Dear Valued Customers,
This is to notify you that the Super Bitcoin (SBTC) hard fork plans to occur at block number 498888 (tentative December 13, 2017 Beijing). We, OKX, are a company dedicated to Bitcoin and digital asset applications, with a goal to provide our best services to all of our users, we would try to support all the major Bitcoin technology development paths and we believe we should provide as much options as possible to our end customers.
In order to do so, we will be launching various forked token/BTC trading services at 18:00 today. Details are as follow:
1. We will support the withdrawal and trading of various forked tokens and you are free to decide how to manage all of your digital assets.
2. We will name the coin produced by the Super Bitcoin hard-fork SBTC. We will temporarily freeze it after you convert your BTC to SBTC. We will then name the temporarily frozen BTC as F4SBTC. F4SBTC cannot be traded, withdrawn and/or transferred before the fork is deemed to be successful. Please take note of this arrangement.
3. Between December 7, 2017 and the time it reaches block 498888, we will support the exchange between BTC and SBTC / F4SBTC. Simultaneously, the SBTC / BTC trading will go live.
4. If the fork fails, users may convert your F4SBTC back to BTC on a 1:1 basis.
5. If the fork carried out successfully, we will issue you the SBTC according to the amount of BTC you have in your OKX spot account and we will convert F4SBTC to BTC on a 1:1 basis.
6. If this BTC hard fork results in producing another forked token before the block number 498888, OKX will dispense such forked tokens to users based on the total amount of BTC and F4SBTC held by the users.
7, Since BTC is the denomination of OKX, if the SBTC fork is deemed to be successful, the denominated BTC will represent the new BTC. Taking LTC / BTC as an example, it would be LTC / (F4SBTC + SBTC) before the fork and it will become LTC / F4SBTC instantly after the fork. Therefore, the moment when the SBTC fork is deemed to be successful, the prices of ETH / BTC, ETC / BTC, LTC / BTC and SBTC / BTC etc, may have a fluctuation, please do pay special attention to this.
8. For contract account - snapshot will be taken at the block number 498888 and we will issue SBTC according to the snapshotted equity BTC balance (BTC equity balance = Margins + Realized PnL + Unrealized PnL).
9. For the C2C account – we will take a snapshot at block number 498888 and calculates based on the number of available BTCs in the account, and issues an equal amount of SBTCs to you after the fork is deemed to be successful.
Once again, we would like to remind you that:
1. As the transaction of digital assets involve extensive risks, you are reminded to assess your risk tolerance before participating in these trades.
2. We will temporarily cease the BTC deposit and withdrawal services from the time when the hard fork starts until the Blockchain network is deemed to be stable. Therefore, we would highly recommend you to deposit your bitcoin in advance, in case of any unexpected circumstances.
Please feel free to reach out to our customer service support if you require any assistance.
December 7, 2017