OKEx launches Segwit2x hard fork processing mechanism announcement

Dear OKEx Users:

After the activation of Bitcoin Segwit, there are still disputes in the development community. Some development teams hope to maintain the 1M block of the Bitcoin main chain and implement Bitcoin expansion through technologies such as the Lightning Network; some development teams insist on expanding the block size of the Bitcoin main chain to 2M, which they call segwit2x. Therefore, Bitcoin may have another hard fork, which is expected to occur at block height 494784. The exact time will be announced again by OKEx when the hard fork is approaching.

As a company dedicated to the application of Bitcoin and digital assets, OKEx's mission is to serve every customer well. We support all mainstream Bitcoin technology development routes and do not have the power to help users choose which Bitcoin technology to use. Therefore, we leave the choice to the market and customers.

OKEx will adopt the following strategies to deal with possible hard forks:

1. OKEx will support the withdrawal and trading of various forked coins. You can freely decide how to dispose of all your digital assets.

2. We will name the coin generated by the segwit2x hard fork as bt2, and the coin on the original blockchain as bt1. If the hard fork is successful, the bt1 name will be changed to btc.

3. From October 17, 2017 until the fork is successful or completed, OKEx will support the exchange between BTC and BTC1 and BTC2. 1 BTC can be exchanged for 1 BTC1 and 1 BTC2, or BTC1 and BTC2 in equal proportions can be exchanged for BTC. At the same time, BTC1/BTC and BTC2/BTC transactions will be launched.

4. If the fork fails, OKEx will delist the transactions of bt1/btc and bt2/btc, bt2 will return to 0, and bt1 can be converted to btc at a 1:1 ratio.

5. If the fork is successful, OKEx will issue BTC2 at a 1:1 ratio for the original BTC, and BTC1 will be exchanged for BTC at a 1:1 ratio. At the same time, BTC1/BTC trading will be offline, and BTC2/BTC trading will continue to be retained.

6. Since BTC is the denominated currency of OKEx, if the fork is successful, the denominated currency BTC will represent the new BTC. At the moment of the fork, the prices of etc/BTC, ltc/BTC, BTC2/BTC, etc. may jump. Please pay attention to the trading risks.

7. At a certain moment before the fork, the contract account will calculate the amount of BTC assets based on the user's account equity (account equity = margin amount + realized profit and loss + unrealized profit and loss), and issue an equal amount of BTC2 to the user after the fork is successful. BTC2 contracts can be launched in the future.

We remind you again:

1. Trading digital assets carries great risks. Please decide whether to participate based on your personal tolerance and do not act blindly.

2. From the eve of the fork until the blockchain network is stable, OKEx will stop Bitcoin deposits and withdrawals. To facilitate your transactions, we recommend that you deposit Bitcoin in advance to prevent unexpected market conditions from preventing you from being unable to deposit. OKEx will help all users deal with technical issues related to the fork and provide all forked assets to users.