Filecoin’s Network Upgrade Sparks Bithumb Transaction Halt

Bithumb has temporarily suspended Filecoin (FIL) deposits and withdrawals, according to a recent announcement. The suspension, effective 6:00 PM on September 24, 2025, is attributed to a network upgrade on the Filecoin blockchain. The upgrade is scheduled to occur at block height 5,348,280 Epoch, with an expected completion by 8:00 AM on September 25, 2025 (KST). Bithumb emphasized that the halt aims to ensure stable transaction services post-upgrade and noted that timing may vary depending on network conditions and block generation speed.

Unprocessed withdrawal requests submitted prior to the suspension will be handled sequentially through Bithumb’s verification system. Users are advised that these requests may experience delays in reflecting in their accounts. The exchange pledged to resume FIL deposit and withdrawal services immediately upon confirming network stability and will provide updates through its official channels.

The suspension occurs amid broader market dynamics involving Filecoin. Last year, Binance delisted FIL trading pairs, citing efforts to protect users and maintain high-quality trading markets. Conversely, South Korea’s Upbit listed FIL in April 2025, introducing trading pairs against the Korean won (KRW) and catalyzing a 7% price increase for FIL. Despite Bithumb’s current suspension, FIL’s price has remained resilient, trading at $2.55 with a 1.76% gain over the past 24 hours.

The Filecoin network upgrade represents a critical juncture for the cryptocurrency’s infrastructure. Bithumb’s decision aligns with industry practices where exchanges temporarily restrict operations during blockchain upgrades to mitigate risks associated with network instability. Analysts highlight that such pauses are typically short-term and do not significantly impact long-term price trends, particularly for assets with established trading volumes like FIL.

Historical precedents underscore the strategic importance of exchange listings and delistings. Binance’s 2024 delisting of FIL contrasted sharply with Upbit’s 2025 inclusion, reflecting divergent approaches to asset quality control. Bithumb’s current suspension, while operational, reinforces the role of exchanges as gatekeepers for liquidity and investor confidence. The absence of immediate price volatility following the announcement suggests market participants have largely anticipated such measures.

Source: [1] Bithumb to Suspend Filecoin (FIL) Deposit and Withdrawals, … (https://finance.yahoo.com/news/bithumb-suspend-filecoin-fil-deposit-114110541.html)