Ahead of the merge upgrade, the cryptocurrency exchange will temporarily suspend deposits and withdrawals such as Ethereum.

According to related industries on the 6th, Upbit, Bithumb, Coinone, Covit, and Gopax will temporarily suspend deposits and withdrawals of Ethereum (ETH) and Ethereum-based ERC-based virtual currency from midnight on the 8th. The timing of the resumption of deposit and withdrawal will be announced after the network stabilization is confirmed after the Ethereum Merge upgrade. In addition, overseas cryptocurrency exchanges such as Binance and FTX have decided to temporarily suspend Ethereum’s deposits and withdrawals.

The merge upgrade scheduled for the 19th aims to convert the Ethereum blockchain algorithm from the existing Proof of Work (PoW) method to Proof of Equity (PoS). Proof of work means participating in the blockchain through computer computation processing and receiving compensation, and proof of equity means entrusting the virtual currency held in the blockchain to receive coins in return for participating in verification and creation. Exchanges reportedly decided to temporarily suspend deposits and withdrawals to prevent damage to investors due to network instability during the upgrade process.

Upbit said, “The market price of related digital assets may change rapidly before and after the ETH and ERC digital assets suspension period and merge upgrade, so please refer to this and pay attention to investment. ETH and ERC digital assets will be temporarily suspended, but transactions of those digital assets will be supported without interruption.

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