Ethereum network upgrade – Temporary pause of deposits/withdrawals for ERC-20 tokens and ETH

June 30, 2022

Zipmex will temporarily suspend the deposit & withdrawal functions for Ethereum Coin and ERC-20 tokens on 30th June 2022, 16.30 pm (UTC +7) (or 30th June 2022, 9.30 am (UTC)). This is to support the latest Ethereum Gray Glacier upgrade on Ethereum Blockchain (read more)

What happens next?

  • ETH, and ERC-20 tokens deposits & withdrawals will be temporarily suspended on Zipmex from 30th June 2022, 16.30 pm (UTC +7) (or 30th June 2022, 9.30 am (UTC) till the upgraded network has been deemed stable.
  • ETH, and ERC-20 tokens trading will not be affected and you will still be able to buy or sell ETH, and ERC-20 tokens as usual.
  • The network upgrade will not result in any new tokens being created

Zipmex will follow the announcements by Ethereum closely for network resumption to resume deposit and withdrawal functionality for Ethereum blockchain. We will notify you if there are any further announcements.

What does the Gray Glacier upgrade do?

The Ethereum Gray Glacier upgrade is a key step in the transition to Proof-of-Stake(PoS) ETH 2.0 where miners will be gradually forced to stop mining the Ethereum 1.0 Proof-of-Work(PoW) chain.

  • The difficulty bomb will be delayed by 700,000 blocks, or approximately until October 2022. 

The Ethereum difficulty bomb is a mechanism that increases the puzzle-solving difficulty of the PoW mining algorithm at a predetermined number of blocks. This will result in longer block times and fewer ETH rewards for miners.

Quote: “Gray Glacier” name was chosen because it literally merges into another glacier, just like how Ethereum’s execution layer will soon be merged with the Beacon Chain!

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We apologise for any inconvenience caused.

**Disclaimer : Digital assets are a high risk investment, loss of money and/or value is to be expected. Investors should understand and seek relevant knowledge prior to the investment. Investments should be made at an appropriate level of risk which is acceptable to the investor More details here https://zipmex.com/th/

We offer investors a variety of opportunities in the digital assets industry. Our innovative platform provides financial access for anyone seeking investment returns anywhere, anytime. Our ecosystem aims at making finance an everyday enriching activity.

Cryptocurrency and digital token involve high risks; investors may lose all investment money and should study information carefully and make investments according to own risk profile.

Zipmex Company Limited ("Company") operates a digital assets brokerage business. In order to increase the liquidity for digital assets trading on the Company's exchange platform, the Company sends and receives trade orders from one third-party exchange which is Zipmex SG, our affiliated company located in Singapore. No fees or compensation is provided between the parties. Any references to Zipmex SG is a reference to Zipmex Pte. Ltd.