The Ethereum (ETH) blockchain is scheduled to undergo the London Hard Fork at block height 12,965,000, or approximately 2021-08-05 11:55 (UTC).
In the event that the hard fork might result in an additional token, VCC has carried out these following steps in order to reduce the risk of price volatility and to maintain the safety of user funds during the hard fork as per the following:
1. ETH Deposits & Withdrawals
VCC will suspend ETH and ERC-20 tokens deposits and withdrawals at approximately 2021-08-05 11:45 (UTC). 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 Binance.
2. Regarding the ETH Hard Fork
The two likely scenarios to occur with the Ethereum (ETH) London mainnet activation are:
No new token is created. VCC will then resume ETH and ERC-20 tokens deposits and withdrawals as soon as possible. A further announcement will be posted.
The chain splits into two competing chains and a new token is created. VCC 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 11:55 (UTC) as stated above. Further details regarding this distribution will be stated in a separate announcement.
VCC reserves the right to update the treatment of the chain split in a further announcement.
3. 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.
5. Binance Leveraged Tokens - ETHUP & ETHDOWN
The trading of ETHUP/USDT and ETHDOWN/USDT trading pairs will continue unaffected. Please be aware that in the event of extreme price movements, token subscription and redemption may be suspended.
- Unconfirmed ETH deposits, pending ETH withdrawals will not be counted in user snapshot balances.
- 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:
Thanks you and best regards,