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FTX halt Ethereum trades for the ETH Merge

Crypto exchange FTX has announced the halt of all Ether (ETH) trades on various blockchains until The Merge, the much talked about upgrade, concludes.

FTX took the step to take proactive measures to ensure the safety of investor funds.

The Merge upgrade will permanently move the Ethereum blockchain from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.

The Merge is aimed at reducing energy consumption and introducing sharding capabilities.

The trade suspension for Ethereum on various blockchains has been assigned to commence at different times but remains subject to change based on anticipated complications.

The Ethereum Foundation has clarified that the upcoming upgrade will not reduce gas fees. Instead, the upgrade aims to purely eliminate the need for energy-intensive mining.

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