Ethereum Classic Launch

Due to the Ethereum hard fork that occurred at block 1,920,000 on July 20th there are now two independent chains, Ethereum (ETH) and EthereumClassic (ETC). This means that every user who had ETH at the time of the hard fork will have their account credited with an equal amount of ETC.

Within three hours we will be enabling ETC deposits and withdrawals. At this time the ETC wallets will be enabled for all users and ETH balances from 13:20:40 UTC 20/07/2016 will be credited to users’ ETC wallets. Due to their technical similarities ETH and ETC can share deposit addresses, so generating new deposit addresses will create an address used by both. Upon receiving the deposit we will correctly handle and process the deposit and credit the account with the corresponding ETC or ETH amount.

We are still in the process of preparing ETC trading, however we plan to be live soon after deposits/withdrawals are enabled.

For those who had ETH funding provided or an active ETH margin position:

We will be settling ETH margin long positions as of 13:20:40 UTC 20/07/2016. Those who had margin long positions will be receiving an equivalent to the size of their position in ETH credited to their account in ETC. Those who provided ETH for margin funding will receive an equivalent to their available ETH balance in their deposit wallet as of the aforementioned time.

If you have any questions, please feel free to let us know, support@bitfinex.com.

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29 Comments
  • Mappet
    Posted at 11:24h, 27 July Reply

    Will ETH lenders get ETC too? Unfortunately, Plx decided in this case decided to credit the ETH loaners and not the lenders.

    • Zane Tackett
      Posted at 12:05h, 27 July Reply

      Lenders will get the equivalent amount of their available ETH balance in their deposit wallet at the time of the fork.

  • saso
    Posted at 12:00h, 27 July Reply

    I Agree with MAPPET,

    unfortunately I don’t think it will happen.

  • bom
    Posted at 12:05h, 27 July Reply

    What if I shorted ETH? I recieve nothing?

    Can we margin trade ETC?

    • Zane Tackett
      Posted at 14:47h, 27 July Reply

      If you shorted eth you will not receive ETC nor will we debit your account for any ETC. Margin trading will not be enabled for etc at launch.

  • Jeffrey Heim
    Posted at 13:53h, 27 July Reply

    Will users who had ETH in their exchange wallet receive ETC? Or did it have to be in the deposit wallet?

    • Zane Tackett
      Posted at 13:57h, 27 July Reply

      Yes they will.

  • HjP
    Posted at 14:03h, 27 July Reply

    How do you manage to provide long positions with ETC?
    What about short positions? Do short positions get ETC depts??
    So, do you intend to handle loaned ETH different than Polonix did it?
    Here’s how Poloniex did it: https://poloniex.com/press-releases/2016.07.26-responses-to-common-etc-questions

    • Zane Tackett
      Posted at 14:45h, 27 July Reply

      Because they bought eth and were therefor holding prefork ETH at the time of the hard fork, therefor they should receive the equivalent amount of ETH held at that time in ETC.

      • HjP
        Posted at 14:50h, 27 July Reply

        What about someone who shorted before the fork and closed the position after the fork. Will such a trader suddenly incur an ETC dept?

        • Zane Tackett
          Posted at 14:59h, 27 July Reply

          No. This is part of the reason why those who were providing funding are not getting ETC, we are not going to debit those who shorted.

          • coinling
            Posted at 14:52h, 28 July

            Isn’t this just the opposite of what you stated above?

            “Those who provided ETH for margin funding will receive an equivalent to their available ETH balance in their deposit wallet as of the aforementioned time.”

  • eea
    Posted at 14:34h, 27 July Reply

    positions as of 13:20:40 UTC 20/07/2016. – could you please recheck the date?

    • Zane Tackett
      Posted at 14:46h, 27 July Reply

      I don’t see what’s wrong with the date, it appears correct to me.

  • juxtaposezen
    Posted at 14:36h, 27 July Reply

    Phil G. Potter said that all of my ETH deposits were placed in a segregated wallet. This would mean that any lender gets the exact same ETH returned. Is this no longer correct? I placed my prefork ETH into my wallet but it was not returned to me as I was explained it would be. Instead I got back post fork ETH. This is not what I originally set aside in my segregated wallet for the loan so I am confused. I would like my prefork ETH back that was in my personal segregated wallet. To give a concrete example. If I loaned you my pregnant dog for a walk and it gave birth while you were walking it I would not expect you to claim the puppies belong to you because it gave birth while it was on loan to you. Does that make sense? Please help me understand. Thanks. Just trying to wrap my brain around this all.

    • Zane Tackett
      Posted at 14:44h, 27 July Reply

      Your ETH was loaned to another trader, that trader took those eth to the market and sold them for btc or usd. Then when he closes his position or returns the funding, he goes back to the market with his btc/usd and buys back different eth and returns it to you. You’re pregnant dog analogy doesn’t really work because there aren’t pregnant dog peer-to-peer lending platforms, they’re operate on completely different models.

  • David Niedrauer
    Posted at 14:39h, 27 July Reply

    If I have eth in my Deposit Wallet, do I get an equivalent amount of ETC in addition to the eth?

    • Zane Tackett
      Posted at 14:47h, 27 July Reply

      Those who provided ETH for margin funding will receive an equivalent to their available ETH balance in their deposit wallet as of 13:20:40 UTC 20/07/2016

  • juxtaposezen
    Posted at 14:51h, 27 July Reply

    So what you are saying is that Phil’s statement that my ETH was in a segregated wallet (meaning I get that exact same ETH back, not different ETH) is not accurate? I only placed the loan based on the understanding that what Phil said was indeed accurate. You seem to be saying this is not accurate. Correct?

    • Zane Tackett
      Posted at 15:30h, 27 July Reply

      First of all, i don’t know where you think phil said that. And nonetheless, my statement wouldn’t invalidate that statement. You have ETH, you loan out that ETH, that ETH is sold and replaced with other ETH bought by the market and then returned to your segregated wallet.

      • juxtaposezen
        Posted at 23:01h, 27 July Reply

        Ahh Thank you very much Zane for taking the time to help me understand. I believe I see the source of the possible miscommunication now. He said it live on teamspeak by the way. It was explained differently in that the same ETH that you own would be returned. No worries, just honestly trying to comprehend here. You were quite helpful and I have always enjoyed my BFX experience and you have great customer service! I do have one follow up question. I did get some ETC. How do I sell it for ETH (or BTC or USD)? The very complicated conversion instructions on Reddit are quite scary and frankly slightly beyond my skill level. Is there a less complex way to trade it for ETH or BTC. Can this be done on BFX or do I have to separate it or use a splitter contract? Here are the instructions to which I refer (is there an easier way): Thanks again for your time. https://www.reddit.com/r/ethtrader/comments/4uo5iz/the_nobrains_trick_to_separate_your_eth_and_etc/

        • juxtaposezen
          Posted at 00:05h, 28 July Reply

          Disregard I figured it out.

  • Aaron
    Posted at 15:40h, 27 July Reply

    When should we see the equivalent ETC funds in our accounts?

  • hospitalsmoker
    Posted at 15:49h, 27 July Reply

    any ETA on when ETC can be traded on Bitfinex?

  • Moopty
    Posted at 15:54h, 27 July Reply

    I wish you guys @ BFX would provide an accurate time frame for ETC launch. I’m sure that I’m not the only one taking time off to deal with my ETC when they arrive….still just standing by.

  • The Sulk
    Posted at 17:23h, 27 July Reply

    If today I deposit PRE-Fork ETH into Bitfinex will I get its corresponding ETC to show up in my balances as well?

  • M
    Posted at 17:33h, 27 July Reply

    Oh man.

    If I knew I would not recieve my ETC if I lended out ETH, I obviously never would have done so. Wish that was stated clearly by the exchanges beforehand.

  • Juan
    Posted at 17:42h, 27 July Reply

    I believe this is wrong. The ETC belongs to the person who owned the ETH, not the one who borrowed it. By said logic, he who borrowed the ETH should return ETC and ETH when the loan is done. Had I known that I would had not loaned my ETC. I believe it is wrong and unfair.

  • Anon
    Posted at 18:58h, 27 July Reply

    Hi guys, when will the ETC funding market be available?

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