Dear Huobi HK 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 15th September 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 6th September 2022.
Huobi HK will fully support the two upgrades and 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 HK will suspend the deposit and withdrawal services for ETH and USDT 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, 6th September 2022 (GMT+8)
- Implementation Layer Upgrade (Paris): 08:00, 15th September 2022 (GMT+8)
- Asset and trading services will remain unaffected
- Asset and spot trading: services for ETH and USDT 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.
- Possible scenarios regarding the Merge
There are two possible scenarios regarding the Merge:
1). No new token is created: Huobi HK will confirm the stability and security of the Ethereum mainnet before recovering the deposit and withdrawal 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. Huobi HK will subject any newly forked token(s) to the same listing application process that we follow before making any token available. It is not guaranteed that any forked token(s) will be made available. A separate announcement will be published to inform our clients in case of any airdrop event of the forked token(s).
5th September 2022
Stay tuned on
As a new entity under Huobi Technology Holdings Limited (Huobi Tech, stock code: 1611.HK), Huobi HK offers a compliant, secured, and licensed trading platform for professional investors. As Trust and Company Service Providers (TCSP), we adopt institutional grade KYC and AML standards, provide related service accordance with compliant regulation to ensure safety of our customers’ assets. Huobi HK will provide professional investors with a secure, compliant, and institutional-grade trading platform for virtual assets. To ensure user and asset safety, Huobi HK will undergo regular audits by independent third-party firms and custody client assets in accordance with Hong Kong’s Trust and Company Service Providers (TCSP) requirements. The platform will also provide users with access to top tier liquidity and a convenient fiat-to-crypto gateway to deliver a seamless user experience. Supported virtual assets will be disclosed at a later date.