Dear Huobi Tech clients,
As per announced by the Ethereum Foundation, the execution layer Paris upgrade, marking the migration from proof of work to proof of stake, is around the corner. The upgrade will be finished around 08:30（GMT+8）on Sep. 15,2022 at an approximate ETH mainnet block height of 15,540,293.
The Merge is a two-step process. The first step prior to the Paris upgrade is a network upgrade on the consensus layer, the Bellatrix, which is scheduled for an epoch height of 144,896 at 19:34:47（GMT+8）on Sep. 6, 2022.
Huobi Tech will fully support the two upgrades and is ready for a possible hard fork and a new token that may be produced from it. We will take the following measures to protect clients’ asset security and reduce the trading risks that may arise from price volatility during the hard fork.
- Suspension of relevant assets deposits and withdrawals
Huobi Tech will suspend the deposit and withdrawal services for ETH and ERC-20 tokens for the following duration till further notice of the recovery of these services. Please leave a sufficient buffer time for deposits and withdrawals of the affected tokens, which should be scheduled before the said time.
- Consensus Layer Upgrade (Bellatrix): 19:00, Sep. 6th, 2022 (GMT+8)
- Implementation Layer Upgrade (Paris): 08:00, Sep. 15th, 2022 (GMT+8)
- Asset and trading services will remain unaffected
- Asset status, spot trading: services for ETH and ERC-20 tokens will not be affected during the hard fork. But the market may fluctuate in response to the hard fork. Please be advised to act prudently.
- OTC services: OTC services will not be affected. Asset balance snapshots will be based on the completed orders. If the payment has been made for an order but the order is still pending when a snapshot is taken, then the asset involved in this order will not count toward the asset balance. Do schedule sufficient time in placing orders that the order can be completed in time.
- Possible scenarios regarding the Merge
There are two possible scenarios regarding the Merge:
1). No new token is created: Huobi Tech will confirm the stability and security of the Ethereum mainnet before recovering the deposit, withdrawal, margin loan, and crypto loan services for ETH. We will make another announcement and let clients know the exact time for this matter.
2). The network forks into two competing chains and a new token is created: Then the symbol ETH will be used in the ETH PoS chain. Huobi Tech will then send clients the forked tokens at a 1:1 ratio based on ETH balances snapshots taken before the Paris upgrade (approximately at the mainnet block height of 15,540,293 and around 2022-09-15 08:30 (GMT+8)). The forked tokens will be credited to clients' fund accounts. A specific announcement will also be published to inform our clients of the airdrop crediting of the forked token.
- About airdrop crediting of the forked tokens
Huobi Tech will airdrop the forked tokens to clients, and the airdrop amount depends on the sum of the snapshot ETH balances in the client’s main account and sub-accounts.
- The forked tokens will be credited to clients' fund accounts. A notice will be announced to inform clients of the completion of the airdrop crediting.
- A single position (including open orders) of less than 0.003 ETH, as shown in balance snapshots, is not included in the forked token airdrops.
- The snapshot balances do not include the ETH assets that have not arrived in the destination accounts, are in the withdrawal process, or are already sold when the snapshots are taken.
Huobi Technology Holdings Limited
Trust and Brokerage Service
Aug. 31, 2022
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Huobi Technology Holdings Limited (“Huobi Tech”, Stock Code: 1611.HK) is a leading one-stop digital asset service platform. We are committed to leading traditional finance into the world of digital assets, with professional, compliant, secure, and efficient services. Currently, the company services cover cloud-based services, data center services, SaaS, virtual asset management, trust & custody, OTC, lending, trading platform and strategic investment.