Dear CoinEx Users,
We have observed recent developments in the Bitcoin Cash (BCH) community, where nChain—a prominent company within the ecosystem—has announced the launch of Bitcoin-SV (BSV), a modified version of the Bitcoin Cash software. This update introduces incompatibilities with the existing Bitcoin Cash network consensus protocol, potentially leading to a chain split and the creation of a new digital asset: Bitcoin-SV (BSV). Should this fork occur, all Bitcoin Cash (BCH) holders will receive BSV tokens at a 1:1 ratio.
As a professional digital asset service provider committed to safeguarding user assets, CoinEx has established the following contingency plan:
Key Preparedness Measures
- Asset Distribution:
In the event of a fork, CoinEx will allocate BSV tokens to BCH holders based on a snapshot of balances taken at the fork block height, adhering to the 1:1 distribution ratio. - Trading Support:
Post-fork, CoinEx will list the BSV/BCH trading pair to facilitate seamless exchange for users. - Deposit/Withdrawal Services:
BCH and BSV deposit/withdrawal functionalities will be temporarily suspended during the fork. Services will resume after assessing network stability.
Security Risks and Recommendations
Unlike previous forks, Bitcoin-SV (BSV) lacks replay protection, which could lead to network instability and inadvertent asset loss. CoinEx strongly urges the BSV development team to implement replay protection mechanisms to mitigate these risks.
👉 Learn more about replay protection and its importance
CoinEx's Commitment to Asset Safety
Despite the absence of replay protection, CoinEx has partnered with ViaBTC Pool to implement technical safeguards, ensuring user assets remain secure throughout the fork process.
Proactive Steps for Users
To safeguard your assets and qualify for BSV fork rewards:
- Deposit BCH to CoinEx before the fork.
- Avoid transferring BCH during the fork period to prevent accidental loss.
CoinEx reserves the right to amend this plan as necessary.
FAQ
Q1: How will BSV tokens be distributed?
A: BSV will be credited to your CoinEx account based on your BCH balance at the fork snapshot time.
Q2: When will BSV trading begin?
A: Trading will commence once network stability is confirmed, typically within 24–48 hours post-fork.
Q3: Why is replay protection critical?
A: Without it, transactions on one chain might unintentionally execute on the other, leading to asset duplication or loss.
Q4: Can I withdraw BCH during the fork?
A: No. Deposit/withdrawal services will be paused until the network stabilizes.
Q5: Is storing BCH on CoinEx safe during the fork?
A: Yes. CoinEx employs multi-layered security measures, including collaboration with ViaBTC Pool.
Q6: What if the fork is canceled?
A: CoinEx will revert to standard BCH operations and notify users promptly.
For real-time updates, monitor our official announcements. Your security is our priority.