Dear BigONE users,
At block height 12,965,000, or approximately at 19:55 (GMT+8) on 5 August 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, BigONE has taken the following steps 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:
- Deposit and withdrawal of ETH
BigONE will be suspending ETH and ERC-20 tokens deposits and withdrawals at approximately 19:30 (GMT+8) on 5 August 2021. Please ensure that you leave sufficient time for your ETH and ERC-20 token transfers to be fully processed prior to the above time. BigONE will handle all technical issues for users who face difficulties during the hard fork.
- Regarding the ETH hard fork
The two likely scenarios to occur with the Ethereum (ETH) London mainnet activation are:
Scenario A:
No new token is created. BigONE will then resume ETH and ERC-20 tokens deposits and withdrawals as soon as possible.
Scenario B:
The chain splits into two competing chains and a new token is created. BigONE 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 approximately at 19:55 (GMT+8) on 5 August 2021 as stated above. Further details regarding this distribution will be stated in a separate announcement.
If there are subsequent changes, BigONE will announce separately.
- Regarding spot and leveraged trading for ETH and ERC-20 tokens
Spot trading: ETH and ERC-20 tokens spot trading will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Margin trading: ETH cross and isolated margin trading will not be affected. However, BigONE will suspend ETH borrowing from 17:00 (GMT+8) on 3 August 2021 to approximately 19:55 (GMT+8) on 5 August 2021. Please note that liquidations remain possible under extreme price volatility.
- Regarding contract transactions
ETH U-based Futures and ETH currency-based Futures transactions will continue unaffected. However, the hard fork may be accompanied by relatively severe price fluctuations, please evaluate the risks before trading.
- Regarding the OTC trading platform
ETH's trading on the OTC trading platform will not be affected.
- Regarding mortgage borrowing
BigONE will temporarily suspend ETH borrowing from 17:00 (GMT+8) on 3 August 2021 to 19:55 (GMT+8) on 5 August 2021.
[Note]
- Unconfirmed ETH deposits, pending ETH withdrawals, and ETH used as loan collateral will not be counted in user snapshot balances. Please process the deposit and withdrawal in time, BigONE will assist users facing any technical issues in the hard fork.
- Funding accounts, trading accounts ( including spot accounts, margin accounts, fiat accounts, Futures accounts ), and Earn accounts’ holding balance statistics will be consolidated into the funding account. Any new tokens resulting from the hard fork will also be credited to the funding account. Mixin Users need to transfer funds to your funding account on BigONE before they can be counted in the category of position snapshot statistics.
- 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 Ethereum network upgrade & hard fork will take place at Ethereum 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 further information, please refer to the following:
BigONE, more than just asset security.
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