Our operations during the Ethereum MERGE
Regarding Deposits and Withdrawals of ETH, All ERC20 Assets, and USDT
Triggered by the Terminal Total Difficulty reaching 58750000000000000000000 following the Bellatrix upgrade, the much anticipated Ethereum Merge will take place between 12 and 19 September 2022.
At Geco.one, our top priority is to protect your assets. Below we’ve summarised what you, as a Geco.one user, should note ahead of the Merge.
During the Ethereum Merge:
- We will suspend withdrawals on ETH, all ERC20 assets and USDT across all networks as a function of our cross-network fungibility of this asset.
- To avoid any potential loss of funds, customers should not process any ETH or ERC20 deposits during this time.
- Trading on our Derivatives exchanges will remain unaffected.
- The ETH native asset ID and name will remain the same.
- All corresponding tokens operating on top of the Ethereum blockchain (ERC20) will also keep their current name and ID.
Please be aware of the potential for increased volatility during this time. Traders should manage their risk accordingly. Geco.one retains the discretion to adjust and update the impacted indices at short notice to protect market stability and integrity.
Following the Ethereum Merge, should a forked ETH PoW chain show economic value, we will evaluate listing this as a separate asset. Support of any forked ETH is solely at the discretion of Geco.one. While we will snapshot users’ margin balances at the Merge time, should we decide to distribute, there is no guarantee it will be safe, desirable, or practical. If you have concerns and want to handle the impact of a potential fork directly, then you are free to withdraw your ETH to self-custody before the Merge.
Further details will be provided as the Merge nears. We encourage you to monitor our channels and communications sent to you closely or connect with our excellent Support Team, who are available 24/7.