Huobi Global Will Support Ethereum London Upgrade
Dear Valued Users,
Ethereum's long-awaited “London” hard fork is expected to commence at around 11:55 am on Aug. 5, with block 12,965,000.
The London hard fork may generate a new forked coin. Huobi Global will support the upgrade with the following arrangements for protecting users' assets by reducing trading risks brought by market volatility during the hard fork:
I. For ETH and ERC20-based digital assets, Huobi Global will suspend their deposits & withdrawals on the ERC20 chain and withdrawals on the HECO chain (deposits will be unaffected) on Aug. 5 at 11:45 am (UTC). Please allow yourself sufficient time to accomplish your deposits and withdrawals before the suspension.
II. The loan service for ETH in Margin trading and Crypto Loans will be suspended from 08:00 am, Aug. 4 to 11:55 am, Aug. 5. Please handle them prior to the suspension.
III. Trading of ETH and related assets will not be affected:
- Assets & Spot trading: The assets of ETH and ERC20-based tokens and their spot trading will not be affected during the hard fork. As the hard fork may come with dramatic price fluctuations, please make prudent, informed decisions based on your own risk appetite.
- Margin Trading: While the loan service in Margin trading will be suspended from 08:00 am, Aug. 4 to 11:55 am, Aug. 5, the trading (Cross Margin, Isolated Margin) will not be affected. As the hard fork may come with significant price fluctuations, which could cause asset liquidation, please please make prudent, informed decisions based on your own risk appetite.
- Contract Trading: The contract trading for ETH and ERC20-based tokens will not be affected during the hard fork. The volatile market behavior or price deviation may occur during the hard fork. If this is the case, Huobi Global will take protective measures, including but not limited to changing the price index components (Please refer to Index and Exchange Rate Calculation)
- ETP Trading: The ETP (Exchange Traded Product) trading (ETH3L/USDT, ETH3S/USDT, ETH1S/USDT) will not be affected. Huobi Global will stop the subscription and redemption functions if extreme market fluctuations occur during the hard fork. (If new coins are generated after the hard fork, ETH-related ETPs will not participate in holding snapshots for the airdrops).
IV. The Likely Conditions after Hard Fork:
- No forked coin after the hard fork: Huobi Global will resume deposits & withdrawals of ETH and ERC 20-based tokens, as well as the loan service in Margin trading and Crypto Loans after confirming the stability and security of the ETH mainnet. The resumption time will be shown in a further announcement.
- New forked coin after the hard fork: Huobi Global will distribute ETH tokens on the chain that completes more work to users. We will take a snapshot of users' ETH holdings at the block height of 12,965,000 (at around 11:55 am UTC on Aug. 5), and distribute holding rewards to users proportionally based on the snapshot data. The holding rewards will be sent to the user's Exchange account. Users will be notified via a further announcement after the completion of the distribution.
Reward Distribution (if the new coin is generated after the hard fork)
- Exchange Account: The ETH holdings in both the parent account and sub-account will be counted in the holding snapshot. The rewards will be distributed based on the holdings snapshotted in the Exchange account.
- OTC Account: The rewards will be distributed based on the holdings snapshotted in the OTC account.
- Futures Account: The rewards will be distributed based on the holdings snapshotted in the Futures account.
- Margin Account: The rewards will be distributed based on the holdings snapshotted in the Margin account. For ETH tokens that are borrowed but not repaid, the unpaid ETH tokens will be deducted from the total ETH in the Margin account at the snapshot time. (For example: User A has borrowed 1,000 ETH which is unpaid, and his/her account has “X” ETH snapshotted, then the number of ETH snapshotted will be: X-1,000)
- Crypto Loans: The ETH tokens used to pledge with Crypto Loans will not be counted in the holding snapshot.
- Huobi Earn: The rewards will be distributed based on the holdings snapshotted in the Earn account.
- Grid Trading Account: The rewards will be distributed based on the holdings snapshotted in the Grid Trading account.
The holding rewards will be distributed to users’ Exchange accounts. Users will be notified in a further announcement after the completion of the reward distribution.
If there are any other situations, Huobi Global will make a further announcement. For more information, please refer to:
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We sincerely apologize for any inconvenience caused, and thank you for your support!
Aug. 3, 2021
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Huobi Global reserves the right in its sole discretion to amend, revise or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi Global makes no recommendations or guarantees in respect of any digital asset, product, or promotion on Huobi Global. Prices of digital assets are highly volatile and trading digital assets is risky. Please read our Risk Reminder text here.