Bithumb Suspends INIT Deposits and Withdrawals for Inisia Network Upgrade
Bithumb will suspend deposits and withdrawals for the Inisia (INIT) token starting 02:00 UTC on February 17 to support a scheduled network upgrade. Trading of INIT against KRW and other pairs will remain operational on the exchange order books. The suspension is a standard, security-led precaution to avoid credits or withdrawals on an incompatible chain and to allow node and infrastructure updates. Bithumb confirmed user balances are secure; deposits sent during the suspension may not be credited immediately and withdrawal requests will be queued until services resume. The exchange did not specify the exact duration — resumption will be announced via official channels. Similar past pauses (e.g., exchanges during Ethereum Dencun) show these events are routine but may briefly affect liquidity and user access. Traders should complete off-exchange transfers before the cutoff, monitor Bithumb announcements, and expect potential short-term volatility in INIT around the maintenance window.
Neutral
The suspension is a routine, security-driven operational measure rather than a sign of technical failure or project distress, so the immediate market impact is likely neutral. Trading remains active on Bithumb, which preserves price discovery and order flow. Short-term effects may include reduced liquidity for off-exchange flows, temporary deposit/withdrawal congestion, and modest volatility in INIT price as traders react to uncertainty and potential post-upgrade optimism. Historically, exchanges suspending external transfers for protocol upgrades (e.g., Ethereum Dencun, Solana maintenance) produced only transient market moves and quick normalization once services resumed. Long-term impact depends on upgrade outcomes: a successful upgrade that improves scalability, security, or functionality could be modestly bullish for INIT; a botched upgrade or extended downtime could erode confidence and become bearish. For now, the event mainly increases operational friction and short-term trading risk without clear directional signal.