Dear LBank users,
At block height 12,965,000, or approximately 2021-08-05 19:55 (UTC+8), 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, LBank 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. ETH Deposits & Withdrawals
LBank will suspend ETH and ERC-20 tokens deposits and withdrawals at approximately 2021-08-05 19:45 (UTC+8). Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on LBank.
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. LBank will then resume ETH and ERC-20 tokens deposits and withdrawals as soon as possible. A further announcement will be posted.
Scenario B:
The chain splits into two competing chains and a new token is created. LBank 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 2021-08-05 19:55 (UTC+8) as stated above. Further details regarding this distribution will be stated in a separate announcement.
LBank reserves the right to update the treatment of the chain split in a further announcement.
3. ETH and ERC-20 Tokens Spot & Margin Trading
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.
4. ETH Futures Trading
The trading of ETH Futures Contracts will continue unaffected. Please be aware that in the event of extreme price movements or deviation from the price index, LBank will undertake additional protective measures, including but not limited to changing the constituents of the price index and using the Last Price Protected mechanism to update the Mark Price. For further details, please refer to Price Index.
5. LBank ETF - ETH3L, 5L, ETH3S, 5S
The trading of ETH3L/USDT、ETH5L/USDT、ETH3S/USDT、ETH5S/ trading pairs will continue unaffected. Please be aware that in the event of extreme price movements, token subscription and redemption may be suspended.
6. LBank ETHUSDT Options (App)
ETHUSDT Options trading on the LBank App will continue unaffected.
Further notes:
Unconfirmed ETH deposits, pending ETH withdrawals, and ETH used as loan collateral will not be counted in user snapshot balances.
ETH net balances in fiat wallets, Spot accounts, and margin accounts will be combined into the respective master account’s total ETH balances. Any new tokens resulting from the hard fork will also be credited to the master accounts.
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:
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. LBank will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.
Thanks for your support!
LBank Team
2021-08-02
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