Two major South Korean cryptocurrency exchanges, Upbit and Bithumb, have announced separate but concurrent service interruptions for certain tokens. Upbit will temporarily halt deposits and withdrawals for Megaether (MEGA) due to an upcoming network upgrade, while Bithumb will end multichain support for Swell Network (SWELL) on the Swell Chain, suspending related deposit and withdrawal services.
Upbit’s MEGA Suspension
According to an official notice, Upbit will pause MEGA deposits and withdrawals starting at 11:00 a.m. UTC on June 4. The suspension is a precautionary measure tied to a network upgrade, which can cause temporary blockchain disruptions. The exchange stated that MEGA balances will remain unaffected, though users are advised to complete any pending transfers before the cutoff. Trading may continue on Upbit’s order books at the exchange’s discretion, but the halt on deposits and withdrawals will limit liquidity and arbitrage opportunities.
Bithumb’s End of Swell Chain Support for SWELL
In a second development, Bithumb announced the termination of multichain support for Swell Network (SWELL) on the Swell Chain, effective 2:00 a.m. UTC on June 2. This move follows the discontinuation of the Swell Chain network service. As a result, deposits and withdrawals via that specific chain will be suspended, though Bithumb may still support SWELL on other networks after a review. Users holding SWELL on the exchange are urged to withdraw tokens before the deadline to avoid potential fund lockups.
Both actions highlight the routine yet critical role exchanges play in managing network upgrades and chain compatibility. While temporary suspensions like Upbit’s are common, Bithumb’s permanent shift away from a specific chain could signal broader risk mitigation strategies among centralized platforms. Traders are encouraged to monitor official channels for updates on service resumption or alternative chain support.
