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Coinbase Ending Support for Bitcoin SV
The crypto exchange de-listed Bitcoin SV (BSV) in 2021. Now, it's completely removing support for the token.
Updated Nov 7, 2023, 4:33 a.m. Published Nov 7, 2023, 4:33 a.m.
Coinbase (COIN) is telling its users to take their Bitcoin SV [BSV] off the platform by January 9 or face liquidation.
“If you fail to withdraw your BSV funds, Coinbase will liquidate any remaining BSV remaining in your Coinbase account,” the notice from Coinbase reads.
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The Craig Wright coin, which is said to be the pure “Satoshi’s Vision” version of bitcoin [BTC], is down 1.74% on the news, according to CoinDesk indices data. However, the token trades thinly on the markets with a daily trading volume of $29.5 million and a market cap of $945 million.
Many other crypto exchanges have delisted the token, some responding to Craig Wright’s behavior and others because of the multiple 51% attacks BSV suffered in 2021.
A 51% attack refers to a situation where malicious miners gain over half of a blockchain’s mining power, allowing them to undermine the network by invalidating honest blocks in favor of their own longer chain.
In 2019, Binance CEO Changpeng Zhao ordered BSV to be delisted from his exchange after calling Wright a fraud.
“The real Satoshi can digitally sign any message to prove it. This is as simple as breathing for them. And we have the pub key,” CZ posted on X then.
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