Currently Cubits does not support cryptocurrency forks by default. This is due to security, design, and stability issues. For this reason, when a scheduled fork in a Cubits supported blockchain is to happen, we abide by the following process:
- Cubits will decide, at its sole discretion, whether to support and/or take action on the upcoming fork.
- We will use reasonable endeavours to (i) alert our customers that an upcoming fork is about to take place, although there may be many forks, and some may not be easily predicted; and (ii) whether or not Cubits intends to support the resulting blockchain following such fork.
- In the event that we do not plan to support the resulting blockchain after the fork, we will try to advise our customers that wish to be supported on one or more of the diverging chains post the fork, to extract their cryptocurrency to a different wallet;
- Cubits services may be fully or partially shut down and rendered temporarily unavailable for a short period before and after the hours when the fork takes place for security and other reasons. Cubits shall use reasonable endeavours to inform its customers of any planned unavailability on its site.
- Once the fork takes place, the stable Fork in the blockchain is determined to be the valid one (which the majority of the cryptocurrency community agree by consensus).
- Our services will then be resumed on the blockchain which is agreed to be the valid blockchain for all intents and purposes, such decision having due regard to the ticker symbols on major exchanges.
- Cubits will take a snapshot of all customers which hold a balance in their Cubits accounts at the time of the Fork, and it is only these customers which would be eligible for withdrawal of equivalent cryptocurrency should this be the result of a Fork, and should Cubits decide to support that blockchain. Note that Cubits shall be under no legal or other obligation to support any resulting blockchains (i.e. new ticker symbols on major exchanges other than those supported currencies) and its sole liability shall be in providing reasonable notice to its customers as to its intentions with respect to whether or not it shall be supporting the resulting chain or chains.
- Cubist reserves its right to later support a chain which it may have initially declined to support, in the event that customer and market demand requires this, and to charge an administration fee for the development work and resource to be allocated to extracting the resulting new currencies and the supporting the new chain.
Can I have access to my cryptocurrency stored in my Cubits Wallet whilst the Fork is happening?
If you wish to have access to your cryptocurrency whilst the Fork is happening, you are advised to withdraw your cryptocurrency to an external wallet at least five working days prior to the scheduled Fork.
In the event of a scheduled Fork, Cubits services may be fully or partially unavailable before the Fork is scheduled to happen and until a common consensus is reached on which blockchain has retained the cryptocurrency in question. Services rendered unavailable include buys, sells, withdrawals, deposits and cryptocurrency payments processing.
Furthermore, Cubits offers no guarantee that it will develop and support the means to withdraw resulting cryptocurrencies after each and every Fork takes place. Cubits reserves the right to choose to support only those blockchains which are stable, secure, do not disrupt its business and retain the original blockchain transaction.
For this reason, Cubits does not guarantee the means to withdraw all resulting cryptocurrencies, and advises its customers to be vigilant and to transfer balances to supporting wallets in the event they wish to do so.
You will only receive cryptocurrencies for the amount in your Cubits account at the time of the Fork. Pending orders would not be included in this as the
cryptocurrency would not have been available in your account at the time of the Fork.
What happens if there is an unscheduled Fork?
Emergency Forks or network upgrades are possible and they have happened in the past. In this case Cubits will alert its customers as soon as reasonably practicable, and then follow the same procedure as with the planned Fork.
Cubits may go offline for some period to protect security and stability of all customer funds and operations and then act on one of the following:
Cubits may choose to ignore the Fork or
Cubits may choose to support the other or resulting chain as a different cryptocurrency.
On the other hand, the blockchain which is regarded by the majority of the community as being the valid network, will be supported by Cubits to allow withdrawals of funds as usual.
Will my cryptocurrency be safe whilst the Fork is happening?
Yes, your cryptocurrency held in your Cubits account will be secure and safe at the time of the Fork. Cubits will take reasonable precautions to ensure the safety of your funds on all viable chains resulting from the fork (e.g. by safely "splitting" coins). Withdrawals may stay disabled on selected chain forks as long as potential uncertainties about the community consensus regarding the fate or naming of forked chains exist. This is done in order to prevent accidental loss of coins by sending them to a service or wallet which does not have the same notion of validity regarding certain chain forks.Please take special care when depositing or receiving funds to your Cubits addresses during times of a Fork. Certain Forks may require you to use extra measures or dedicated software to safely send funds on the affected blockchain in order to not risk losing funds. Cubits cannot be held responsible for funds deposited to a Cubits address in an incorrect or unsafe manner.
Will Cubits support cryptocurrency Forks in the future?
At the moment Cubits does not have plans to support additional Forks given the uncertainty surrounding this subject. Notwithstanding, Cubits is being developed for capabilities supporting multiple cryptocurrencies and will likely support a number of different cryptocurrencies in the near future.
Will a Fork affect the value of my cryptocurrency?
Whilst the rate of cryptocurrencies fluctuates, Forks usually cause a fluctuation in the value of cryptocurrency. Please review our Risk Policy to learn more about the risks associated with buying, selling and trading cryptocurrencies. The price and volatility is subject to market forces over which Cubits has no control and accepts no liability.
How will I be notified?
Where Cubits considers that a notice is required for upcoming Forks, we will post updates on our help center. In some case, Cubits will also send out an email notification.
Find out what is a cryptocurrency Fork.