Ether Staking Withdrawal Schedule Removal Faces Harsh Criticism

Ether Staking Withdrawal Schedule Removal Faces Harsh Criticism

One Twitter user referred to staked ETH as a "non-redeemable" investment and others criticized the removal of the ETH staking timeframe.

Critics have started to draw attention to the Ethereum Foundation's removal of the Ether staking's withdrawal schedule on social media days after Ethereum turns deflationary for the first time since switching to proof-of-stake (PoS).

A member of the cryptocurrency community drew attention to the fact that Ethereum executives, developers, and influencers had stated that ETH staking withdrawals might be permitted six months after the Merge. The projected time for unlocking was then changed to 6–12 months. The Twitter user also emphasized that the schedule was changed to an expected 2023 to 2024 before being completely eliminated.

A further Twitter user stoked the fire by labeling staked ETH as a non-redeemable cryptocurrency investment. The user emphasized that investors were given no due date and a deadline for their investments. Others who shared retweets of the original post criticizing the withdrawal time frame had the same attitude.

On the other hand, Ethereum supporters gave their own responses to the criticisms. Anthony Sassano, the co-founder of Ethereum resource site ETHhub, came to the network’s defense by brushing off the criticisms as attempts of Bitcoin maximalists to find other things to attack in Ethereum after being proven wrong by the Merge. Antiprosynth, an Ethereum engineer, also pointed out in a tweet that these criticisms come when Ether's market share rises and  Bitcoin's dominance declines.

In the meantime, a new FTX vulnerability elevated the attacker to 35th place among ETH holders. The compromised wallets of the exchange, which lost over $600 million in cryptocurrency holdings, occurred one day after the struggling FTX exchange declared bankruptcy.

In other news, Ethereum co-founder Vitalik Buterin criticized FTX for engaging in "compliance virtue signaling" and compared the troubled exchange to Mt. Gox and Luna.The Ethereum co-founder highlighted that this type of fraud hurts more than the other.

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