Smart contracts, corporate closed blockchains are the most ‘over-hyped crypto-products’, say Erik Voorhees, Justin Sun and Tone Vays

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Bitcoin Cash, the fourth largest cryptocurrency by market cap, was recently the highlight of the cryptocurrency space after some claimed that it witnessed a 51 percent attack. Apparently, the entire incident connects to its latest hardfork that occurred on May 15. Reports had suggested that two blocks’ re-org was carried-out by BTC.Top and BTC.com, with the double spend of nearly 25 transactions amounting to around 3,300 BCH, an economical sum.

In the middle of all this, SBI Holdings’ Virtual Currency exchange announced that it would be delisting the cryptocurrency next month. The exchange announced the same through its official blog post (Translated from Japanese via Google translate),

“As announced on April 16, 2019, the Company will abolish the handling of Bitcoin Cash (hereinafter referred to as “BCH”) on June 28, 2019. We will inform you of the response and schedule for the abolition of handling. [withdrawals]”

In the announcement made in April, the exchange had listed a few reasons for initiating the delisting of the fourth-largest cryptocurrency. The first reason was stated to be a 51 percent attack. The exchange said (translated from Japanese),

“As a result, it was questionable as to the possibility of distributing fraudulent transactions in the record of the block generated next with the 51 percent attack carried out.”

Additionally, Bitcoin Cash’s hard fork was also one of the concerns of the cryptocurrency exchange in its initial notice. The reason for the massive price decline could be the outcome of the hash war between Bitcoin Cash ABC and Bitcoin Cash SV, leading to a drop of over $100 billion in market cap within a month.

The leading Japanese cryptocurrency exchange had given its customers three options. First was to sell all their BCH holdings, second was to transfer their holdings to CooXWallet, and third, the exchange itself would buy all the BCH holdings from its customers and deposit Japanese Yen in return.

The exchange stated,

“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.”

SBI Virtual Currencies also provided an update with respect to Bitcoin SV compensation. The exchange stated,

Source: SBI Virtual Currencies

Source: SBI Virtual Currencies

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