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MINA Bithumb will suspend MINA deposits and withdrawals for network upgrades
South Korean cryptocurrency exchange Bithumb announced that it will suspend MINA's recharge and withdrawal services starting from 5:00 am UTC on September 3. The suspension is to support upcoming upgrades to the Mina network. Mina is a blockchain protocol designed based on lightweight zk-SNARK.
Reason for Bithumb to suspend MINA transactions
Bithumb said that the service suspension was to ensure network stability during the Mina protocol upgrade. Such upgrades usually involve changes to consensus rules, trading formats or other core parameters, and exchanges need to update their systems accordingly. By suspending recharge and withdrawal, Bithumb aims to avoid issues such as lost transactions or mishandling that may occur during the upgrade process.
The exchange has not yet clarified the specific duration of the suspension, but said that once the upgrade is confirmed and stable and necessary technical adjustments are completed, relevant services will be resumed. Users are advised to pay attention to Bithumb's official announcement to get the latest information on the recovery time.
What this means for MINA holders and traders
For traders using Bithumb, it will be impossible to transfer MINA into or out of the exchange during the suspension period. MINA trading pairs on the platform may remain active, but any transfers to external wallets or other exchanges will be suspended until maintenance is completed. This may affect arbitrage strategies or time-sensitive transactions that rely on fast transfers.
Mina's native tokens have attracted more attention due to their unique blockchain scalability solution. The network uses zero-knowledge proof to keep its blockchain size constant, making it one of the most lightweight protocols in the industry. Such upgrades are part of the project's roadmap and are designed to improve functionality and user experience.
Similar practices by other exchanges
Suspension of recharges and withdrawals during major network upgrades is a common practice for exchanges. This is a standard precaution to protect user funds and ensure the integrity of transactions. Other exchanges, including Upbit and Coinbase, have implemented similar pauses in network events such as hard forks or protocol changes.
Users are advised to keep information flowing through official channels. The Mina protocol team usually issues detailed upgrade instructions, while exchanges such as Bithumb also issue their own notices so that customers can keep abreast of the situation.
Conclusion
Bithumb suspended MINA repayments and withdrawals on September 3. This is a regular but important measure designed to support Mina network upgrades. Although the suspension may cause temporary inconvenience, its purpose is to protect users and ensure a smooth transition. As upgrades proceed, traders and holders should plan in advance and pay close attention to official announcements to get notice of service resumption.
Frequently Asked Questions
Question: Are my MINA funds safe during the suspension?
Answer: Yes, your MINA funds on Bithumb are safe. Suspension only affects recharge and withdrawal, and the balance is not affected. The exchange takes this precaution to avoid trading errors during network upgrades.
Q: How long will the pause last?
Answer: Bithumb has not provided a specific end time. The suspension will continue until Mina's network upgrade is confirmed to be stable and Bithumb completes its system update. Please check Bithumb's official announcement for the latest information.
Q: Can I still trade MINA on Bithumb during the suspension?
Answer: Yes, MINA's trading pairs may still remain active. Only recharge and withdrawal will be temporarily suspended. However, you should confirm the current status on the exchange platform, as some trading functions may also be restricted during maintenance.
