Why did ctxc suspend deposits and withdrawals?

08/10/2023 11:10 • Crypto & Markets • 87 views

Why did ctxc suspend deposits and withdrawals? Txc suspended deposits and withdrawals on the decentralized exchange platform developed on Ethereum, which allows for one-click token exchange between Bitcoin and Ether. However, currently ERC20 tokens on the Ethereum network cannot be directly converted to BTC or ETH. They can only be transferred to the cxcc wallet from TRX. And now, the recharge and withdrawal functions of CTX have been halted. This means that users can continue to participate in tXC staking and mining (including providing liquidity) without paying fees or other costs. For users who want to transfer digital assets through Tron, BSC, and other public chains, this is not a problem because the Tron network has enough network resources to support the development of its blockchain ecosystem. Therefore, the decision is made to let users use their funds to do something to accomplish these tasks. So why did CTXB choose to suspend operations now?

The reasons are as follows:

1. In order to avoid high gas costs leading to transaction failures for users, we need a new system to handle these transactions: an upgrader for the new system that aims to improve the performance of the existing Ethereum-compatible solution. 2. Since the current mainnet has not been launched yet, the team is considering whether to restart the mainnet.

3. We recommend users to store their private keys in a cold storage and set up password protection measures before importing the mnemonic phrase into the old node in the hot block header for subsequent upgrades. 4. Our efforts in security still maintain a high level of stability and security. 5. Our technical team attaches great importance to changes in network status and the impact on the community. 6. Over time, we will continue to improve the protocol layer and add more content to ensure the overall security of the network.

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Why did ctxc suspend deposits and withdrawals?

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