Dear BTCEX Users,
According to Ethereum Foundation’s official announcement, Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 11:34:47 (UTC).
BTCEX will support the two upgrades. As a new token might be created during this hard fork, BTCEX has taken the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user assets during the hard fork:
1. ETH Deposits & Withdrawals
BTCEX will suspend deposits and withdrawals for ETH and ERC-20 tokens at 2022-09-06 09:00 (UTC).
The estimated time for upgrade:
- 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH, and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on BTCEX. Announcement on the reopen of deposit and withdrawal will be posted separately
2. Assets & Trading of ETH and ERC-20 Tokens
During the Merge, your ETH and ERC-20 tokens on BTCEX will not be affected;
During the Merge, spot trading, margin trading, perpetual contract, and portfolio margin for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
3. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
1) No new token is created. BTCEX will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
2) A new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. BTCEX will then credit to users’ BTCEX accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at ETH mainnet block height of 15,540,293, or 2022-09-15 00:30 (UTC)). A further announcement will be posted after the distribution is completed.
BTCEX will support withdrawals for the forked token. Further details regarding this distribution will be stated in a separate announcement.
1. BTCEX reserves the right to update the treatment of the chain split in a further announcement.
2. In order to protect BTCEX users, the forked token will go through the same strict listing review process as any other coins/tokens. BTCEX does not guarantee any listings.
3. Uncredited ETH deposits, pending ETH withdrawals, and ETH used as loan collateral will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade. BTCEX will handle all technical requirements for users during the Merge;
4. This snapshot includes the total net ETH balances across Wallet, Spot, Perpetual and Margin Assets, and Portfolio Margin. Any new tokens resulting from the hard fork will be credited to eligible users’ accounts.
5. A further announcement will be made regarding the timing for the resumption of deposits and withdrawals after the Merge is completed;
6. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
Risk Warning: There are significant risks in trading cryptocurrency. Please carry out investment operations according to your actual situation. This information is not financial or investment advice from BTCEX, and BTCEX will not be responsible for your trading losses.
Thanks for your support!
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