The post Crucial Bithumb Update For MultiversX Network Upgrade appeared on BitcoinEthereumNews.com.

Are you an investor holding EGLD tokens on Bithumb? Then listen up! A significant announcement from South Korean crypto exchange Bithumb is set to impact your EGLD assets. On July 24, the exchange will temporarily halt deposits and withdrawals of the EGLD token. This isn’t a cause for alarm, but rather a crucial step in supporting the ongoing evolution of the MultiversX network. Understanding this EGLD suspension is key to managing your digital assets effectively. What Exactly is Happening with the EGLD Suspension? Bithumb, a major player in the South Korean cryptocurrency market, has officially informed its users about a temporary EGLD suspension. This measure is being implemented to facilitate a critical network upgrade for MultiversX, the blockchain platform behind the EGLD token. Here are the key details you need to know: Token Affected: EGLD (Elrond Gold) Exchange: Bithumb Action: Temporary suspension of deposits and withdrawals Start Date & Time: July 24, 2024, at 09:00 UTC Reason: Support for MultiversX network upgrade This kind of action is standard practice within the cryptocurrency industry when a blockchain undergoes a significant update. Exchanges need to ensure the stability and security of their systems, and preventing transactions during an upgrade helps avoid potential issues like lost funds or incorrect balances. It’s a proactive step designed to protect users and maintain the integrity of the network. Why is MultiversX Undergoing a Network Upgrade? The MultiversX blockchain, formerly known as Elrond, is a high-throughput, sharded blockchain network designed for scalability, efficiency, and security. Like any evolving technology, blockchain networks require periodic upgrades to improve performance, introduce new features, patch vulnerabilities, and enhance overall user experience. The upcoming MultiversX network upgrade is a testament to the continuous development efforts by the MultiversX team to keep their platform at the forefront of blockchain innovation. Network upgrades are…

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Filed under: News - @ July 21, 2025 1:25 am