Coinbase has issued a warning to its users, urging them to take action regarding their Bitcoin SV (BSV) holdings by January 9.
The exchange has stated that if users do not sell or transfer their BSV by this date, Coinbase will proceed to sell it on their behalf.
This announcement has had a notable impact on the price of BSV, leading to a decline in value. At the time of the announcement, BSV’s market activity was characterized by limited trading, and its market capitalization stood at $945 million.
The decision to distance itself from BSV is not unique to Coinbase. Several other crypto exchanges have also taken steps to delist or discontinue support for BSV due to a combination of factors, including concerns related to Craig Wright’s claims and security breaches, such as 51% of attacks experienced in 2021.
During these attacks, malicious actors gained control over the network, raising questions about the coin’s security.
Craig Wright, a computer scientist who asserts that he is Satoshi Nakamoto, the enigmatic figure behind Bitcoin’s creation, has long been a subject of controversy within the cryptocurrency community.
Wright’s claim to be the creator of Bitcoin lacks conclusive evidence, as the real Satoshi would be able to provide verifiable proof through a digital signature.
Despite these doubts, Wright is a proponent of Bitcoin SV, contending that it aligns with the original vision for Bitcoin.
Coinbase, as a major player in the cryptocurrency industry, places a strong emphasis on customer trust and security.
The exchange’s decision to caution users about BSV is in part due to the uncertainties surrounding Craig Wright’s claims and the coin’s security vulnerabilities.
In response to the Coinbase announcement, the price of BSV experienced a 1.05% decline. This development underscores the influence of major exchanges on the cryptocurrency market and the importance of user trust and security in the crypto industry.