Newsletter
On The Wire: Today's Top Stories In Finance & Tech
Your daily briefing of some of the most important stories from the crypto, finance, and tech space.
Coinbase: Time To Get Out Of BSV
The company ends support for BSV at a time of turmoil for Craig Wright and nChain.
2 min read
Coinbase is completely ending support for BSV ("Bitcoin Satoshi Vision"), the Bitcoin fork created by Craig Wright, who claims to be Bitcoin creator Satoshi Nakamoto.
Coinbase delisted BSV back in 2021. Now, they are completely withdrawing support, and users who do not take their coins off the platform by January 9 will be liquidated. "If you fail to withdraw your BSV funds, Coinbase will liquidate any remaining BSV remaining in your Coinbase account," ran the company's notice.
After a quiet period, BSV has been back in the news recently, following a very public meltdown within nChain, the blockchain services company at which Wright is Chief Scientist. In September, Christen Ager-Hanssen resigned as nChain's CEO, alleging a number of serious problems, including a conspiracy to defraud shareholders. He claimed to have seen new documents that demonstrated Wright's previous "evidence" that he is Satoshi had clearly been forged.
He is not Satoshi in my opinion and I believe the court will soon conclude with the same. https://t.co/cY2K6mYwno
— Christen Ager-Hanssen (@agerhanssen) October 15, 2023
Suspicious Price Action
BSV has enjoyed a significant run-up in recent weeks, potentially due to the publicity around these events, but also likely due to help from wealthy and influential insiders.
It’s fascinating to see how $BSV is outperforming every other cryptocurrency in the market. Volume is more than 300 MUSD last 24h.
— Christen Ager-Hanssen (@agerhanssen) October 21, 2023
Most of us, hopefully at this stage, knows that $BSV cryptocurrency is controlled by only one person and that it is not decentralised. The… pic.twitter.com/7hVfwv1fCx
While BSV has increased in price recently, it's still far from its all-time highs of almost $500, back in April 2021. It has a market cap of less than $1 billion, with one BSV being worth 0.0014 BTC.
Despite claiming to be Satoshi since 2015, and suing numerous critics within the crypto space who have stated that he has lied, Wright has never provided cryptographic proof that he helped launch Bitcoin—something that would be trivially simple for the real Satoshi to do.
Subscribe to our newsletter and follow us on Twitter.