Why is ETH Frozen? Why is WeChat Pocket Court Frozen all bank cards?

08/13/2023 07:23 • Blockchain Buzz • 99 views

Why is ETH frozen? Editor’s note: This article comes from According to Odaily Planet Daily by authorization.

With the formal launch and execution of the eth2.0 contract, many project parties have discovered issues on their mainnets. This has caused a problem called “freezing”:

Why do we need to freeze? The reasons are: 1. When ETH comes out of the network, eth2 needs a fork to operate normally; 2. ETH has demands for users and transactions. If not upgraded, it may be affected, but may not recover quickly; 3. The Ethereum community believes that this is unsustainable development, and there are already a large number of validators; 4. To let everyone better understand the principles, codes, and future development directions of the ETH protocol, it is recommended to check with some exchanges for information.

We all know that the eth2.0 contract is a very important milestone event. However, because it is not a completely decentralized operating system, but only used as a tool, it cannot be easily migrated to a new chain like other smart contracts. This makes it a complex process.

For those who do not have enough funds, they will feel that they are in a scam (or even a scammer), and then sell all the money to the market, exchange it for other currencies or use fiat currency to buy things for cash. This situation will cause many people to panic, resulting in inflation and causing great market fluctuations in the secondary market.

So why is ETH frozen?

1. Because the eth2.0 contract itself does not support transfers of any external assets. When someone tries to transfer ETH through a third-party address, this address is sent to another address. This is equivalent to saying that when you deposit ETH into an address, you can withdraw your ETH and then put the remaining money back into the address to unlock it.

Here is a simple understanding: as long as there is a connection between eth1 and eth2, the liquidity and stability of the entire ecosystem can be ensured.

2. In this way, we don’t need to worry about the occurrence of these security issues. Once such a thing happens, we need to consider how to resolve the security vulnerability. If hackers can successfully exploit this vulnerability to attack an account or organization, it will require a large amount of resources to protect our assets from loss. For example, we need to pay up to $100,000 to maintain an account or someone’s account free from damage; if you want to buy ETH and exchange it for dollars, you have to wait for a year to prepare all the relevant insurance measures. Otherwise, you have to rely on others to help keep the private key safe.

The third point is also the core reason: if someone really wants to get ETH, they can ask you to find them. Of course, at this time, eth may not necessarily find its console, but it should provide legal services first.

Why does WeChat Pocket Court freeze all bank cards?

According to the China Judgments Online website, recent media reports have stated that “WeChat has frozen a large number of bank cards involving virtual currencies and bitcoins.” In this case, “Beijing Chaoyang Court believes after trial that the funds are digital currency wallet addresses opened by individuals or other institutions.

For this case, how do judicial authorities interpret and deal with such situations at the legal level? Why do they freeze all bank cards?

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Why is ETH Frozen? Why is WeChat Pocket Court Frozen all bank cards?

Why does WeChat Pocket Court freeze all bank cards?

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