Bitcoin Cash (BCH), one of the largest cryptocurrencies in the world, will be delisted from SBI Holdings Virtual Currency exchange following the 51% hack reported to have occurred on the chain.
Earlier in the month, the BCH community planned a non-contentious hard fork on the chain hence a spit on the blockchain was avoided. However, shortly after the fork, developers noticed that most of the blocks being produced on the resulting chain’s mempool were empty. The “empty fill up” blocks and the rapid rate of block production raised questions on the venerability of the blockchain. News websites and cryptocurrency social communities across the industry claimed the chain had been 51% hacked by two of the top BCH mining pools (BTC.com and BTC.top).
The hack is said to have been orchestrated by the two firms who reorganized two blocks leading to the double spend of 25 transactions which amounted to around 3,300 BCH (~1.4 million USD). While recent reports on the matter claim the mining pools had nothing to do with the hacking, the impact of the hack is significant hence the recent delisting by SBI Holding Virtual Currency Exchange.
Source: SBI Virtual Currency Exchange
SBI Virtual Currency Exchange set to delist BCH
In a statement to newsroom earlier on Monday, SBI Virtual Currency Exchange re-announced they will be delisting the Bitcoin spinoff next month. The exchange announced in April they will be delisting the coin following the delisting of Bitcoin SV from Binance, the 51% attacks on the BCH chain and other concerns about the blockchain.
“The virtual currency is not in line with the Group’s business philosophy of providing financial services, and it was determined that it should not be handled continuously in light of investor protection.”
– statement from SBI Holdings Virtual Currency Exchange on Bitcoin Cash delisting.
The delisting is set to commence this June and the holders of BCH on Japan’s largest virtual currency exchange are advised to withdraw their holdings before then. In the statement (translated from Japanese), users are offered three major options to withdraw their BCH tokens from the exchange:
- BCH holders can sell all their holdings using the various crypto and fiat options provided on the trading platform.
- SBI Holding will buy the users’ BCH and deposit Japanese Yen to the customers’ wallet.
- Lastly, users can send their BCH to CooXwallet for storage is they do not wish to sell off their investment.
SBI Virtual Currency Exchange to Refund Bitcoin SV Users
The statement further confirmed that the compensation process of the Bitcoin SV (BSV) holders following the hard fork that happened in November 2018. The statement reads,
“Regarding the delivery of the Japanese Yen equivalent to BCHSV. The compensation equivalent to the BCHSV that BCH holders of our account should have acquired at the time of the hard fork on November 16, 2018 as the payment of Japanese Yen to the customer account of VCTRADE I will issue an exchange rate of ¥6,180 per BCHSV.”
Bitcoin Cash (BCHABC) Continues its Push Towards $500 USD
Despite the struggles the blockchain is currently facing, the native currency is still pushing towards the $500 USD mark. BCH trades at $439 USD, representing a 2% rise in the past 24 hours and a gigantic 170% rise since the start of the year.
Chart showing the YTD price of BCHABC (Source: Coinmarketcap.com)
Will the delisting from SBI Holdings Virtual Currency Exchange affect the soar of BCHABC’s price once it is complete in June? Share your thoughts with us.