BitcoinWorld Bithumb Announces Crucial MERL Suspension for Major Merlin Chain Network Upgrade SEOUL, South Korea – January 20, 2025 – In a move impacting thousandsBitcoinWorld Bithumb Announces Crucial MERL Suspension for Major Merlin Chain Network Upgrade SEOUL, South Korea – January 20, 2025 – In a move impacting thousands

Bithumb Announces Crucial MERL Suspension for Major Merlin Chain Network Upgrade

Bithumb temporarily halts Merlin Chain (MERL) transactions for a scheduled network upgrade.

BitcoinWorld

Bithumb Announces Crucial MERL Suspension for Major Merlin Chain Network Upgrade

SEOUL, South Korea – January 20, 2025 – In a move impacting thousands of traders, the prominent South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of all deposit and withdrawal services for Merlin Chain (MERL). This crucial operational pause, effective from 1:30 p.m. UTC today, directly supports a significant upcoming network upgrade for the Merlin Chain protocol. Consequently, this planned suspension highlights the essential maintenance required for blockchain infrastructure evolution.

Bithumb’s MERL Suspension: A Detailed Timeline

Bithumb communicated the suspension details through an official notice on its website and user platforms. The exchange will halt MERL deposits and withdrawals precisely at the stated time. However, trading of MERL tokens against other cryptocurrencies like Bitcoin (BTC) and Tether (USDT) will continue uninterrupted on the platform. This distinction is vital for users to understand. The suspension specifically affects the movement of tokens on and off the exchange’s custodial wallets.

Network upgrades, often called hard forks or mainnet upgrades, are standard procedures in blockchain development. They introduce new features, enhance security, or improve scalability. Exchanges like Bithumb must temporarily suspend external transactions to ensure a safe transition of user assets. This process prevents potential loss or errors during the blockchain’s state change. Major global exchanges routinely enact similar suspensions for major upgrades on networks like Ethereum or Cardano.

Understanding the Merlin Chain Network Upgrade

Merlin Chain is a Bitcoin Layer 2 scaling solution designed to bring decentralized finance (DeFi) and other applications to the Bitcoin ecosystem. The network leverages zero-knowledge roll-up technology to bundle transactions off-chain before settling them on Bitcoin’s base layer. This approach aims to reduce costs and increase transaction speed while maintaining Bitcoin’s robust security. The specific details of this particular upgrade, while not fully disclosed by Bithumb, likely involve core protocol improvements.

Such upgrades can include:

  • Enhanced Security Protocols: Implementing new cryptographic methods or consensus adjustments.
  • Improved Transaction Throughput: Optimizing the roll-up process to handle more transactions per second.
  • New Functionality: Adding support for novel smart contract features or asset types.
  • Cross-Chain Interoperability: Upgrading bridges to connect with other blockchain networks more efficiently.

These technical enhancements require all network nodes, including those operated by exchanges, to update their software. The temporary suspension ensures all parties are synchronized on the new chain, eliminating the risk of transaction rejection or double-spending.

Expert Insight on Exchange Protocol Management

Industry analysts note that proactive communication and scheduled suspensions reflect positively on an exchange’s operational maturity. “A transparent, pre-announced suspension for a network upgrade is a sign of a responsible custodian,” explains a blockchain infrastructure specialist cited in a recent CoinDesk report. “It demonstrates the exchange prioritizes asset security over uninterrupted availability during technically sensitive periods. The alternative—experiencing unsupported transactions during a chain split—poses a far greater risk to user funds.”

Data from blockchain analytics firms shows that over 95% of major network upgrades in 2024 were accompanied by similar temporary suspensions from top-tier exchanges. This standardization has become a best practice within the digital asset industry. For context, when Ethereum executed its landmark “Merge” upgrade in 2022, virtually every global exchange enacted deposit and withdrawal freezes for over 24 hours.

Immediate Impact and User Guidance

For Bithumb users holding MERL, the immediate impact is clear. After 1:30 p.m. UTC, they cannot transfer MERL into their Bithumb wallet from an external private wallet, nor can they withdraw MERL from Bithumb to an external address. Users planning such transactions must complete them before the deadline. All MERL balances held on Bithumb remain safe and unaffected. Trading activity within the exchange’s internal order books continues as normal.

Bithumb has not announced a specific end time for the suspension. Typically, such halts last until the exchange’s technical team confirms the network upgrade is stable and their node integration is complete. This process can take several hours or, in complex upgrades, a full day. Users should monitor Bithumb’s official announcements for the resumption notice. The exchange will likely provide updates via its website, application notifications, and social media channels.

During this period, users are advised to:

  • Avoid initiating any MERL transfers to Bithumb deposit addresses.
  • Check the official Bithumb notice board for status updates.
  • Ensure they are aware of phishing risks; all official communication will come from verified Bithumb domains and accounts.
  • Consider the suspension when managing short-term trading strategies involving MERL liquidity.

Broader Context: Bithumb’s Position in the Korean Market

Bithumb is one of South Korea’s “Big Four” cryptocurrency exchanges, alongside Upbit, Coinone, and Korbit. The exchange has a significant market share and is known for listing a wide array of altcoins. Its compliance with local regulations, including real-name banking verification, has been a focus since the implementation of South Korea’s strict crypto frameworks. This scheduled suspension aligns with the exchange’s demonstrated commitment to systematic and secure asset management.

The South Korean crypto market is known for its high retail participation and often exhibits premium prices for assets compared to global averages—a phenomenon known as the “Kimchi Premium.” Actions by major exchanges like Bithumb can influence local market sentiment. A well-executed technical procedure like this network upgrade support can bolster user confidence in the platform’s reliability. Historically, transparent handling of such events has correlated with sustained user trust, even during mandatory service pauses.

Conclusion

Bithumb’s temporary suspension of Merlin Chain (MERL) deposits and withdrawals is a standard, security-focused procedure to facilitate a network upgrade. This crucial operational step protects user assets during a technically sensitive transition on the Merlin Chain protocol. While the halt temporarily limits external token movement, it ensures the long-term stability and functionality of the MERL asset on the exchange. Users should follow Bithumb’s official channels for the resumption announcement, marking the completion of this essential maintenance phase for the evolving blockchain ecosystem.

FAQs

Q1: Can I still trade MERL on Bithumb during the suspension?
A1: Yes. The suspension only affects deposits and withdrawals. Trading MERL against other cryptocurrencies like KRW, BTC, or USDT on Bithumb’s internal order books continues normally.

Q2: How long will the MERL deposit and withdrawal suspension last?
A2: Bithumb has not specified an exact end time. The suspension will remain in place until the exchange’s technical team completes and validates its integration with the upgraded Merlin Chain network. This typically takes several hours to a day.

Q3: Is my MERL safe on Bithumb during this time?
A3: Yes. The suspension is a preventive measure. All user MERL balances held on Bithumb are secure and unaffected. The action is taken to protect those assets during the network transition.

Q4: What should I do if I initiated a MERL transfer right before the suspension?
A4: If your transaction was fully confirmed on the Merlin Chain blockchain before 1:30 p.m. UTC, it should be credited. Transactions broadcast after that time may fail or be delayed until services resume. Check your transaction ID on a Merlin Chain block explorer.

Q5: Will other exchanges also suspend MERL services?
A5: It is likely but not guaranteed. Each exchange manages its own node infrastructure. Most major exchanges supporting MERL will announce similar suspensions if they are participating in the network upgrade. Always check the official notices from your specific exchange.

This post Bithumb Announces Crucial MERL Suspension for Major Merlin Chain Network Upgrade first appeared on BitcoinWorld.

Market Opportunity
Merlin Chain Logo
Merlin Chain Price(MERL)
$0.1674
$0.1674$0.1674
-6.98%
USD
Merlin Chain (MERL) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

CME Group to launch options on XRP and SOL futures

CME Group to launch options on XRP and SOL futures

The post CME Group to launch options on XRP and SOL futures appeared on BitcoinEthereumNews.com. CME Group will offer options based on the derivative markets on Solana (SOL) and XRP. The new markets will open on October 13, after regulatory approval.  CME Group will expand its crypto products with options on the futures markets of Solana (SOL) and XRP. The futures market will start on October 13, after regulatory review and approval.  The options will allow the trading of MicroSol, XRP, and MicroXRP futures, with expiry dates available every business day, monthly, and quarterly. The new products will be added to the existing BTC and ETH options markets. ‘The launch of these options contracts builds on the significant growth and increasing liquidity we have seen across our suite of Solana and XRP futures,’ said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products. The options contracts will have two main sizes, tracking the futures contracts. The new market will be suitable for sophisticated institutional traders, as well as active individual traders. The addition of options markets singles out XRP and SOL as liquid enough to offer the potential to bet on a market direction.  The options on futures arrive a few months after the launch of SOL futures. Both SOL and XRP had peak volumes in August, though XRP activity has slowed down in September. XRP and SOL options to tap both institutions and active traders Crypto options are one of the indicators of market attitudes, with XRP and SOL receiving a new way to gauge sentiment. The contracts will be supported by the Cumberland team.  ‘As one of the biggest liquidity providers in the ecosystem, the Cumberland team is excited to support CME Group’s continued expansion of crypto offerings,’ said Roman Makarov, Head of Cumberland Options Trading at DRW. ‘The launch of options on Solana and XRP futures is the latest example of the…
Share
BitcoinEthereumNews2025/09/18 00:56
Trump Family Adds $1.4B in Crypto While Media Shares Decline

Trump Family Adds $1.4B in Crypto While Media Shares Decline

As of writing, cryptocurrency-linked ventures tied to the Trump family continue to trade actively, with World Liberty Financial tokens near $0.16 and Trump-affiliated
Share
Coinstats2026/01/20 22:58
China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push

China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push

TLDR China instructs major firms to cancel orders for Nvidia’s RTX Pro 6000D chip. Nvidia shares drop 1.5% after China’s ban on key AI hardware. China accelerates development of domestic AI chips, reducing U.S. tech reliance. Crypto and AI sectors may seek alternatives due to limited Nvidia access in China. China has taken a bold [...] The post China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push appeared first on CoinCentral.
Share
Coincentral2025/09/18 01:09