Amid speculations of the proposed Bitcoin Cash fork coming on August 1, cryptocurrency exchange Xapo has issued a notice to their users.
Everyone is uncertain
Xapo has stated via email to their customers that they will temporarily halt incoming and outgoing transfers from the Bitcoin network until confirmation is made that such transfers can be done safely.
Guidance After August 1
Xapo also issued a warning to customers, advising them to withdraw their Bitcoins should they wish to begin using the Bitcoins after the fork, which is expected on August 1. The email states:
So, if you would like to make bitcoin transactions during a fork, you will need to move your bitcoins out of Xapo before 23:00hrs UTC on July 31st. Any funds in the Vault that you would like to use during a fork will need to be retrieved from the Vault no later than 23:00 hrs UTC on July 28th so you have sufficient time to send them out of Xapo before the fork.
Xapo has promised to ensure the security of customers’ bitcoins above all else and, in the event of a fork, their assets will be safe at Xapo. In the event of two surviving blockchains after the fork, they will support only one blockchain, the one with the most accumulated difficulty.
In addition the email states:
Xapo will give you the choice to withdraw the coins in the secondary blockchain or to let Xapo sell the coins in that secondary blockchain and automatically add that value to your account in the supported blockchain. There is no estimated date as to when this will be determined, as it will be only when we deem it safe and sensible to do so.
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