Coinbase plans to liquidate the remaining BSV holdings in its wallets by January 2024.
Cryptocurrency exchange Coinbase will completely remove Bitcoin (BTC) hard fork, Bitcoin SV (BSV), from its platform after delisting in 2021.
In an email letter to its customers, Coinbase said it will stop supporting BSV on January 9, 2024 at or around 12 p.m. ET. The US-based trading platform added that those who fail to withdraw their BSV coins by the deadline will be liquidated.
“Upon liquidation, your BSV will be converted into the then equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.”
Coinbase
The company noted that those who fail to withdraw BSV from the platform may not receive compensation due to market fluctuations and transaction costs. After a 51% attack on the network in early August 2021, Coinbase suspended all trading activities with BSV.
This attack was the fifth on Bitcoin SV since late June 2021 and resulted in three versions of simultaneous mining on the chain. In addition to Coinbase, BSV is available for trading on other centralized exchanges such as OKX or KuCoin, although without support for the US dollar.
A 51% refers to malicious attacks on a blockchain in which a group of miners gain control of more than 50% of the hash power, also known as the hash rate. According to Crypto51, a one-hour attack on the Bitcoin network would cost around $1.3 million.
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