FTX Pauses ETH and ERC-20 Token Withdrawal Ahead of the Merge

    FTX will suspend ETH and ERC-20 token deposits and withdrawals during the Ethereum Bellatrix upgrade on September 6 and the Merge on September 15.

    ETH and ERC-20 token deposits and withdrawals will be paused at approximately half an hour before the Bellatrix consensus layer upgrade (epoch 144896 on the Beacon Chain: September 6, 2022 at 11:34:47 UTC) and the Paris execution layer upgrade (approximate timeline). 


    • ETH and ERC-20 token spot trading, spot margin trading, and futures trading will not be affected. 
    • 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.
    • FTX will evaluate the listing of the forked PoW ETH at a later date.
    • The “ETH” ticker will be used for ETH PoS chain after the Merge.

    The Merge is the most significant upgrade in Ethereum history. When the process is done, Ethereum will officially replace ETH mining Proof-of-Work (PoW) mechanism with Proof-of-Stake (PoS) mechanism. The upgrade will make Ethereum a more scalable, decentralized, secure blockchain, and be environment friendly by more than 99%.

    With the positive response for three testnets including Goerli (August), Sepolia (July) and Ropsten (June), the Ethereum development team announced an official timeline for The Merge to unleash. The Bellatrix upgrade, which prepares Ethereum 2.0’s Beacon Chain, will be deployed on September 6. Next, Bellatrix will merge with the existing Ethereum chain through the Paris upgrade at the TTD 58750000000000000000000, scheduled around September 15-16.

    We are very close to the historical moment of Ethereum and the whole crypto industry. Ethereum and other coin/token prices are reacting positively ahead of this event. Over the past 24 hours, ETH has jumped more than 5% and is trading around the $1,661 level on Binance.

    ETH/USDT 15m chart on Binance at 08:30 AM on September 6, 2022

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