Independent Reserve to suspend bitcoin deposit and withdrawal on July 30th

Independent Reserve to suspend bitcoin deposit and withdrawal on July 30th

Sydney, Australia-based bitcoin exchange Independent Reserve has announced that in order to ensure the safety of customer funds, they will be temporarily suspending bitcoin deposits and withdrawals on July 30th, at 18:00 UTC+10. The exchange will re-enable this functionality only when it’s confident that Bitcoin transactions can be processed reliably.

As many are aware of, on August 1st, the Bitcoin User Activated Soft Fork (UASF) is scheduled to activate. The UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness.

The activation of UASF may result in disruptions to the Bitcoin network and cause transactions to become unreliable for a period of time. It may also lead to a fork in the blockchain, resulting in two or more versions of Bitcoin.

Adrian Przelozny, CEO of Independent Reserve

Adrian Przelozny CEO, Independent Reserve said:

“In the event of a permanent split in the Bitcoin blockchain, we will endeavor to make forked balances available for customer withdrawal, however, this will be subject to our assessment of the technical risks posed by the fork, such as replay attacks and other factors that could create network instability.”

“Customers who wish to access their Bitcoin on both chains at the time of the fork should withdraw their Bitcoin from Independent Reserve since we cannot guarantee what will happen during the fork or when we will be able to restore Bitcoin deposit and withdrawal functionality.”

“Thank you for your support and understanding.”

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