The post Bithumb Announces Crucial Halt For Network Upgrade On June 2 appeared on BitcoinEthereumNews.com.

Attention, Zilliqa (ZIL) holders and users of the Bithumb crypto exchange! An important announcement has been made that requires your immediate attention. If you hold or transact ZIL on Bithumb, mark your calendars, as temporary service disruptions are coming. Bithumb Temporarily Halts Zilliqa Transactions: What You Need to Know Leading South Korean crypto exchange, Bithumb, has officially announced a temporary suspension of Zilliqa (ZIL) deposits and withdrawals. This necessary measure is scheduled to take place on June 2 at 02:00 UTC. The reason behind this temporary halt is twofold: a planned Zilliqa network upgrade and essential server updates by the exchange. The exchange stated on its official website that these services will resume only after the stability of the Zilliqa network is fully confirmed following the upgrade process. This type of suspension is standard practice within the industry when significant blockchain network upgrades occur, ensuring the safety and integrity of user funds and transaction data during the transition. Understanding the ZIL Upgrade: Why is it Happening? A ZIL upgrade, or more broadly, a blockchain network upgrade, is akin to a software update for the underlying technology powering the cryptocurrency. These upgrades are crucial for the long-term health, security, and functionality of the network. They can introduce: Improvements to scalability, allowing the network to handle more transactions faster. Enhanced security features to protect against potential threats. New features or functionalities that expand the network’s capabilities (e.g., smart contract improvements, new consensus mechanism tweaks). Performance optimizations to make the network more efficient. For the Zilliqa network specifically, regular upgrades are part of its ongoing development roadmap aimed at maintaining its position as a competitive blockchain platform, particularly known for its sharding technology. Why Does a Crypto Exchange Need to Suspend Services? When a significant network upgrade like the one for Zilliqa occurs,…

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Filed under: News - @ May 28, 2025 8:29 pm