FTX exchange announced its plan to halt its withdrawals during the upcoming Ethereum merge The exchange also announced that it will also credit the forked tokens back into the user’s account
Leading crypto exchanges and platforms are all gearing up to embrace the upcoming Ethereum merge. Among other platforms, FTX has also issued a comprehensive statement announcing its support for that merge which is scheduled to visit live next week.
FTX Says It Will Halt Its Withdrawals And Deposits During The Merge .
In an updated blog statement, SBF-backed crypto exchange FTX stated that this firm will be suspending its withdrawals and ERC-20 token deposits approximately half an hour before the Bellatrix upgrade which is scheduled to visit live on September 6, Epoch 144896 on Beacon chain as well as the Paris execution layer upgrade.
Service updates for ETH Merge.
Details: https://t.co/r7pbo4LCq2 pic.twitter.com/IjLxsUJTp3
– FTX (@FTX_Official) September 2, 2022
Ethereum is all set to shift its mechanism toward the PoS consensus, which will dramatically help the blockchain to reduce its extensive energy consumption and assist the blockchain in enhancing its transaction and processing speed.
Although the merge is scheduled to visit live on September 15, the preparatory upgrades have already started to roll out starting with Bellatrix which is scheduled to visit live today at 11:34:43 UTC.
FTX further announced a detailed plan to credit the forked tokens back into the user’s accounts which may be launched through the highly anticipated merge process. The platform said that it’ll be crediting the forked PoW tokens inside the user’s accounts predicated on a 1:1 ratio.
“Following the Merge, a number of forked PoW ETH could emerge. In case a canonical PoW ETH fork emerges, FTX will credit users while using forked PoW ETH at the ratio of just one 1:1, and borrowers of ETH will undoubtedly be charged forked PoW ETH predicated on their ETH balance by the fork snapshot which will take place prior to the Paris execution layer upgrade. FTX reserves the proper to update the treating any forked PoW ETH anytime.” your blog read
FTX isn’t the only real exchange which has drafted a thorough intend to embrace the upcoming Ethereum merge. Other crypto exchanges including Binance and Coinbase also have charted out detailed plans to welcome and embrace among the historic crypto events of the entire year.