Bithumb Causes Confusion Over BSV Status

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  • Korean exchange Bithumb has caused confusion with its decision to reopen trading for BSV
  • A Bithumb communication contains a “schedule for end of transaction support” for the token
  • BSV wallets on Bithumb have been frozen for over a month after the multiple attacks on the blockchain

Bithumb has sowed confusion in the crypto space by seeming to have lifted the ban on BSV deposits and withdrawals while at the same time ending support for the token. Following the cryptocurrency space’s biggest exchanges delisting BSV in 2019 due to Craig Wright’s antics, several smaller exchanges have been affected by the security issues inherent in the platform, with some having to go to court to deal with the fallout. Bithumb was one such exchange, resulting in them halting BSV operations, although last week’s notice of revoking the ban sounds very much like a delisting, leaving users confused.

BSV Hit with Multiple 51% Attacks

BSV’s issues started back in late June when the security flaws associated with the combination of a low hashrate and mining big blocks became apparent as the protocol suffered four 51% attacks in the space of two weeks, resulting in a block reorganization with some coins double spent. This resulted in the Bitcoin Association, which advocates for BSV, asking Bithumb and other exchanges to halt deposits and withdrawals due to the potential presence of fraudulent coins.

These attacks continued into August, causing Bithumb to issue an “investment warning” over BSV in August while it sought further information over the security issues the chain was experiencing. It was clear back then that if BSV could not give evidence of shoring up the network then Bithumb would delist, with other exchanges potentially following.

It was claimed two weeks ago by one Twitter user that BSV’s powerful “anti” used to support the project but their “Disappointment with BSV has turned into anger”:

Bithumb Enables BSV Trading…or Does It?

The situation seemed to be resolved last week when Bithumb made the following announcement:

However, in the days since this announcement Bithumb have issued a “schedule for end of transaction support” on September 27 for BSV, with withdrawals allowed to continue until October 25. This has led to confusion among BSV holders who aren’t sure if the coin is being delisted or allowed again:

If BSV has been delisted by Bithumb it won’t be a huge blow volume-wise, as the Korean exchange represents only 0.35% of daily volume for the coin, but it is the rationale for the delisting that will concern BSV supporters.

FullyCrypto has reached out to Bithumb for clarification of the potential delisting.