South Korean cryptocurrency exchanges Bithumb and Upbit have announced temporary suspensions of deposits and withdrawals for ELF, the native token of the aelf blockchain. According to official notices, Bithumb halted ELF transfers starting at 9:20 a.m. UTC on August 18 at the request of the aelf foundation, while Upbit implemented its suspension immediately to facilitate an aelf network upgrade.
The aelf foundation has not publicly detailed the specific reason behind the Bithumb request, but exchange suspensions of this type are common during network upgrades, hard forks, or maintenance procedures. Upbit confirmed that its suspension will remain in place until the aelf network upgrade is completed and stability checks are finished. Bithumb similarly said the measure is temporary and will be lifted once the underlying issues are resolved.
During the suspension window, ELF holders on either platform will not be able to deposit or withdraw tokens. Trading on the spot market is expected to continue as usual, although the pause may affect arbitrage strategies and liquidity management for active traders. Both exchanges advised users to monitor official announcements for updates on when normal service resumes.
ELF is the utility token of aelf, a decentralized cloud computing blockchain platform designed to support dApps and enterprise-grade solutions. The token is used for transaction fees, staking, and governance. Bithumb and Upbit are two of South Korea’s largest cryptocurrency exchanges, and such coordinated pauses are generally precautionary measures to protect user funds during transitional network periods.
