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Another notice came out regarding the potential for Bitcoin network interruptions, this one from major Japan bitcoin exchange Coincheck. The company has announced that on August 1, 2017, it may temporarily suspend bitcoin deposit and withdrawal for Coincheck exchange and payment services to protect user assets, but will try to keep service interruptions to a minimum.

Suspension date and time
・August 1, 2017 12:00 AM (JST)

Services that will be affected
・Coincheck Payment

Features that will be affected
・Bitcoin deposit and withdrawal
・Payment feature
・Sending bitcoin from wallet other than Coincheck Wallet (Receiving with Coincheck Wallet)
・Sending bitcoin to wallet other than Coincheck Wallet (Sending from Coincheck Wallet)

About deposit and withdrawal
Coincheck stated to be careful not to deposit funds from “External Wallet” to the “Coincheck wallet” after 12:00 am on August 1, 2017. If a user accidentally deposits funds, it will be reflected on the account’s balance when Coincheck restarts the deposit and withdrawal.

Also, after 12:00 am sending funds to wallets other than the Coincheck Wallet will be suspended as well.

Deposit and Withdrawal Usage
Coincheck→Coincheck Available as usual
External Wallet→Coincheck Please don’t deposit funds after
2017.8.1 12:00 am
Coincheck→External Wallet Suspended after 2017.8.1 12:00 am

・Remittance between Coincheck wallet will be available as usual.
・If a user rushes to withdraw funds to wallets other than their Coincheck Wallet, it’s recommended to use other cryptocurrencies.
・Coincheck may change the number of confirmations necessary for deposit from 3 to 10 before 12:00 am on August 1, 2017.
・In case when Coincheck decides that a Bitcoin fork may occur before August 1, 2017, 12:00 am, the company may suspend features described above without prior notice before August 1, 2017, 12:00 am.

About resumption of service

The resume date is unspecified, but Coincheck expects several hours to several days. Also, if it is decided that a Bitcoin fork will not take place on August 1, 2017, 12:00 am, the suspension of services will not happen.

The Coincheck team said:

“We are planning to keep suspension of services to a minimum during the Bitcoin fork event. However, since there is a possibility where we can’t send funds to our counterparty we may suspend virtual currency exchange without prior notice. Thank you for your understanding and cooperation. Moreover, the price of virtual currencies may fluctuate significantly during the event of Bitcoin fork. Please be extra careful when trading.”

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