Friday, October 7, 2022

Russia-Ukraine Tension: FlexPool Pulls the Plug on Services to Russians

FlexPool, the 5th ranked Ethereum mining pool in the world has announced that it is cutting ties with its Russian miners, a move targeted at making sure that they “influence” the Ukraine invasion positively. The announcement was made on Thursday evening, on the official Twitter account of the company.

Russia, through its president, Vladimir Putin had launched its first strike on Ukraine at the early hours of Thursday, instigating a war. This unfortunate event was after the Russian president had issued out claims alleging that the neighboring country is guilty of an eight-year-long genocide on its nation, hence the retaliation at this time.
A statement posted on Reddit was attached to the tweet by the official account of Flexpool, giving full details as to why the mining pool is making this decision to halt its service for the Russians at this sensitive time.
While the spokesperson for the mining firm remains anonymous, the post noted that, the unfortunate event (Ukraine’s invasion by Russia) is claiming the lives of innocent people, civilians and military alike, and “it would be wrong to profit off of it or fund it indirectly”. Hence the decision to cancel all services to Russian residents and IPS, adding that outstanding balances will be duly paid.
While an apology was made to the miners of the ether (ETH) pool in Russia, the anonymous spokesperson included that, whether or not traders on their platform support the war or otherwise, it is pertinent for them to make this decision at this time. The endgoal is to see if applied pressure can make Russia do the needful and work towards spreading this peace to other countries. The statement reads;

“it is only through reducing the economic power of its people that we have a chance of affecting this war.”

The Ukrainian citizens were also encouraged in the official statement, assuring them that they are not alone in this struggle to restore peace to their nation.
The raging war so far has affected the crypto market, most especially the price of Bitcoin (BTC) which plummeted recently. A report also noted that the Ukrainian NGOs have been getting crypto donations to help with the current dire situation.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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