvements, as it helps maintain data consistency, system security, and seamless backend adjustments [1].

Users holding INJ on Bithumb or planning to transfer these tokens should be aware that the suspension will affect their ability to move funds during this period. While trading of INJ is typically unaffected, it is essential to confirm Bithumb’s policies and plan transactions accordingly. The exchange has emphasized that the suspension is temporary and will be lifted once the upgrade is successfully completed and verified [1].

Such suspensions are not uncommon in the cryptocurrency industry, as they allow exchanges to align their infrastructure with the evolving requirements of blockchain networks. In the case of Injective, the upgrade is expected to enhance scalability, transaction speed, and overall network performance. These improvements are critical for maintaining a competitive and secure decentralized ecosystem [1].

Injective (INJ) holders are advised to complete any necessary deposits or withdrawals prior to the suspension period. Staying informed via Bithumb’s official announcements and monitoring updates is also recommended. Users are encouraged to understand the nature of the upgrade and its potential long-term benefits for the Injective network [1].

For those requiring urgent INJ transfers, alternative platforms may be considered; however, due diligence is necessary to ensure the legitimacy and compatibility of such platforms. The suspension should not affect the security of existing INJ holdings on Bithumb, as only the movement of tokens is restricted [1].

The temporary suspension underscores the ongoing evolution of blockchain infrastructure and the importance of coordination between exchanges and protocols to ensure system integrity. As the Injective network progresses, these upgrades contribute to a more resilient and advanced ecosystem, reinforcing the value proposition for investors and developers alike [1].

Source: [1] Injective (INJ) Alert: Bithumb Announces Crucial Suspension for Network Upgrade (https://coinmarketcap.com/community/articles/68a2a1b118e654794e99c652/)