Share this article
BitGo Warns Users to Withdraw Bitcoin SV Over Hard Fork Threat to Wallets
A major code update for the cryptocurrency bitcoin SV will render some features of BitGo's wallets useless, the crypto custodian says.
Updated Sep 13, 2021, 11:51 a.m. Published Dec 19, 2019, 10:25 a.m.
Make us preferred on Google
A major code update for the cryptocurrency bitcoin SV (for Satoshi's vision) will render some features of BitGo's wallets useless, the crypto custodian says.
STORY CONTINUES BELOW
In a blog update on Wednesday, "Murch," a software engineer at the firm, said the Genesis hard fork scheduled for Feb. 4, 2020, would usher in a new consensus mechanism making BitGo's BSV wallets unable to receive payments.
Specifically, the post stated:
"This consensus rule change will make Pay-to-Script-Hash (P2SH) outputs invalid. Since BitGo’s BSV wallets use P2SH-based multi-signature addresses, the protocol change will render BitGo BSV wallets unable to receive funds."
This means that, following the hard fork, funds in these wallets will still be spendable and BSV can be sent from the wallets. However, sending BSV to a wallet will produce an invalid transaction – even if it's a BitGo wallet sending "change" back to itself, said Murch.
Customers holding the cryptocurrency – itself a fork of the bitcoin blockchain – are advised to either exchange their BSV into bitcoin, or withdraw their coins to an external wallet before the fork.
"If you continue holding BSV in your BitGo wallet after February 4th, you will only be able to sweep the wallet and most functionality will be disabled," Murch wrote.
BitGo stores billions of dollars in cryptocurrency for clients such as institutional investors and exchanges. The firm recently claimed it's processing over 20 percent of all bitcoin transactions.
In 2018, BitGo was approved in the U.S. to act as a qualified custodian for digital assets.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
MegaETH mainnet to go live Feb. 9 in major test of ‘real-time’ Ethereum scaling
This follows its October 2025 $450 million token sale that was heavily oversubscribed.
What to know:
- MegaETH, the much-watched high-performance Ethereum layer-2 network, announced that its public mainnet will go live Feb. 9, marking a major milestone for a project that has gained a lot of attention in the scaling landscape.
- MegaETH positions itself as a “real-time” blockchain for Ethereum, designed to deliver ultra-low latency and massive transaction throughput.
Top Stories
