The major altcoin Bitcoin Cash is facing a period of “slow death” now according to one analyst, who believes that the cryptocurrency is quite fragile. Speaking of, the BCH altcoin has become a major subject of speculation after a major investor claimed that he lost $30 million in a wallet hack.
A now-deleted Reddit post from February 22 shows that the investor who appears to be Dreamhost founder Josh Jones said in the cryptonews that the attacker also stole 1,500 BTC worth $14.4 million.
This hack came in the form of a SIM card being compromised. So far, he has not confirmed whether this was a so-called “SIM swap” or whether the funds were commandered by other means.
In the deleted post, Jones appealed to BCH miners not to validate the transactions and wrote:
“It’s only had 3 confirmations, if any miners/the community can help somehow, I’ve got the private keys. Help help help.. Big reward obviously.”
Dovey Wan was quick to comment on the news. The analyst said that Bitcoin Cash is facing a period of slow death and that the impact would go far beyond Jones himself. In a series of tweets, Wan reproduced the Reddit post and criticized Jones for keeping such a large amount of cryptocurrency in a wallet accessible simply from his smartphone. She described this attack as “really brutal.”
Wan also added that Bitcoin Cash is facing a bad period after this hack and talked about the threats around the cryptocurrency, saying:
“RIP BCH .. only a double-spent can help this poor guy now. No matter what, this 60000 $BCH hack, the dispute among BCH camp between Ver and Jihan, all these will mark a slow death of it.”
As we reported in our Bitcoin Cash news before, BCH has seen various contentious events throughout its lifespan, including a hard fork in 2018 which resulted in the creation of another altcoin named Bitcoin SV (BSV).
It is now unclear which other problems Wan was referencing when she mentioned two of the leading figures – the Bitmain executive Jihan Wu and the Bitcoin.com founder Roger Ver. Meanwhile, the price of Bitcoin Cash (BCH) now is at $371 with a 2% decline on the day.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post