Bitcoin Cross-Chain Protocol Threshold Pauses tBTC Minting and Redemption

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Bitcoin news: Threshold Network, issuer of tBTC, announced on October 31 a temporary halt on new BTC deposits, tBTC minting, and Bitcoin redemptions through its app. This on-chain update precedes scheduled security maintenance. Pending redemptions may still be processed on Bitcoin, but Ethereum settlements are paused, potentially causing delays. Users are advised not to send BTC to existing addresses or initiate any new actions during the pause. Current deposit holders should retain their receipts and transaction hashes. The pause does not affect tBTC transfers or usage. Updates will be shared via official channels. Threshold holds $5.2 billion in cross-chain value.

Huo Xing Cai Jing reports that on October 31, the Bitcoin cross-chain protocol Threshold Network announced a temporary suspension of new BTC deposits and tBTC minting via the Threshold application, as well as new Bitcoin redemption requests. This measure is a precautionary step prior to the completion of security maintenance. Threshold stated that pending redemptions may still be settled on the Bitcoin network, but final settlement on Ethereum has been paused, potentially causing delays for some transactions. During the suspension, users should not send BTC to previously generated deposit addresses or initiate new deposits, minting, or redemptions through other interfaces. Users who have already deposited BTC should retain their deposit receipts and transaction hashes, avoid resending transactions in an attempt to clear pending status, and check the status within the app’s Explorer. This suspension does not affect holding, transferring, or using tBTC. Threshold stated it will release confirmed updates through official channels and will provide an estimated timeline for resuming normal operations when possible. Threshold Network is the issuer of tBTC and positions itself as a trust-minimized Bitcoin cross-chain solution, with its official description citing a cross-chain volume of approximately $5.2 billion and a lending and borrowing volume of approximately $2.4 billion.

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