In a recent development, Coinbase, a prominent cryptocurrency exchange, has declared its intention to completely eliminate support for Bitcoin’s hard fork, Bitcoin SV (BSV), on its platform. This decision comes subsequent to the delisting of BSV by Coinbase in 2021.
In an official communication addressed to its customer base, Coinbase stated that it will cease all support for Bitcoin SV on January 9, 2024, approximately at 12 p.m. Eastern Time. Users are strongly urged to withdraw any remaining BSV holdings from their Coinbase wallets before the specified deadline to avoid having their assets liquidated.
Coinbase underlined that individuals who do not complete the withdrawal of BSV coins from their platform may face financial losses due to potential market fluctuations and transaction fees. This action by Coinbase stems from its earlier decision to suspend all trading activities involving BSV following a significant 51% attack targeting the network in August 2021.
This assault marked the fifth such attack on the Bitcoin SV network since the conclusion of June 2021, leading to the emergence of three simultaneous versions of the chain due to mining competition. While BSV still remains available for trading on other centralized exchanges, including OKX and KuCoin, it is essential to note that these platforms do not offer support for the U.S. dollar.
For clarity, a 51% attack refers to a malicious intrusion on a blockchain wherein a group of miners gains control of more than 50% of the network’s hashing power, often referred to as the hash rate. According to data obtained from Crypto51, orchestrating a one-hour attack on the Bitcoin network would cost an estimated $1.3 million.
Coinbase’s decision to terminate support for Bitcoin SV underscores the ongoing challenges and security concerns faced by certain cryptocurrencies, and the market’s response to mitigate potential risks. Users are advised to take necessary actions before the designated deadline to safeguard their BSV holdings from liquidation and potential financial repercussions.
