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Bitcoin SV (BSV) Price Dips Following Coinbase Delisting

Bitcoin SV (BSV),  a hardfork of the Bitcoin token, has drawn much attention in the last day after top American exchange Coinbase announced its termination of support for the asset. Following this news, BSV’s price has taken a hit, falling by over 5% in the last 24 hours.

Coinbase Ends Support For Bitcoin SV

In an X post on February 3, Coinbase shared that it had officially withdrawn support for BSV on its platform. This announcement follows a previous post in December when the exchange first communicated its intentions to delist BSV.

According to Coinbase, all BSV remaining in customers’ wallets have been liquidated and replaced with the equivalent market value of another asset. However, the exchange states that certain wallets may not receive any compensation assets due to the transaction costs associated with the liquidation and replacement process. 

As of now, Coinbase has provided no official reason behind its decision to remove BSV from its coin offerings. However, it is worth noting that Bitcoin SV has been a rather controversial asset since its creation in 2018. 

Notably, the BSV blockchain network has been subject to multiple 51% attacks in the past due to its rather “centralized” structure, which serves as a source of concern to many exchanges. Aside from Coinbase, other top exchanges that have delisted Bitcoin SV include Binance, Kraken, Bittrex, Robinhood, etc. 

Furthermore, the token’s founder Craig Wright has continuously drawn criticism to himself for claiming to be the anonymous inventor of Bitcoin – Satoshi Nakamoto. In 2022, Wright filed to obtain the Bitcoin copyright and block the operations of the Bitcoin network and Bitcoin Cash claiming a violation of intellectual property. However, the court rejected this petition in the face of surmountable evidence against the plaintiff.

Bitcoin SV Price Overview 

At the time of writing, BSV trades at $72.65 with a 5.61% price loss on the last day but a 0.10% gain on the weekly chart. Despite an impressive end to 2023 in which it gained by almost 110% in the last week of the year, the Bitcoin hardfork is now down by 15.20% in the last 30 days. 

Meanwhile, the token’s daily trading volume is barely positive, having gained by 7.54% to attain a value of $90.39 million. With a total market cap of $1.43 billion, Bitcoin SV ranks as the 52nd largest cryptocurrency in the world.

Bitcoin SV

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Why “Bitcoin Creator” Craig Wright Came Out Ahead Despite Having To Pay $100 Million

On Monday, it was determined by a Miami court that Craig Wright, the alleged creation of Bitcoin, would pay $100 million in damages to David Kleiman, Wright’s partner. The case had dragged on for about a year and finally came to an end with this judgment. This time, Wright did not appeal the judgment as the computer scientist believed it to be fair.

Furthermore, Wright said that the judgment on the part of the court solidifies his claim to be the original Bitcoin creator, which is something the computer scientist has claimed for a long time. Wright was ordered to pay the $100 million to the heirs of David Kleiman who claimed the late computer scientist’s estate was entitled to half of the 1.1 million BTC mined by Satoshi Nakamoto.

Related Reading | Despite Red Bitcoin, On-Chain Signals Flip Green

How Wright May Have Come Out Ahead

One important tidbit, in this case, is that Wright may actually be Satoshi Nakamoto as he claims. If this is true, then the computer scientist is in possession of the 1.1 million BTC that was mined by the creator wallet after the Bitcoin blockchain was launched. The bitcoins contained in this wallet are worth an estimated $70 billion, of which Kleiman’s heirs claimed to be entitled to half of this.

With $70 billion in tow, the $100 million ordered by the courts to be paid to Kleiman’s estate is only a drop in the ocean for Craig Wright. So, in total, the entrepreneur would have come out ahead having to only pay a tiny fraction of what Kleiman would have had if his share of the BTC had been awarded to him. Wright would get to keep $70 billion all to himself.

BTC slumps to $48K | Source: BTCUSD on TradingView.com

Kleiman who passed away in 2013 at the age of 46 was said to be close friends with Craig Wright, with whom he allegedly created Bitcoin. The Kleiman family also credits the intellectual property behind the bitcoin blockchain technology to the late computer scientist.

“Bitcoin Creator” Happy With Jury Verdict

For years, Craig Wright has been involved in lawsuits regarding his status as the creator of Bitcoin. Wright has claimed countless times that he created the digital asset but no one in the space has taken the computer scientist seriously and has been referred to as an impostor. However, the alleged Bitcoin creator claims that the jury verdict finally acknowledges him as the creator of the asset.

Related Reading | Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important

In a statement made after the trial, Wright explained that the jury has found out that he indeed created bitcoin and as such would not be appealing the judgment. He also expressed relief at the verdict, saying, “I have never been so relieved in my life.”

Although Wright continues to hold up his claim that he is Satoshi Nakamoto, he denies the claims that he and Kleiman launched the cryptocurrency together. He said the claims being made by Ira Kleiman on behalf of Dave Kleiman’s estate were false, adding that there is no paper trail that shows evidence of a partnership between them.

One thing Wright refused to admit is where the about 1.1 BTC in dispute are. The computer scientist has been careful not to mention anything regarding the bitcoin stash. Whether Wright has or ever had the bitcoins in his possession remains a mystery.

Featured image from CryptoPotato, chart from TradingView.com

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Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC

Hackers took over the Bitcoin.org website and displayed the classic double your money scam for a few minutes today. Apparently, it was a DNS hack. Luckily, the Bitcoin community took notice and alerted Cobra, the pseudonymous website owner, as well as the company that hosted the domain. A few minutes later, Bitcoin.org was down. Sadly, a credulous person was faster than them and sent 0.4 BTC to the displayed address… or did he?

Someone sent half a bitcoin?‍♂️ pic.twitter.com/pnyJIHJZIN

— Harrison Bergeron (@coinableS) September 23, 2021

The transaction exists, but there’s a rumor that it might’ve been the scammers themselves, trying to make the operation look reputable. Just like a busker who put some change in his hat to encourage others to contribute. However, that’s just a rumor. Someone might’ve been scammed.

Related Reading | Old Bitcoin Miner Proves Craig Wright has No Access to 145 Tulip Trust Addresses

In any case, everybody else should thank Matt Corallo, a Bitcoin Core contributor who took it upon himself to contact the domain name registrars and managed to convince them to temporarily take down the site before some catastrophe happened. 

Namecheap to the rescue, thanks y'all https://t.co/HfmQVvUDt9

— Matt Corallo (@TheBlueMatt) September 23, 2021

What Does The Bitcoin.org Owner Think About All Of This?

When Cobra announced the Bitcoin.org hack, he or she said, “Currently looking into how the hackers put up the scam modal on the site.” So far, there’s no information on that. Cobra also said that Bitcoin.org “May be down for a few days,” but luckily that wasn’t necessary.

https://t.co/OsFgRFRRZb has been compromised. Currently looking into how the hackers put up the scam modal on the site. May be down for a few days.

— Cøbra (@CobraBitcoin) September 23, 2021

Earlier in the day, Cobra contacted via Twitter their new hosting company Cloudflare and told them that the website has never been hacked, and now that he moved to their servers, this happened. The company responded, and eventually, the original tweet disappeared.  

BTC price chart for 09/23/2021 on Bittrex | Source: BTC/USD on TradingView.com
Does This Have Anything To Do With Craig Wright AKA Faketoshi Nakamoto?

A few months ago, both Cobra and Bitcoin.org made worldwide news. Craig Wright, Australian entrepreneur and Satoshi Nakamoto cosplay artist, got a UK court to order the website to remove the Bitcoin Whitepaper from its servers. At the time, Yahoo! finance informed:

“Cobra, the pseudonymous creator of the Bitcoin.org website, has been ordered by London’s High Court to discontinue hosting its copy of the Bitcoin white paper.

Citing copyright infringement brought forward by nChain Chief Scientist Craig Wright, the judge had no option but to rule a default judgment because Cobra chose not to make an appearance.”

https://t.co/yc0aKbZcer is Hacked by Scam. pic.twitter.com/2qmRMS2lJh

— Wu Blockchain (@WuBlockchain) September 23, 2021

Does the hack have anything to do with Craig Wright? There’s not a single clue to indicate that, but, rumors are flying. He’s the only one incentivized to attack Bitcoin.org, they say. However, 0.4 BTC is a pretty great incentive. Maybe the scammers were just interested in scamming.

Related Reading | Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper

In any case, to close all the loops, Yahoo quotes Cobra explaining why he chose not to make an appearance in court:

“Unfortunately the court rules allowed for me to be sued pseudonymously, however, I couldn’t defend myself pseudonymously. So I was put in an impossible situation of losing my privacy or losing the case in a default judgment.”

So, to sum it all up, Bitcoin.org is back up again and no one scammed you. All is well that ends well. 

Featured Image: Screenshoot from the hacked website | Charts by TradingView