Coinbase will stop supporting Bitcoin SV in 2024


Coinbase plans to liquidate remaining BSV holdings in its wallets by January 2024.

Cryptocurrency exchange Coinbase plans to completely remove Bitcoin (BTC) hard fork Bitcoin SV (BSV) from its platform following its delisting in 2021.

in a email correspondence Coinbase told its customers that it will stop supporting BSV on January 9, 2024, at approximately 12 noon ET. The US-based trading platform added that those who fail to withdraw their BSV tokens by 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.”

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The company noted that due to market volatility and transaction costs, those who do not withdraw BSV from the platform may not receive any compensation. After the network suffered a 51% attack in early August 2021, Coinbase stopped all trading activities with BSV.

This is the fifth attack on Bitcoin SV since the end of June 2021, resulting in three versions of the chain being mined simultaneously. In addition to Coinbase, BSV can be traded on other centralized exchanges such as OKX or KuCoin, but USD is not supported.

51% refers to a malicious attack on the blockchain where a group of miners gain control of more than 50% of the computing power (also known as computing power).according to data According to Crypto51, a one-hour attack on the Bitcoin network would cause approximately $1.3 million in losses.

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