- 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 the merge which is scheduled to go 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 the firm will be suspending its withdrawals and ERC-20 token deposits approximately half an hour before the Bellatrix upgrade which is scheduled to go live on September 6, Epoch 144896 on Beacon chain and the Paris execution layer upgrade.
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 go live on September 15, the preparatory upgrades have already started to roll out starting with Bellatrix which is scheduled to go live today at 11:34:43 UTC.
FTX further announced a detailed plan to credit the forked tokens back into the user’s accounts that may be launched during the highly anticipated merge process. The platform said that it will be crediting the forked PoW tokens in the user’s accounts based on a 1:1 ratio.
“After the Merge, one or more forked PoW ETH could emerge. If a canonical PoW ETH fork emerges, FTX will credit users with the forked PoW ETH at a ratio of 1:1, and borrowers of ETH will be charged forked PoW ETH based on their ETH balance as of the fork snapshot that will take place before the Paris execution layer upgrade. FTX reserves the right to update the treatment of any forked PoW ETH at any time.” the blog read
FTX is not the only exchange that has drafted a comprehensive plan to embrace the upcoming Ethereum merge. Other crypto exchanges including Binance and Coinbase have also charted out detailed plans to welcome and embrace one of the historic crypto events of the year.