If you’re a MERL holder or an active trader on Bithumb, here’s an important update you don’t want to miss.
South Korea’s top crypto exchange, Bithumb, has paused all MERL deposits and withdrawals as of 4:55 a.m. UTC today. This temporary suspension is part of a planned network upgrade for Merlin Chain, and while it may disrupt activity in the short term, it’s ultimately geared toward strengthening the ecosystem.

Why Did Bithumb Pause MERL Activity?

This suspension is directly tied to Merlin Chain’s ongoing network upgrade—a critical step that enhances the blockchain’s performance, security, and overall functionality.

Pausing deposits and withdrawals during upgrades helps ensure:

• A smooth and error-free transition
• Protection of user funds
• Prevention of failed or stuck transactions
• Proper integration of new features and improvements

In other words, this is Bithumb making sure everything updates safely and cleanly.

How Does This Affect MERL Users on Bithumb?

Here’s what the temporary suspension means for you:

• Deposits: Not allowed during the upgrade
• Withdrawals: Also unavailable until the upgrade is complete
• Trading: Still fully functional—you can trade MERL as usual
• Your MERL Holdings: Safe and unaffected in your Bithumb wallet

So while you can’t move tokens in or out, you can continue trading them on the exchange without any interruptions.

When Will MERL Services Return to Normal?

Bithumb hasn’t shared an exact completion time yet. Network upgrades can take anywhere from a few hours to a few days, depending on the complexity.

To stay updated, keep an eye on Bithumb’s:

• Official website
• Social media channels
• Email alerts
• Mobile app notifications

They’ll announce the moment the upgrade—and the suspension—has officially wrapped up.

Why Network Upgrades Are Good News for MERL Holders

Although temporary service pauses can be inconvenient, they typically lead to meaningful improvements. This upgrade is expected to boost:

• Transaction speed and efficiency
• Security against exploits and vulnerabilities
• Scalability for future growth
• Overall functionality and ecosystem reliability

Long-term, these upgrades are designed to make MERL stronger, more secure, and more capable of handling increased demand.

Tips for MERL Traders During the Suspension

While deposits and withdrawals are on hold, traders can still make the most of this time:

• Keep an eye on MERL price movements
• Plan your next trades in advance
• Read up on what this network upgrade includes
• Adjust your trading strategies if needed
• Watch for the official announcement on service resumption

This pause highlights Bithumb’s commitment to secure, reliable operations—and shows strong coordination between the exchange and the Merlin Chain development team.

Frequently Asked Questions

How long will the suspension last?
No exact timeline yet. Upgrades usually take several hours to several days. Bithumb will announce when everything is back online.

Can I still trade MERL?
Yes. Trading is unaffected—only deposits and withdrawals are paused.

Are my MERL tokens safe?
Absolutely. Your tokens remain securely in your Bithumb wallet throughout the suspension.

Why do exchanges pause services during upgrades?
To prevent errors, protect user funds, and ensure the network upgrade integrates smoothly.

Will this affect MERL’s price?
Short-term fluctuations are possible, but upgrades often support long-term value by improving the network.

How will I know when services resume?
Keep an eye on Bithumb’s announcements via their website, social media, app notifications, and email.

Michael Saylor’s company, Strategy, has quietly shifted a massive $5.1 billion worth of Bitcoin from Coinbase to Fidelity Investments over the last two months, according to blockchain analytics firm Arkham Intelligence.

With this move, more than 165,709 BTC—valued at over $14 billion—is now held under Fidelity’s custody. Strategy’s total Bitcoin stash sits at an enormous 649,870 BTC, worth more than $57 billion, making it one of the largest corporate holders of Bitcoin on the planet.

What Happened: Diversifying Where the Bitcoin Lives

Between late September and late November, Strategy moved 58,390 BTC out of Coinbase. Arkham Intelligence says this wasn’t random—it’s part of a custody diversification plan, a way for the company to avoid relying too heavily on a single provider.

Fidelity’s custody system works a bit differently than Coinbase’s. It uses an omnibus structure, grouping client assets together rather than labeling each one individually on the blockchain. As a result, Strategy’s coins now show up under Fidelity’s broader custody umbrella.

This leaves Strategy with multiple custodians holding different parts of its treasury—a classic “don’t put all your eggs in one basket” approach.

Why It Matters: Managing Risk the Old-School Way

This shift highlights a growing trend: major Bitcoin players are starting to follow traditional financial risk management practices. Moving billions in Bitcoin around isn’t just about convenience—it’s about protection.

Relying on one custodian exposes companies to:

• technical outages
  
• security vulnerabilities
  
• regulatory complications
  
• operational failures
  

By spreading assets across multiple custodians, Strategy reduces the risk of a single point of failure.

Arkham also noted a related development: Japanese firm Metaplanet is raising $150 million via convertible stock to buy even more Bitcoin after recent price dips. The company already holds $2.67 billion worth, with its last big purchase made on September 29.

October proved to be another difficult month for Web3 security, with new data from GoPlus Security showing that the crypto ecosystem suffered more than $45.84 million in losses from hacks, scams, and other malicious activity.

According to the on-chain security firm’s latest monthly report, the incidents spanned a wide range of attack types—including protocol exploits, social engineering schemes, phishing attacks, honeypot tokens, rug pulls, and Ponzi operations. In total, 16 major incidents were recorded, each resulting in losses ranging from a few thousand dollars to tens of millions.

Major Incidents: SBI Crypto Hack Leads October Losses

The SBI Crypto hack, which unfolded at the start of the month, was the most significant single event, causing roughly $21 million in losses across multiple assets such as Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash.

An investigation by blockchain analyst ZachXBT and security firm Cyvers suggested possible links to North Korean–affiliated hacking groups. The laundering pattern—funneling funds through Tornado Cash—mirrored tactics historically associated with groups like Lazarus. However, SBI Crypto has not confirmed any attribution.

Garden Finance and Astra Nova Also Hit

Additional major exploits highlighted in the report include:

• Garden Finance: Approximately $10.8 million lost.
  
• Astra Nova: A hack of its official social account triggered a large forced sell-off of its RVV token, leading to losses of about $10.3 million.
  

These incidents underscored continued vulnerabilities across Web3 platforms, particularly those with access control or operational security gaps.

Phishing Attacks Surge, Affecting 11,000 Victims

GoPlus also reported a rise in phishing campaigns throughout October, with estimated losses reaching $3.5 million and impacting more than 11,000 users.

One of the largest incidents involved the trading platform GMGN, where attackers created a convincing third-party phishing site that tricked users into signing malicious transactions. More than 100 users were affected, with total losses exceeding $700,000.

Other notable cases include:

• A trader who lost $325,000 in Coinbase Wrapped BTC after approving a fraudulent “increaseAllowance” request.
  
• Another user who lost $440,000 in multiple assets after unknowingly authorizing a malicious “permit” signature.
  

GoPlus noted that attackers are increasingly using Phishing-as-a-Service (PhaaS) tools and AI-powered site generators, lowering the barrier to launching large-scale phishing operations.

Honeypot Tokens Spike 600%

The report also highlighted an alarming jump in honeypot tokens, which surged 600% month-over-month to 2,189 tokens across several blockchains—including Ethereum, Base, and BNB Smart Chain.

Honeypot tokens are designed to lure buyers in, while embedded smart contract restrictions prevent them from selling or withdrawing funds.

Breakdown by chain:

• BNB Smart Chain: 1,780 honeypot tokens
  
• Ethereum: 216 tokens
  
• Base: 131 tokens
  

Although the increase is significant, it is still well below the extreme spike recorded in June 2025, when the market saw more than 40,000 honeypot tokens deployed in a single month.