Bithumb to End Multichain Support for Swell Network, Suspends Deposits and Withdrawals

South Korean cryptocurrency exchange Bithumb has announced it will discontinue multichain support for Swell Network (SWELL), effectively suspending deposit and withdrawal services for the token on the Swell Chain. The decision follows the termination of the Swell Chain network service, prompting the exchange to adjust its infrastructure.

Timeline and Scope of Changes

According to Bithumb’s official notice, SWELL deposits and withdrawals via Swell Chain will be halted starting at 2:00 a.m. UTC on June 2. The move applies exclusively to transactions on the Swell Chain, meaning users may still be able to access SWELL through other supported networks, depending on Bithumb’s ongoing review. The exchange has not yet clarified whether it will add alternative chain support for SWELL or delist the token entirely.

Why This Matters to Traders

Swell Network is a liquid staking protocol built on Ethereum, and its native token SWELL has been traded on several exchanges. Bithumb’s decision to end multichain support on Swell Chain signals a shift in the exchange’s risk management and network compatibility strategy. For users holding SWELL on Bithumb, this means they must withdraw or transfer their tokens before the deadline to avoid potential fund lockups. After the suspension, deposits made via Swell Chain may not be credited, and withdrawals could fail.

Impact on Market and User Confidence

While the suspension is limited to one network, it underscores a broader trend among centralized exchanges reassessing multichain support amid security concerns and network instability. For Swell Network, losing support from a major Korean exchange could reduce liquidity and accessibility for Korean traders. Bithumb has not cited a specific reason for the termination, but similar decisions in the past have been linked to low transaction volumes, technical issues, or network sunsetting.

Conclusion

Bithumb’s termination of Swell Chain support for SWELL is a technical but consequential move for users of the exchange. With a clear deadline of June 2, affected traders should act promptly to manage their assets. The decision also reflects ongoing volatility in exchange-supported networks, reminding users to verify chain compatibility before depositing tokens.

FAQs

Q1: What is Bithumb changing regarding Swell Network?
Bithumb is ending multichain support for SWELL on the Swell Chain, meaning deposits and withdrawals via that network will be suspended.

Q2: When will the suspension take effect?
The suspension begins at 2:00 a.m. UTC on June 2.

Q3: Can I still trade SWELL on Bithumb after the deadline?
Trading may still be possible if SWELL remains listed on other supported networks, but deposits and withdrawals on Swell Chain will be unavailable. Users should check Bithumb’s announcements for updates.