Bithumb Temporarily Halts NEAR Deposits Withdrawals for August 18 Network Upgrade

South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of NEAR token deposits and withdrawals ahead of a scheduled network update on August 18. The suspension will begin at 03:00 UTC and is intended to ensure the secure transition to the updated NEAR Protocol network. This action, while inconvenient for users, is a standard measure taken by exchanges during significant blockchain upgrades to maintain asset integrity and system stability [1].

The NEAR Protocol update involves technical improvements, including enhanced security measures, performance optimizations, and potential new functionalities. These upgrades are critical for maintaining the long-term health of the blockchain, as regular maintenance helps prevent disruptions and supports ongoing scalability. Bithumb emphasized that the temporary halt is necessary to align with the broader network’s transition and to minimize the risk of technical issues during the update process [1].

For users affected by the suspension, Bithumb has advised completing any planned NEAR deposits or withdrawals before the 03:00 UTC deadline. The exchange also recommends monitoring its official website and communication channels for updates on the resumption of services. Users are cautioned against relying on unofficial sources for information, and those requiring urgent transactions may explore alternative exchanges that support NEAR, while being mindful of additional fees and verification requirements [1].

The move reflects Bithumb’s commitment to maintaining a secure and reliable trading environment. Network upgrades are common in the cryptocurrency industry, and leading exchanges often implement temporary halts to manage the risks associated with protocol changes. By proactively communicating the suspension, Bithumb aims to support user preparedness and reinforce trust in its operational practices [1].

The timeline for resuming NEAR services has not yet been specified, and the exchange has indicated it will provide a follow-up announcement once the update is complete and thoroughly tested. Users are encouraged to set up notifications for platform updates and to regularly check Bithumb’s official announcements for timely information [1].

This temporary suspension, while disruptive, underscores the importance of coordination between exchanges and blockchain networks during major technical events. It also highlights the broader industry trend of prioritizing long-term stability over short-term convenience when executing protocol changes. For Bithumb users, the key takeaway is to remain informed through official channels and to plan transactions accordingly to avoid disruptions [1].

Source: [1] Urgent: Bithumb NEAR Suspension Announced for August 18 Network Update (https://coinmarketcap.com/community/articles/689d42f6b20e7a74aa5a398f/)