FTX announced its plans to pause ETH and ERC-20 token deposits and withdrawals during the Ethereum Bellatrix upgrade on September 6 and the Merge on September 15.
Users of leading crypto exchange FTX will not be able to withdraw or deposit any ETH or ERC-20 tokens to the platform for at least 30 minutes while the Ethereum network undergoes two crucial updates this month.
FTX Follows Coinbase and Binance
FTX has a battle plan for the “Merge.” The leading crypto exchange announced in a video that it would pause customer deposits and withdrawals of certain tokens during two upgrades related to Ethereum’s upgrade to Proof-of-Stake.
Ethereum is set to switch from a Proof-of-Work consensus mechanism to Proof-of-Stake, an upgrade known in the crypto community as the “Merge.” The highly anticipated transition, years in the making, is expected to reduce ETH token emissions by 90% and reduce the energy consumption of the blockchain by 99%.
Stay in the know on crypto by frequently visiting Crypto News Today
While the Merge itself is scheduled for September 15, Ethereum will be going through a preparatory upgrade called Bellatrix on September 6. FTX indicated it would pause ETH deposit and withdrawal services 30 minutes before each event. ERC-20 tokens, meaning tokens native to the Ethereum blockchain like AAVE or UNI, will also be impacted by the measures. However, token spot trading, margin trading, and futures trading services on the exchange will remain unaffected.
FTX also declared that, should miners decide to fork Ethereum to keep an Ethereum Proof-of-Work chain running after the Merge, the exchange would credit users with forked ETH tokens based on their ETH balance at the time of the fork snapshot. The company indicated it would consider whether or not to list the forked ETH tokens at a later date.
Other major crypto exchanges have taken similar steps ahead of the Merge. Coinbase announced two weeks ago that it would also pause ETH deposits and withdrawals, calling the measure “precautionary.” Binance is following the same plan; just like FTX, the exchange plans on crediting its users with forked ETH should a split happen. Read More at CRYPTOBRIEFING
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
