- When Foobar hears that withdrawals of staked ETH might be halted, he tweets about it.
- According to Foobar, the money was put into venture capital.
- Over the past week, Ethereum’s price has barely budged.
There have been rumors that Ethereum is bankrupt and that all staked ETH withdrawals have been disabled, according to a tweet by Foobar @0xfoobar, the founder of DeFi and NFT.
After hearing rumors that ethereum is bankrupt, all staked ethereum withdrawals have been temporarily disabled.
15 November 2022 — foobar (@0xfoobar)
In addition, Foobar posted another tweet in the thread that appears to explain why staked Ethereum is bankrupt. According to the announcement, Alameda Research has depleted its financial resources on venture capital investments and other costs, and withdrawals of the staked ETH are now impossible.
In the thread, it said:
This unfortunate “beacon chain,” managed by Alameda research. They put every last dime into stocks, bonds, and new businesses.
What Critics Say
Some crypto users criticized the post because they were more concerned with learning the identity of the anonymous beacon chain.
Then, in response to the aforementioned tweet, one crypto-Twitter user wrote:
Many people get this confused with another type of chain called a beacon chain, but the correct term is Bankman chain.
In the meantime, Ethereum is trading at $1,268.95 with a 24-hour volume of $12,260,973,728.
If you look at the Ethereum price chart over the past week, you’ll see that it’s been mostly flat. The price peaked at $1,334 in the month of November before dropping to $1,087 on the 10th.
Beyond the aforementioned swings, Ethereum’s price has been relatively stable.
We are sorry to hear that you are experiencing difficulties withdrawing your stashed ETH from your account at Foobar Exchange.
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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