Coinbase Delists Bitcoin SV from its Platform, Urges Users to Withdraw their BSV

The US-based major cryptocurrency exchange Coinbase announced to its users that it will delist Bitcoin SV (BSV) from its list of cryptocurrencies, which means it will remove it from the list of listed cryptocurrencies. The cryptocurrency exchange asked its users to withdraw their BSV from the platform.

Deadline for Bitcoin SV Set as January 9, 2024

In the announcement made by Coinbase, it was stated that “If you do not withdraw your BSV funds, Coinbase will liquidate the remaining BSV in your Coinbase account,” signaling the end of the $930 million worth altcoin. The cryptocurrency exchange asked its users to withdraw their BSV from the platform by January 9, 2024.

Bitcoin SV, which is known for its motto “Satoshi’s Vision” and claimed to be created by Satoshi Nakamoto, has experienced a 0.56% decrease in the last 24 hours, trading at $48.28 according to CoinMarketCap. During the same period, the trading volume of the altcoin decreased by more than 15%, falling to $38.49 million. With the current prices, BSV is priced 90.17% below its all-time high (ATH) of $491.64 reached on April 16, 2021.

Many Cryptocurrency Exchanges, Including Binance, Delisted Bitcoin SV

Before Coinbase, many cryptocurrency exchanges delisted Bitcoin SV either as a reaction to Craig Wright’s behavior or due to being targeted by a 51% attack on the Blockchain in 2021. For those unaware, a 51% attack refers to a situation where malicious miners gain control of more than half of a Blockchain’s mining power and then invalidate honest blocks in favor of their own longer chains, weakening the network.

In 2019, the CEO of the world’s largest cryptocurrency exchange, Binance, Changpeng Zhao, demanded the delisting of BSV from the cryptocurrency exchange, claiming that Wright was a fraud, and terminated transactions for the altcoin. Zhao commented on the matter at the time:

If he is the real Satoshi Nakamoto, he can digitally sign any message to prove it. It should be as simple as breathing for him. We know the public key he would use to sign transactions.