Bitfinex Supports Ethereum Proof of Work Fork (ETHW)

Crypto exchange Bitfinex is out with a note that it will support the Ethereum fork that will continue the Proof of Work (PoW) process. This follows the successful Merge that was completed today migrating Ethereum from Proof of Work to Proof of Stake (PoS). Multiple other crypto platforms have already announced their intent to support PoW forks.

Bitfinex distributed the following statement:

“Customers with an Ethereum (ETH) balance in their Bitfinex account at the time of the Merge snapshot (Block 15537393) will have received forked Ethereum Proof-of-Work (ETHW) tokens.

Customers have been credited ETHW, and the ETHW:USD market will be open as of 15th of September at 9:15 PM UTC for trading. Deposits and withdrawals will commence for ETHW in the coming days. We shall update you accordingly.

Financed positions

As explained in a previous post, the following scenarios will apply for users who engage in peer-to-peer financing activities using ETH on the Bitfinex platform.

    • Customers with Margin short ETH positions will be debited an equivalent amount of the forked token from their margin wallet.
    • Customers with Margin long ETH positions will be credited an equivalent amount of the forked token to their margin wallet. 
    • Customers who are lending their ETH will be credited an equivalent amount of the forked token to their wallet balance

Customers will have until October 15 2022 to settle their negative balances. A failure to timely settle negative balances may result in Bitfinex settling those balances at the prevailing market rates, as determined by Bitfinex in its sole discretion.”

Last month, Bitfinex announced its intent as to how to handle Ethereum forks following the Merge.

“One or more forks could emerge in connection with the Merge. Bitfinex intends to evaluate any potential forked tokens and make a determination about whether to support that fork. Bitfinex does not guarantee that any forked tokens, including any fork of ETH will be supported or made available for trading. Please look for further announcements on that topic as more information becomes available.

If Bitfinex decides to support one or more forked tokens, Bitfinex intends that users with an ETH balance in their Bitfinex Account as of a to-be-determined fork snapshot will receive forked tokens. Users will receive these tokens after the fork snapshot and all necessary accounting reconciliations are complete.”

Bitfinex included a link to Ethereumpow.org but at the time of writing the site was unavailable.

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