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SBI Delists BCH Amid Major Crypto Exchanges Delisting BSV

Sbi delists bch amid major crypto exchanges delisting bsv

SBI Delists BCH Amid Major Crypto Exchanges Delisting BSV

Sbi delists bch amid major crypto exchanges delisting bsv

This article has been updated to specify that SBI Holdings has made an announcement about the delisting of BCH, and not mentioned listing BSV.

Japanese financial services giant SBI Holdings will delist bitcoin cash (BCH) from its virtual currency exchange in June 2019, Cointelegraph Japan reports on April 16.

SBI Virtual Currencies has now officially announced its plans to delist bitcoin cash — a cryptocurrency created from a hard fork of bitcoin (BTC).

Bitcoin cash is the first hard fork of the major cryptocurrency, created in August 2017. In turn, bitcoin SV is a hard fork version of bitcoin cash, and is led by self-proclaimed creator of bitcoin, Craig Wright.

The move comes amid news of several major crypto trading platforms delisting BSV. Yesterday, top exchange Binance officially announced it will delist BSV and cease trading on all trading pairs for BSV as of April 22.

Binance’s delisting followed arguments in the crypto community, with Binance CEO Changpeng Zhao (CZ) having warned that he will delist bitcoin SV if Wright does not stop claiming that he is the real Satoshi Nakamoto. In response, the crypto community on Twitter has reacted to CZ’s warning by asking various exchanges to delist BSV and launching a #DelistBSV hashtag.

Yoshitaka Kitao, CEO and representative director of SBI Holdings, has previously criticized bitcoin cash’s hard fork, which took place in November 2018. As Cointelegraph reported, Kitao apparently has a connection with the BSV founder, with Wright having revealed their close relationship in a tweet in January, demonstrating that he and Kitao spent time together, and claiming that he treats Kitao as “a friend and man I respect a lot.”

At press time, bitcoin cash, the fifth-top cryptocurrency by market cap, is up 5.5% over the past 24 hours, trading at $314, while BSV has dropped more than 21% on the day, trading at $55, according to data from CoinMarketCap.

Published at Wed, 17 Apr 2019 02:50:38 +0000

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Youbit Exchange Files For Bankruptcy As Hackers Wipe 17% Of Assets

South Korean exchange Youbit has announced it is filing for bankruptcy after hackers stole 17% of its net assets.


‘Very Sorry (Again)’

In an announcement on its homepage since reported by various news outlets, the relatively unknown exchange, which is not to be confused with the similarly-named Yobit.net, said it had made “every effort” to stay afloat.

A previous hack in April saw 4000 BTC covertly leave Youbit’s books, an episode from which the exchange never fully recovered.

“I am very sorry to inform you again with the sad news,” the announcement reads.

After the accident in April, we made every effort to strengthen security, recruit personnel, and reduce hot wallet storage… In the meantime, due to the hacking of our company at 4:35 in the morning, funds have been lost from your wallet.

A Wild West Of North-South Korean Hackings

The news comes amid increasing reports of malicious activity involving South Korean bitcoin exchanges perpetrated by North Korean entities.

Claims hackers have stolen millions of dollars in cryptocurrency over an extended period are circulating in the mainstream press, while even the South’s biggest exchange Bithumb has been left shaken by losses this year.

Youbit has said it will go through a formal bankruptcy procedure to minimize customer fallout, but that balances would still auto-adjust to a fraction of their former worth, with the aim to refund once formal proceedings are over.

“Through various measures such as the sale of cyber comprehensive insurance (3 billion [won]) and the operating rights of the company, the loss to members is expected to be lower than 17%… I will make every effort to minimize this,” the announcement continues.

Only a day earlier, Blockchain CEO Peter Smith warned CNBC viewers that the time was ripe for another major hack in the bitcoin space.

“We see attacks and breaches about every six months – major breaches – so we’re probably due for one in the next month or two,” he told the network.

What do you think about Youbit’s filing for bankruptcy? Let us know in the comments below!


Images courtesy of Shutterstock

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