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Bitcoin Cash [BCH] wars escalate after CoinEx releases statement and Faketoshi threatens shutdown

Anirudh VK

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Bitcoin Cash [BCH] wars escalate after CoinEx releases statement and Faketoshi threatens shutdown
Source: Unsplash

The Bitcoin Cash [BCH] chain split drama continues to worsen, as Faketoshi, more commonly known as Craig Wright, threatened today to shut down CoinEx exchange. It was a subsidiary of Bitmain, who control the Bitcoin ABC team. As the implementations provided by both development teams clash and could result in a chain split, another fork into two currencies may be imminent.

Moreover, Bitcoin SV, the implementation proposed by Craig Wright does not have the replay protection mechanism added to it. Replay protection allows protection against a kind of attack known as replay attacks that occur after a hard fork. Without replay protection, it was possible for others to spend the funds of one user on another blockchain.

Keeping this in mind, CoinEx exchange published an announcement stating that Bitcoin SV was an “altered version of Bitcoin Cash protocols” and would cause a fork of the existing protocol. They proceeded to call it BSV and stated that normal procedure would be followed in case of a chain split, with users receiving BSV in a 1:1 ratio to their BCH assets.

CoinEx went on to say:

“After the fork, we will release a BSV/BCH trading pair in CoinEx so you can buy or sell BSV. CoinEx will not support BSV deposit and withdrawal until its chain is stabilized and all supporting services e.g. wallet are available.”

They went on to urge BSV to implement replay protection, as it will “bring chaos to the entire Bitcoin Cash network” and cause “unnecessary loss”. However, their leanings in the debate became clear as they stated they would guard users’ assets along with the efforts of ViaBTC, a mining pool managed by Bitmain. They further stated:

“To avoid unnecessary asset loss, CoinEx recommends all users to deposit their BCH assets to CoinEx before the potential forking. We will provide 100% protection for your assets and please be assured that you will receive the forked asset of BSV as promised.”

Post their announcement, CoinEx’s website became inaccessible, with a “504: Gateway time-out” error on the page. This came after Craig Wright expressly stated that he will reorder transactions if they do not support Bitcoin SV. He also stated that an “exchange not on SV is bankrupt in a few days.”

User dobe4ever clarified:



“The website was DOS attacked & currently down right after the announcement, but I took a screenshot so anyone can read”

User Etherbid on Reddit stated:

“This is Truly going to be an amazing show. There’s something to what Coingeek is saying about Via’s motivations. Coingeek wants to stabilize, be safe with protocol and go with path of larger blocks. Via is against that clearly they want CTOR, and pre-consensus badly.”

User Devar_0 said:

“Wow. Wow. CoinEX is literally trying to split the bitcoin cash community. They are signalling that if they lose or implement replay protection as they’d be a minority chain, they want to steal the BCH ticker.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more

Priya

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
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Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!



Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!





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