- This topic has 3 replies, 1 voice, and was last updated 1 month, 3 weeks ago by Mr_P_Nissaurus.
- Wednesday, October 5th, 2022 at 16:40 #387505nullcParticipant
As many are aware, the infamous faketoshi scammer Craig Wright has been on a campaign to use harassment, intimidation, barratry, and fraud to attempt to steal some 1.1M coins that belong to Satoshi and others.
In furtherance of this scheme his company just published code for directing the seizure of third party coins in the BSV blockchain. BSV is a scammy bitcoin knockoff that is proprietary software controlled exclusive by Wright and his agents. Users of BSV are only permitted to run the software he approves so they’re able to foist their coin stealing code onto their users which would be impossible for legitimate cryptocurrencies.
Because of this I believe any user of the BSV altcoin is in serious risk of exposure to network consensus instability or outright having their assets frozen or stolen out from under them.
This would be of no direct relevance to BTC users except some BTC exchanges support BSV and so far whenever an exchange has gone insolvent they’ve pooled assets from all users in the bankruptcy. This means that if an exchange becomes insolvent due to Wright stealing or freezing BSV out from under it users BTC balances may be used to make BSV customers whole.
While it’s never a good idea to leave Bitcoins you aren’t actively trading on exchange I’d strongly recommend getting your funds off the following exchanges ASAP (non-exhaustive list):
* Huobi Global
* Mexo Exchange
This shouldn’t be news to these exchanges as it’s been known for some time that this was coming: https://twitter.com/Arthur_van_Pelt/status/1577647343595315201
Of course, since the BSV ecosystem has been engaging in non-stop harassment of Bitcoiners including multibillion dollar lawsuits against BTC developers and non-BSV supporting exchanges it’s probably prudent to not to business with exchanges still supporting this ecosystem to begin with, if you care about the value of your Bitcoins’. If an exchange will support this scam just to make a bit of extra money– what else might they do?Wednesday, October 5th, 2022 at 16:55 #387506TapFew22
>This means that if an exchange becomes insolvent due to Wright stealing or freezing BSV out from under it users Bitcoin balances may be used to make BSV customers whole.
Wow, i never considered this.
This post is important. Upvoted.Wednesday, October 5th, 2022 at 17:00 #387507Reverend_James
I for one say let ol’ Craig claim Satoshi’s coins. What’s he gonna do with them without the keys? That’s like claiming ownership of property on Mars. Sure buddy, it’s yours, you can do anything you want with it… but we all know there’s literally absolutely nothing you can do with it because you lack the means to to anything.Wednesday, October 5th, 2022 at 17:17 #387508Mr_P_Nissaurus
Don’t store Bitcoin on other people’s equipment. Period.
- You must be logged in to reply to this topic.
Related Forum Topics:
- → Wannabe-‘Satoshi’ Craig Wright has suffered a defeat at court, after accusing the devs of BTC, BTC Cash, BTC ABC and – yes, seriously – BSV itself! [Crypto News]
- → CryptoCurrency LPT: Never accept crypto from another person directly into your CEFi or exchange wallet. Always use an intermediary wallet that you control, first. If not, you risk your funds being locked due to KYC.
- → In the next few days, the world expects the federal reserve to announce a hike in interest rates of 0.25-0.50%. People expect this will cause a big dip in BTC price, and increase BTC dominance in the market. Risk-on vs. Risk-off investment thesis explained.