Announcement for Upcoming BCH Fork

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BCH Fork: 

 

On November 15th at approximately 12:00 UTC, the Bitcoin Cash (BCH) blockchain is planning to undergo a hard fork. As this is a contentious hard fork, it is possible that there may be a chain-split between the two main BCH clients, BCHN and ABC. Currently, >70% of BCH blocks are signaling for BCHN; you can monitor miner signaling between the two here.

 

Please see below for details on how FTX will be handling the fork: 

 

Futures

BCH futures on FTX will settle to a single BCH index of the majority chain (defined by most work done); i.e., any minority-chain fork will not be included in the BCH index. Trading will continue unaffected throughout the fork. 

 

Spot markets and balances:

At approximately 11:00am UTC, FTX will pause BCH deposits and withdrawals. After the fork has been completed and we are comfortable that the chain has stabilized and is operating as normal, BCH deposits and withdrawals will be re-enabled. The BCH ticker will represent the chain with the most work done. 

 

If the fork results in two competing chains, users will be credited with the BCH from the chain with the most work done. If the minority chain receives sufficient traction, defined as maintaining 10% of the hashrate, FTX will enable users to withdraw their coins on the minority chain. In this instance, a snapshot will be taken at approximately 12:00pm UTC, and any users with a BCH balance at this time will be credited with the equivalent assets on the minority chain. We will closely monitor the situation and may list markets for the minority chain if we deem there to be sufficient demand. 

 

If users are worried about the uncertainty around the handling of forked coins, we suggest they withdraw any BCH before the freezing of withdrawals and deposits at approximately 11:00am UTC.

 

Unsettled OTC balances: We require any unsettled BCH balance to be settled before the hard fork occurs. Any accounts with unsettled BCH balances will be debited for the majority chain BCH as well as the equivalent assets on the minority chain. 

 

Disclaimer: In general, FTX will do what it believes to be the reasonable course of action in the case of forks and similar events.  There may be unforeseen circumstances that occur; in that case, FTX reserves the final right of determination but will endeavour to communicate clearly and promptly.  All times mentioned here are approximate and may depend on the relevant block times. This policy is subject to change.

 

 

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