Bithumb halts Swell Chain SWELL deposits and withdrawals effective June 2 at 02:00 UTC

South Korean cryptocurrency exchange Bithumb has officially announced the discontinuation of multichain support for Swell Network (SWELL), specifically targeting the Swell Chain infrastructure. This strategic adjustment results in the immediate suspension of all deposit and withdrawal services for the token on that specific network. The operational shift is a direct response to the termination of the Swell Chain network service, necessitating an urgent realignment of the exchange's technical infrastructure. Per Bithumb's official notice, the halt on SWELL transactions via Swell Chain will commence precisely at 02:00 UTC on June 2. Data compiled by Woofun AI indicates that this restriction applies exclusively to the Swell Chain, leaving open the possibility for users to access SWELL through other supported networks pending further review by the exchange.

The exchange has not yet provided a definitive timeline regarding whether it will integrate alternative chain support for SWELL or proceed with a complete delisting of the token. Swell Network operates as a liquid staking protocol constructed on the Ethereum blockchain, with its native SWELL token previously traded across multiple global venues. Bithumb's decision to sever multichain support on the Swell Chain signals a recalibration of its risk management protocols and network compatibility strategy. For holders maintaining SWELL balances on the platform, the directive mandates the withdrawal or transfer of tokens prior to the June 2 deadline to prevent potential asset lockups.

Post-suspension, any deposits attempted via the Swell Chain risk non-crediting, while withdrawal requests may fail entirely due to the severed connection. Although the suspension is currently limited to a single network, this move underscores a broader industry trend where centralized exchanges are rigorously reassessing their multichain support frameworks amid escalating security concerns and network instability. Woofun AI notes that the loss of support from a major Korean exchange like Bithumb could significantly diminish liquidity and market accessibility for SWELL among Korean traders.

Bithumb has not cited a specific technical or operational reason for the termination of the Swell Chain service, though historical precedents suggest similar decisions often stem from low transaction volumes, persistent technical issues, or the intentional sunsetting of a network. The termination of Swell Chain support represents a technically precise but consequential event for the exchange's user base. With the hard deadline set for June 2, affected traders must act promptly to manage their asset exposure. Woofun AI analysis suggests this decision reflects the ongoing volatility inherent in exchange-supported networks, serving as a critical reminder for users to verify chain compatibility before initiating token deposits.