Coinbase plans to liquidate the remaining BSV holdings in its wallets by January 2024.
Coinbase finally saying goodbye to BSV 👋
— Alex Gladstein 🌋 ⚡ (@gladstein)
In an email letter to its customers, Coinbase said it will stop supporting BSV on Jan. 9, 2024, at or around 12 p.m. ET. The U.S.-based trading platform added those who fail to withdraw their BSV coins until the deadline will be liquidated.
“Upon liquidation, your BSV will be converted to the then-equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.”
The company noted those who would not withdraw BSV from the platform might not get any compensation due to market fluctuations and transaction costs. Coinbase stopped all trading activities with BSV following a 51% attack against the network in early August 2021.
That attack was the fifth one on Bitcoin SV since the end of June 2021 and resulted in three versions of the chain’s simultaneous mining. Besides Coinbase, BSV is available for trading on other centralized exchanges, such as OKX or KuCoin, but with no support for the U.S. dollar.
A 51% refers to malicious attacks on a blockchain where a group of miners gains control of more than 50% of the hash power, otherwise known as the hash rate. According to data from Crypto51, one one-hour attack against the Bitcoin network would cost around $1.3 million.
- MDT PREDICTION. MDT cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- Ethereum price prediction: is the bullish trend sustainable?
- Kaspa price jumps 15% following Binance listing
- Bittrex Global ceases trading amid operations wind down
- USD COP PREDICTION
- QUACK PREDICTION. QUACK cryptocurrency
- Nearly $6.5b in Bitcoin and Ethereum options are set to expire
- OPUL PREDICTION. OPUL cryptocurrency
- CZ’s Exit from Binance: Is it the End of an Era or a Fresh Start?