Coinbase has informed its users that they must move their Bitcoin SV (BSV) off the platform by January 9, 2024, or else their BSV holdings will get liquidated.
The announcement from Coinbase states, “If you fail to withdraw your BSV funds, Coinbase will liquidate any remaining BSV in your Coinbase account.”
The Craig Wright Coin, claimed to be the true version of Satoshi’s vision for Bitcoin (BTC), has experienced a 1.74% drop in value in response to this news.
However, BSV trades are relatively low, with a daily trading volume of $29.5 million and a market capitalization of $945 million.
Many other cryptocurrency exchanges have removed the BSV token from their platform because of Craig Wright’s actions, while others did it due to the multiple 51% attacks BSV experienced in 2021.
A 51% attack is when bad actors control more than half of the computing power on a blockchain, which lets them disrupt the network by replacing honest transactions with fraudulent ones on a longer chain.