Alon Muroch, the founder of Ethereum staking infrastructure platform SSV Network, has been called-up for military service in the Israeli Defense Forces.

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Muroch made the announcement in a post on X on Wednesday, noting that he has found the situation on the ground much worse than has been broadcast since Hamas’ surprise attack on Israel last weekend. Here’s what the SSV Network founder said:

 

“I got drafted, the situation on the ground is significantly worse than described. Massacre is the only word that comes to mind. 90% civilians (families). We are turning the tables, it won’t be short nor pretty.”

Israel has called up over 300,000 army reservists amid reports its planning a major ground offensive against the Hamas militants.

SSV Network price fell after Muroch news

The price of SSV Network which is traded on Coinbase (COIN) fell sharply after the news, down nearly double-digits within hours as sell-off pressure pushed the native token from highs of $14.80 to lows of $13.40. At the time of writing, the cryptocurrency’s price was back above $14.00 with sentiment flipping among bulls amid assurance from the SSV Network team about the project.

Matthias, head of global BD at SSV Network, noted in a statement that the project remained focused on its goals even in the face of adversity. SSV Network has injected millions of dollars into promoting decentralized ETH (ETH-X) staking, including a $50 million ecosystem fund for development of the Distributed Validator Technology (DVT).

According to data from CoinGecko, SSV traded at around $14.15 at 7 am ET on October 11, still down by more than 4% in the past 24 hours. The altcoin’s value was nearly 11% down in the past week.

Israel-Hamas war and impact on markets

Reports from Palestine and Israel indicate that more than 2,200 people have been killed since the conflict erupted – CNN reported at least 1,055 people have so far been killed in Gaza following Israel’s retaliatory airstrikes while 1,200 deaths have been linked to the Hamas attacks.

While oil and defense stocks rose earlier in the week amid a ‘knee-jerk’ reaction to conflict, experts have opined that risks abound that could further impact the broader financial market.

Billionaire investor Paul Tudor Jones has cautioned that geopolitical risks associated with the Israel-Hamas war could add to downside pressure for stocks.

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