Bitcoin Cash Hard Fork to Gain Support from OKEx, BCH Holders Will Receive New Tokens 1:1

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Wed, 10/28/2020 - 15:37
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Yuri Molchan
Insider Colin Wu spreads the word about the troubled OKEx exchange's intention to support the BCH hard fork in November and will distribute new coins among its users
Bitcoin Cash Hard Fork to Gain Support from OKEx, BCH Holders Will Receive New Tokens 1:1
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Chinese journalist Colin Wu, who often publishes inside information regarding crypto exchanges, has tweeted that the OKEx digital platform is among those who will support the Bitcoin Cash hard fork expected to take place on Nov. 15.

OKEx to support the BCH hard fork

According to a tweet by Colin Wu, OKEx will offer its support for yet another hard fork by the fifth biggest cryptocurrency.

The chain whose market price prevails will take the name of BCH. The coins of the new chain will be distributed between BCH holders at a ratio of 1:1, as usually happens when chain splits occur.

Wu learned that on October 28th, OKEx announced that in response to the BCH hard fork event on November 15th, it would choose a chain with a higher market price to inherit the BCH naming, and the tokens of the other chain would be airdropped to user accounts at a 1:1 ratio.

The supporters of BCHABC are the chief developer Amaury and his team; Jiang Zhuoer, Roger, etc. expressed their support for the forked BCHN; the core difference between the two parties is whether to start IFP, and BCHABC hopes to distribute part of the miners’ income to developer.

During the previous hard fork, on Nov. 15, 2018, Bitcoin SV (BSV) appeared headed by the self-proclaimed Satoshi NakamotoAustralian IT scientist Craig Wright.

Chain split over proposed BCH miner tax

The reason for the approaching fork is that the development team of Bitcoin Cash (BCHABC) is tired of working for free and asks miners to give them eight percent of their rewards.

Accusations have followed that the BCHABC devs ask for too much money for themselves.

When 2020 began, the CEO of BTC.TOP, Jiang Zhuoer, proposed a soft fork for Bitcoin Cash, suggesting that the dev team supporting the new chain should collect a 12.5 percent tax from miners.

The money was meant to go to a special fund, supporting developers as the previous donation model proved inefficient.

However, the rest of the community disagreed. Now, the value of the tax has been brought down from 12.5 percent to 8 percent.

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Crypto withdrawals still paused on OKEx

According to a tweet dated Oct. 23, the OKEx exchange still has not resumed withdrawals of cryptocurrencies for its clients.

As a reminder, on Oct. 16, Malta-based OKEx trading platform suspended crypto withdrawals. The exchange team was unable to contact one of the private key holders who later proved to be the company's founder, Mingxing Xu.

As it turned out, Xu had been detained by the police in China for a week by then. Rumors claiming that the withdrawal suspension was due to an anti-money laundering operation were the result of Xu's personal issues.

OKEx CEO Jay Hao tweeted that the situation with withdrawals would not affect the business.

Recently, the exchange resumed deposits and withdrawals for Chinese yuan. On Oct. 21, crypto trading operations against fiat currencies were to be resumed as well.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.