Bithumb Halts ZKSync Deposits & Withdrawals on Sept 8
Bithumb, a leading South Korean cryptocurrency exchange, will temporarily suspend ZKSync (ZK) deposits and withdrawals from September 8 at 2:00 UTC. The suspension supports a critical network upgrade for ZKSync, an Ethereum Layer 2 scaling solution, ensuring improved scalability and security. Users must complete any ZK deposits or withdrawals before the deadline to prevent transaction failures or fund lockups. Assets remain secure during the suspension, and spot trading is unaffected. Bithumb will issue a separate announcement when ZKSync services resume. Traders should monitor official Bithumb channels for real-time updates. Network upgrades are common in blockchain ecosystems, aimed at enhancing performance and fixing bugs. By halting deposits and withdrawals, Bithumb ensures transaction integrity post-upgrade.
Neutral
This is a routine maintenance suspension to support a ZKSync network upgrade, not a delisting or project issue. Similar past exchange halts for blockchain upgrades have had minimal price impact, as they are precautionary measures. In the short term, traders face limited access to funds but can continue spot trading. Over the long term, successful upgrades typically strengthen network performance and user confidence, resulting in a neutral market response. Clear communication and secure asset management mitigate volatility risk.