Controversy had arisen over the Australian cryptographer and public figure Craig Wright, who has made repeated and unsubstantiated claims that he is in fact Satoshi Nakamoto, the original creator of Bitcoin.
The BSV fork was a controversial decision in itself, splitting Bitcoin Cash, but the real trouble began when Craig Wright and his Coingeek colleague Calvin Ayre served a lawsuit to the Lightning Network Torch creator known as Hodlonaut.
Binance delists BSV after lawsuit threats and a potentially unethical $5000 bounty
The lawsuit was also backed by a $5000 ‘bounty’ for anyone who could find information on the anonymous figure.
While this in itself is in a grey and unethical area, especially for people with the public visibility and wealth of Ayre and Wright, the backlash was phenomenal.
The cryptocurrency community took up metaphorical arms against the pair, with funds being raised to protect anyone from lawsuits, and widespread and heated debate over what was to be done about the situation.
The phrase ‘all publicity is good publicity’ was found to be completely incorrect here. This publicity has negatively affected the BSV project in a massive way – as the shock news comes that The CEO of Binance, Changpeng Zhao, also known as CZ, has made the firm decision to delist the cryptocurrency from his leading exchange, Binance.
CZ plays it cool, their press release reads: “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users.”
At the time of writing, the BSV token has dropped 8% already
“Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following coin on 2019/04/22 at 10:00 AM UTC: Bitcoin SV (BCHSV)” the press release continues.
This shock delisting was followed immediately by a dump of 8% in the price and market cap of BSV on all markets. Only an hour in, and there may well be further losses.
It will potentially be a mad scramble for all traders and investors to dump their coins before the delisting time – but with such negative publicity falling on the major players and the BSV coin itself, there may be a struggle to find buyers.
CZ has shown the cryptocurrency community the importance of actions having consequences – and as such, the industry has been strengthened once more, and a sense of solidarity rings out through the world of cryptocurrency.