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Coincheck’s policy about Bitcoin Cash and temporary suspension of some features (updated on July 29th)


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Updated on July 29, 2017

We have revised the following sentence in “Coincheck’s policy about Bitcoin Cash and temporary suspension of some features”.

■Item
About Bitcoin Cash repay obligation

■Before update
・All withdrawals will be suspended until Bitcoin Cash fully repaid.
■After update
・After the date of suspension, all withdrawals will be suspended until Bitcoin Cash fully repaid.

 

Updated on July 26, 2017

 

We decided to change how we will cope with “Bitcoin Cash” hard fork after confirming the situation in details.

 

Following are changes we are making about our services operation.

 

Coincheck payment

Before After
Suspention of payment feature Payment features will be functional as usual

 

External wallet→Coincheck Wallet (Deposit)

Before After
All deposit will be halted. We ask for 30 confirmations.
It will take up to 5 hours to complete deposit.

 

Background

Currently, Coincheck Payment is used by many users and we concerned about the affect of suspension. As a result of reexamination, we decided to provide Bitcoin payment as usual by taking following procedure.

 

Procedure we are taking to provide Coincheck Payment

・Increase confirmation number (number of authentication required for deposit) to “30” (about 5 hours) so that payment processing will not be executed immediately before or after hard fork. (August 1, 2017 8:00 pm、)
・Due to above procedure, Bitcoin cash will be granted to a user who has deposited before 20:00 with 6 confirmations (about an hour).
・Regarding remittance of Bitcoins to an external wallet, remittance will be suspended until replay attack measures can be confirmed.

 

We will decide to list or not list Bitcoin cash base on the Bitcoin Cash’s network situation after 9:20 pm.

 

 

 

It is highly likely that “Bitcoin Cash” hard fork will happen around 9:20 pm (JST) on August 1st, 2017. We will consider how we cope Bitcoin cash hard fork after confirming situation in detail.

 

This blog explains how we will cope with “Bitcoin Cash” hard fork. It has no relation to our policy regarding UASF that is happening on same year August 1.

 

Please refer to the following blog for our policy regarding potential fork happening on July 23, 2017.
Possible suspension of Coincheck’s features due to Bitcoin fork happening on July 23, 2017:
https://coincheck.com/en/blog/4048

 

Bitcoin Cash (external link)

https://www.bitcoincash.org/

Date of the fork

The time when the last block is generated before 9:20 pm on August 1st, 2017 (JST).

 

 

About suspention of deposit and withdrawal

We will suspend deposit and withdrawal of Bitcoin and Coincheck payment during the following date to protect users’ assets from the risks such as replay attack that may occur during the event of fork.

 

Suspention date and time
August 1, 2017 8:00 pm (JST)

 

Services that will be affected
・Coincheck
Coincheck Payment -> Payment features will be functional as usual

 

Features that will be affected
・Bitcoin deposit and withdrawal
Payment feature -> Payment features will be functional as usual
・Sending Bitcoin from wallet other than Coincheck Wallet (Receiving with Coincheck Wallet)
・Sending Bitcoin to wallet other than Coincheck Wallet(Sending from Coincheck Wallet)
 

The resume date is unspecified, but we expect to resume our services within several hours to several days only when we know that users’ assets are safe for sure.

 

 

Details
Please be careful not to deposit funds from “External Wallet” to “Coincheck wallet” after 8:00 pm on August 1, 2017. If you accidentally deposit funds, it will be reflected on your account’s balance when we resume the deposit and withdrawal.

Also, after the suspension date indicated above, sending funds to Wallet other than Coincheck Wallet will be suspended as well.

 

Deposit and Withdrawal Usage
Coincheck→Coincheck Available as usual
External Wallet→Coincheck Please don’t deposit funds after
2017.8.1 8:00 pm

We ask for 30 confirmations.
It will take up to 5 hours to complete deposit.
Coincheck→External Wallet Suspended after 2017.8.1 8:00 pm

 

• Remittance between Coincheck wallet will be available as usual.
• If you wish to withdraw the funds as soon as possible to wallet other than Coincheck Wallet, we recommend using other cryptocurrencies.

 

Procedure we are taking in case we decide to support Bitcoin Cash

After confirming the situation, we will consider how we cope with “Bitcoin Cash.” For users who meet following conditions, we will distribute the same amount of Bitcoin Cash as Bitcoin you hold at the time the hard fork takes place.

• User who hold Bitcoin
• User who have long position in leveraged trading
• User who lend Bitcoin using “Coincheck Lending”

 

Some users will be obligated to repay Bitcoin Cash. Please read the “About Bitcoin Cash repay obligation” indicated below.

 

 

About Bitcoin Cash repay obligation

Subject

• Those who have a short position at the time when hard fork takes place.
• Those who are borrowing Bitcoin for margin trading at the time when hard fork takes place.

 

What will happen

• A user will be obligated to repay the same amount of Bitcoin Cash as Bitcoin you are borrowing, the short position you’re holding or as cryptocurrencies other than Bitcoin at the time when hard fork takes place.
• When a user repays with other cryptocurrencies due to the lack of Bitcoin Cash, the conversion rate of Bitcoin Cash and other cryptocurrency will be determined based on our real-time exchange rate.
• After the date of suspension, all withdrawals will be suspended until Bitcoin Cash fully repaid. *We have added “after the date of suspension” on July 29th.
In the case when a user pay back borrowed Bitcoin and settle all open short positions withdrawal will not be suspended.
• In the case when a user pay back borrowed Bitcoin and settle all open short positions before the date of fork, withdrawal will not be suspended.

 

 

 

We apologize for the inconvenience and thank you for your understanding in advance. The price of crypto currencies may fluctuate significantly during the event of Bitcoin fork.
Please be extra careful when trading.
 

 

 

※All date and time indicated in this blog are in JST.

 

Coincheck Cryptocurrency Exchange