Concerns over Craig Wright's behavior and multiple 51% attacks prompt Coinbase's decision
In a recent development, Coinbase, a leading cryptocurrency exchange, announced it is ending support for Bitcoin SV (BSV). The platform is urging its users to withdraw their BSV funds by January 9, or they risk liquidation. This move has resulted in a 1.74% drop in BSV's price.
The decision by Coinbase follows a similar move by several other cryptocurrency exchanges. The primary reason behind this collective action is the concerns over the behavior of Craig Wright, a key figure associated with BSV. Additionally, BSV suffered multiple 51% attacks in 2021, which has raised security concerns among the crypto community.
A 51% attack refers to a potential attack on a blockchain network, where a single entity or organization is able to control the majority of the hash rate, potentially causing network disruption. In the case of BSV, multiple such attacks in 2021 have led to questions about its security and reliability.
For BSV users on Coinbase, the immediate task is to withdraw their funds by the given deadline to avoid liquidation. Given the delisting by Coinbase and other exchanges, the trading options for BSV are becoming limited, which might impact its liquidity and price in the future.
This development serves as a reminder for crypto investors to stay updated with the news and developments in the crypto world. It also highlights the importance of the security and credibility of a cryptocurrency, which can significantly impact its acceptance by exchanges and its overall market performance.