Dear Community,
At block height 12,965,000, or at approximately 05:25 PM (IST) on August 5, 2021, the Ethereum (ETH) blockchain is scheduled to undergo the London Hard Fork.
In the event that the hard fork might result in an additional token, CoinDCX has decided to take certain measures to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork as per the following:
1. Deposits and Withdrawals
CoinDCX Pro will suspend deposits and withdrawals for the listed ERC-20 tokens from 04:00 PM (IST) on August 4, 2021 to approximately 11:59 PM (IST) on August 6, 2021. Please ensure that you leave sufficient time for your tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding these tokens on CoinDCX Pro.
Tokens list: BAT, CHR, CHZ, COMP, CRO, DAI, DATA, DGTX, ETH, LINK, MATIC, OXT, STPT, SWFTC, TUSD, UFT, USDC, USDT
2. Regarding the Hard Fork
There are two likely scenarios to occur with the ETH London mainnet activation:
Scenario 1: No new token is created. CoinDCX Pro will then resume deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
Scenario 2: The chain splits into two competing chains and a new token is created. CoinDCX Pro will credit users with ETH from the chain with the most work done. We will then also credit users with the token from the minority chain at a ratio of 1:1 based on the snapshot of ETH balances at block height 12,965,000, or at approximately 05:25 PM (IST) on August 5, 2021, as stated above. Further details regarding this distribution will be stated in a separate announcement.
CoinDCX Pro reserves the right to update the treatment of the chain split in a further announcement.
3. Spot and Margin Trading
Spot and Margin trading will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Kindly note:
- A further announcement will be made regarding the timing of deposits and withdrawals resuming, as well as further information about the ETH chain split that may affect the above.
- The ETH network upgrade and hard fork will take place at ETH mainnet block height of 12,965,000. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
For more details, please refer to the following articles:
Gentle reminder: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. CoinDCX Pro will provide its best efforts to choose high-quality cryptocurrencies, but will not be responsible for your trading losses.
Keep trading with India’s largest and safest cryptocurrency exchange!
Regards,
Team CoinDCX
