How Can BCH Recover After $30M Hack And Mining Tax Row?

The Bitcoin Cash (BCH) cryptocurrency has been up and down a lot lately and its supporters have been on the line defending the coin. As you probably know if you follow our cryptocurrency news, Bitcoin was invented by a mysterious figure who wanted to create a new form of a financial system. But while Bitcoin was developing, arguments broke over the direction in which it was growing. This is how BCH was created – but how can BCH recover now after losing $30 million in a hack?

Scalability is where Bitcoin Cash (BCH) primarily comes in. It is one of the most fundamental issues for any cryptocurrency. Developers in BCH changed the block size from 1 MB to 8 MB, hoping that this would boost the number of transactions per second and rival payment titans like PayPal and Visa. Still, inevitably, some philosophical differences arose.

The main issue was found with Bitcoin Cash by its pioneer Roger Ver in 2017. And while the concept of Bitcoin Cash (BCH) revolves around good use, investing in cryptocurrency is notoriously risky and as the recent weeks have shown, it is no different for BCH.

How can BCH recover now is a question that many ask. Rumors initially swirled about the victim of the multi-million dollar hack is Josh Jones, founder of the web hosting company Dreamhost. The hacker apparently compromised Jones’ SIM card but it is not yet known whether this was the result of a so-called “SIM swap.” In the now-deleted Reddit post, Jones called for help and requested that BCH miners should not validate the transactions.

“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.”

How can BCH investors recover and prevent things like this?

Well, hacks occur depressingly often in the crypto world. However, this has been a big hack in the Bitcoin Cash news. In an exclusive interview with one media outlet, Roger Ver spoke about it and appeared to see the silver lining in Jones’ poor fortune. He said:

“Here’s someone who’s worth at least $45 million, and he’s choosing to keep the majority of that in Bitcoin Cash, not what everybody is calling Bitcoin today. So, that’s a really, really bullish sign for Bitcoin Cash — that somebody with that much money is keeping it in Bitcoin Cash and not the same amount in Bitcoin, BTC. That’s a really, really big deal.”

In fact, his enthusiasm extended beyond his support for Jones having kept a vast amount of BCH in his wallet. Ver told the media that the attack could have positive implications for the cryptocurrency and despite the tragedy, its intrinsic value is high enough to attract criminal interest.

“The fact that hackers are willing to go and steal Bitcoin Cash means that it’s something worth stealing, that it’s something valuable. If it wasn’t valuable, wasn’t worthwhile, hackers wouldn’t be trying to steal it.”

This was not the answer many expected from Ver. However, he also gave tips about how to effectively avoid being brought to justice.