Ethereum Merge: Deposits and Withdrawals on ETH, All ERC20 Assets, and USDT

Triggered by the Terminal Total Difficulty reaching 58750000000000000000000, following the Bellatrix upgrade, the much anticipated Ethereum Merge will take place today at approximately 04:00 UTC.

Our top priority is protecting the assets of our customers. An hour prior to and during the Merge, we will suspend withdrawals on ETH, all ERC20 assets and USDT across all networks, as a function of our cross-network fungibility of this asset.

Here’s a summary of what BitMEX users should note ahead of the Merge.

During the Ethereum Merge:

• We will suspend withdrawals on ETH, all ERC20 assets and USDT across all networks, as a function of our cross-network fungibility of this asset.
• To avoid any potential loss of funds, customers should not process any ETH, ERC20 or USDT deposits during this time.
• Trading on our Derivatives and Spot exchanges will remain unaffected.
• Our Index Protection Rules will help to provide fair and stable mark prices based on the prices available from our constituent Spot exchanges. 
• The ETH native asset ID and name will remain the same. 
• All corresponding tokens operating on top of the Ethereum blockchain (ERC20)will also keep their current name and ID.

Please be aware of the potential for increased volatility during this time. Traders should manage their risk accordingly. BitMEX retains discretion to adjust and update the impacted indices at short notice to protect market stability and integrity.

Following the Ethereum Merge, should a forked ETH PoW chain show economic value, we will evaluate listing this, as a separate asset. Support of any forked currency is solely at the discretion of BitMEX. While we will snapshot users’ margin balances at the time of the merge, should we decide to distribute, there is no guarantee it will be safe, desirable, or practical to do so. 

Should this be of concern, it is recommended you withdraw your funds to self custody prior to the Merge and handle this of your own accord.

For the full lowdown on our operations during the Ethereum Merge, read this blog. If you have any questions in the meantime, please contact Support.

Related