Binance has announced its support for the upcoming network upgrade and hard fork on the Shentu (CTK) network to ensure user security and a seamless trading experience. Starting approximately at 11:00 UTC on October 30, 2024, Binance will temporarily suspend deposits and withdrawals of Shentu (CTK) tokens. This suspension will last until the upgrade is complete and network stability is confirmed.
Key Details of the Upgrade and Hard Fork
– Upgrade Time: The network upgrade and hard fork will occur when the blockchain reaches block height 20,949,300, approximately at 12:00 UTC on October 30, 2024.
– Scope: Although deposits and withdrawals will be halted, Shentu (CTK) token trading will continue without interruption. Users can trade tokens on Binance as usual.
– Technical Support: Binance will manage all technical requirements to ensure user security, meaning users will not need to take any technical actions during this process.
User Security
Binance aims to prioritize user security during network upgrades and hard fork processes. Crypto exchanges typically monitor token trading volume or price fluctuations during such upgrades, which are often done to enhance token security and performance. Binance will take technical precautions to prevent any negative impact on users and will resume deposit and withdrawal operations once the upgrade is complete.
Points of Interest
This announcement highlights the importance of network updates in the crypto ecosystem. These upgrades make the network more secure, scalable, and efficient. However, the technical details can be confusing for many users. Binance’s focus is on providing secure trading for its users while keeping them away from complex technical processes.
READ: Bitcoin Approaches Crucial Price Crossroads as Moving Averages Tighten