Dear BTCEX users,
The current estimated time for the Ethereum Merge is 2022-09-15 at 01:30 (UTC). Deposits and withdrawals for the Ethereum network (ERC-20) will be suspended one hour before the Merge happens, approximately starting from 2022-09-15 at 00:30 (UTC). This is an estimated time and subject to change, depending on when the Terminal Total Difficulty Value of 58750000000000000000000 is reached.
In the event of a chain split (Scenario 2), the Ethereum Proof-of-Work (PoW) Mainnet and its forked token would assume the “ETHW” ticker.
If the ETHW chain persists, BTCEX will handle all technical requirements involved for all users holding ETH and WETH in their BTCEX accounts, and credit the forked token (ETHW) to eligible users’ BTCEX accounts at a ratio of 1:1. Further details regarding this distribution will be provided in a separate announcement.
1. WETH Deposits & Withdrawals
Deposits and withdrawals for WETH (Wrapped Ether in ERC-20) will be suspended starting from 2022-09-14 at 00:00 (UTC).
Any deposits of WETH on the Ethereum network (ERC-20) during this period will not be credited to users’ BTCEX accounts, and users will not be eligible for any distribution of the forked token in the event of a chain split (Scenario 2).
BTCEX will reopen deposits and withdrawals for WETH after the Merge is complete and the network is stable, and notify users in a further announcement.
2. ETH Margin Trading
In the event of a chain split (Scenario 2), users with the liability of ETH on Margin are required to return the forked token. In the event that users do not return the forked token, liabilities equivalent to the forked token value will be added to the cross-margin account.
Please note when adding liabilities of the forked token, there could be a risk of liquidation, as the added liabilities may decrease the Margin Level. Please monitor your Margin Level closely. Users are advised to return the forked token as soon as possible to avoid any potential loss.
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.
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