Updated as of [12.04.2023]
Dear Valued Clients,
Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58750000000000000000000.
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain on 6th September 2022 (07:00 PM MYT) has been completed.
The second phase Paris Execution layer upgrade on 15th September 2022, (11:00 am MYT) has been completed.
SINEGY will be taking the following steps to reduce the trading risks brought about by possible price volatility and to maintain the safety of SINEGY users on our exchange during the merge and possible hard fork.
1. ETH Withdrawals
- All ETH Withdrawals will be suspended on the following dates:
- 6th September 2022, 7:00 pm (MYT)✅ for the Bellatrix consensus layer upgrade.
- 15th September 2022, 11:00 am (MYT)✅ for the Paris execution layer upgrade.
- 13th April 2023, 6:00 am (MYT) for the Shanghai execution layer upgrade.
- ETH withdrawals remain suspended throughout the period of trade suspension.
- Only deposits are not affected throughout the period of trade suspension.
2. 24-hour Suspension on ETH Trading
- All ETH trading on the SINEGY exchange will be suspended for 24 hours on the respective dates (6th and 15th September 2022) during the merge when the Bellatrix layer hits its epoch and the Paris layer hits its TTD level.
- The actual start time for the suspension will be informed on the day itself via email and our social media platforms.
3. What do you need to do?
Users are not required to do anything. There will be no changes affecting your wallets, keys, and ETH. We will not be supporting the forked token during the Merge. In the event of a hard fork, we will provide an update on this matter if there is a forked token.
4. What is the Merge for?
Key reasons behind the switch from PoW to PoS can be broken down to:
-
Better security
- Hackers would need to take over a huge number of validators in order to interfere with the blockchain network, reverse a block, or disrupt transactions. Therefore, the Merge offers users better trade and fund security.
-
Energy conserving
-
POS network only requires validator nodes to replace the PoW's energy-consuming mining operations. This helps the Earth in reducing very significant energy consumption.
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POS network only requires validator nodes to replace the PoW's energy-consuming mining operations. This helps the Earth in reducing very significant energy consumption.
5. Commencement of when ETH trade and withdrawals can resume
After 24 hours of trade suspension (subject to the stability of the ETH Merge and no major unwarranted events due to the Merge): Announcement will be sent to Users (via email only) on the resumption of the ETH trade and withdrawals on our platform.
6. [IMPORTANT] Please Note
- SINEGY will never request users to send / buy / transfer funds to a random wallet address in order to "complete the upgrade."
- Be wary of scammers asking you to purchase “ETH2” tokens or transfer funds to a random wallet address as a process to “complete the upgrade".
- Kindly contact our support for assistance at support@sinegy.com.
For further information, please refer to the following:
Find us on
LinkedIn: https://www.linkedin.com/company/sinegy/
Facebook: https://www.facebook.com/SinegyMY
Twitter: https://twitter.com/SinegyMY
Telegram: https://t.me/SinegyPublicBroadcast
Instagram: https://www.instagram.com/sinegydotcom
Note: This announcement was updated on 02-09-2022.
SINEGY reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.
Disclaimer:
Trading Crypto Assets / Cryptocurrencies carries a high level of risk, and may not be suitable for everyone. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before getting involved in cryptocurrency trading, you should carefully consider your personal venture objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial deposit and therefore you should not place funds that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading and seek advice from an independent financial advisor if you have any doubts. SINEGY will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.