Dear Cobo users,
The Ethereum merge and upgrade plan is coming soon. Regarding the potential risks that may be brought about by receiving or sending PoW forked coins during the upgrade process, Cobo gives the following security warnings:
- Replay attacks are a unique phenomenon that occurs at the time of blockchain hard forks. After a hard fork, a permanent divergence occurs in the blockchain and two completely corresponding chains with same historical transactions, addresses, private keys, and balances are generated, resulting in transactions on one chain that are likely to be completely legal on the other chain.
- For this potential hard fork chain, ETH may be lost due to replay attacks. Therefore, before each fork chain of ETH has complete replay attack protection, Cobo recommends users to exercise caution on transaction signing and transfers. It is recommended to transfer the forked coins to a new single-signature address where you control the private key firstly, and then perform subsequent transactions.
- Since some DeFi protocols do not support the Ethereum PoW fork chain, and security tips are issued through official channels or GitHub, Cobo recommends users to double check and reconfirm before interacting with DeFi protocols.
Cobo will continue to pay close attention to the follow-up of the Ethereum Merge progress, and will announce any new updates in time. If you have any other questions, please notify us in time.
September 11, 2022