Bithumb Temporarily Halts Monad Deposits and Withdrawals

Bithumb, a South Korean cryptocurrency exchange, has announced that it will temporarily suspend deposits and withdrawals of Monad (MON) starting at 10:00 UTC on September 2. The exchange cited system maintenance and network stability as reasons for the suspension.

This is a routine procedure often undertaken by exchanges to ensure smooth operations during token upgrades or backend updates. While Bithumb did not specify the exact reason for the maintenance, similar suspensions are common across exchanges when a blockchain network undergoes a scheduled upgrade, hard fork, or internal system checks.

The suspension will affect MON traders who rely on moving assets between exchanges, particularly those using arbitrage strategies and liquidity management. However, MON trading on Bithumb will continue as normal during the suspension.