CBX Announcement: Regarding the Upcoming Ethereum London Hard Fork

Dear CBX 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, CBX 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:

1. Deposit and withdrawal of ETH

CBX 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. CBX will handle all technical issues for users who face difficulties during the hard fork.  

2. 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. CBX 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. CBX 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, CBX will announce separately.

3. Regarding trading for ETH and ERC-20 tokens

ETH and ERC-20 tokens trading will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.

[Note]

1. Unconfirmed ETH deposits and pending ETH withdrawals will not be counted in user snapshot balances. Please process the deposit and withdrawal in time, CBX will assist users facing any technical issues in the hard fork.
2. 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.
3. 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: 

• London Mainnet Announcement

Thanks for your continuous support.

CBX Team

4^th August 2021