Dear CoinCola user,
At block height 12,965,000, or approximately 2021-08-05 11:55 (UTC), 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, CoinCola 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/USDT borrowing
CoinCola will suspend ETH/USDT borrowing from 2021-08-04 10:00 (UTC). Please note that liquidations remain possible under extreme price volatility.
2. Deposits & Withdrawals
CoinCola will suspend ETH and ERC-20 tokens deposits and withdrawals at approximately 2021-08-05 11:30 (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 CoinCola.
3. Regarding the ETH Hard Fork
The two likely scenarios to occur with the Ethereum (ETH) London mainnet activation are:
No new token is created. CoinCola 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. CoinCola 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.
4. Trading of ETH and related assets will not be affected
The assets of ETH and ERC-20 tokens and their 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.
Thank you for your support. Enjoy your trading on CoinCola.
Aug 4, 2021