Binance distributes Ethereum PoW fork tokens to users

The cryptocurrency exchange Binance distributed Ethereum PoW fork tokens (ETHW) among ETH and WETH holders.

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#Binance has completed the distribution of $ETH Proof-of-Work $ETHW tokens to eligible $ETH and $WETH holders following the merge.

Deposits and withdrawals for $ETHW are now open, and users can confirm receipt of these tokens in the Distribution page under Transaction History. pic.twitter.com/Jsg4Uz5Sj6

— Binance (@binance) September 20, 2022

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ETHW deposits and withdrawals are now enabled.

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Representatives of the exchange also noted that:

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• The snapshot for token distribution was taken at block #15,537,393 of the Ethereum network (September 15, 06:42 UTC);
• ETHW distribution excludes BETH holders;
• Users should ensure that the ‘Hide small balances’ option is not selected in the spot wallet section.

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As of writing, ETHW is trading at around $7.06. In the last 24 hours, the token price rose by 36.8%, according to CoinGecko.

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On September 15, a major The Merge upgrade occurred on the Ethereum mainnet. The blockchain successfully switched to the Proof-of-Stake consensus algorithm. 

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The day before the upgrade, Binance announced the distribution of ETHW among ETH and WETH holders at a 1:1 ratio.

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A few hours after The Merge, the Ethereum PoW team announced the launch of the mainnet, but ran into problems. The network was briefly unavailable; the blockchain explorer did not work.

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Within 24 hours after The Merge, ETHW dropped by 70% in market value.

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Cybersecurity firm BlockSec found an exploit related to the Ethereum PoW fork.

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According to researchers, the OmniBridge smart contract for Gnosis Chain did not properly verify the chainID parameter. This allowed attackers to obtain an additional 200 ETHW by sending an equivalent amount in WETH.

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