Ethereum Receives Backlash due to Changes in Staking Withdrawal Schedule

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Ethereum apparently changed its ETH staking withdrawal schedule, and many people reacted furiously to the change.

Recently, ETH community notice that Ethereum changed its ETH staking’s withdrawal timeframe, leaving many unhappy. Ethereum shifted from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September of this year. This led people to believe that the ETH staking withdrawals were not going to be delayed due to the merge.

Ethereum previously stated that users may be able to withdraw their staked ETH six months after the merge. However, after the merge, Ethereum changed the timeframe from within 6 months to 6-to-12 months. Users did not largely react to this change. They understood that upcoming updates may take time due to the state of the market. However, later on, Ethereum changed the schedule once again. They said that users may be able to withdraw their staked Ethereum sometime between 2023 and 2024, further delaying the withdrawal schedule.

Lastly, Ethereum removed the due date completely, further adding to the frustration. This led to huge criticism on social media platforms, especially Twitter

Many then claimed that ETH is a non-redeemable investment, questioning the integrity of the world’s biggest altcoin.

Nonetheless, co-founder of ETHhub Anthony Sassano suggested that the recent criticism is just “another” attempt that Bitcoin maximalists are trying to diminish the market share growth that Ethereum has had over the years.

Other News Concerning Ethereum

In other news, in the recent FTX hack after its bankruptcy, it was reported that $280 million worth of cryptocurrencies were converted to ETH, precisely 228,523 ETH. This made the FTX the 35th largest ETH holder in the market. Many are uncertain how this may play out for the price of ETH.

Vitalik Buterin has been vocal about his stance on recent events regarding FTX. He continues to condemn the likes of FTX, Terra, and other recent frauds that led to market turmoil.

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