Coinbase to End Support for Bitcoin SV

Coinbase urged users to withdraw all funds in BSV ahead of its plans to officially end support for the asset on Jan. 9, 2024.

Photo by Possessed Photography on Unsplash

Posted November 7, 2023 at 1:09 am EST.

Crypto exchange Coinbase plans to end support for Bitcoin SV (BSV) on its platform, over two users after delisting the token for trading. 

In a notice to users on Monday, the exchange said that as of early next year, it would no longer support the asset.

 “Users are able to withdraw BSV funds until support for the asset is deprecated on January 9, 2024 at or around 12pm ET. If you fail to withdraw your BSV funds, Coinbase will liquidate any BSV remaining in your Coinbase account,” read the notice. 

The liquidated funds would be converted to a cash equivalent market value of another digital asset, and the exchange warned that these funds may be subject to a tax liability. 

Coinbase delisted BSV in 2021 after the blockchain behind the token became unstable in a 51% attack, when a group of miners gained control of more than half the network’s mining hash power. 

The BSV network has somewhat controversial origins, born from a fork of Bitcoin Cash in 2018, which was itself forked from the original Bitcoin blockchain. The developers contributing to BSV refer to it as the “original Bitcoin,” while the SV stands for “Satoshi’s Vision.”

The network’s most prominent backer, Australian computer scientist Craig Wright, claims to be Satoshi himself. Although he has never been able to prove this fact, he has sometimes threatened exchanges like Coinbase and Kraken for saying otherwise with lawsuits, which prompted them to respond by desilting BSV on their platforms. 

Earlier this year, a High Court Judge in the U.K. ruled that Wright must pay $516,000 in security for legal costs to pursue claims against both exchanges.