Craig’s private BTC keys in limbo plunges BSV to 40percent of price

Craig s private BTC keys in limbo plunges BSV to price

Popular altcoin Bitcoin SV (BSV) has plunged by 40% from its all-time high of US $436 after Craig’s private BTC keys turned out to be nothing but a hoax. Just a few weeks before, BSV’s value was trading in double digits. The explosion in price came as a result of Craig Wright’s lawyers claimed that they have a private key to an encrypted file that contains all of his Bitcoin holdings.

The past 24 hours have been tough for BSV and their holders as Craig’s private BTC keys were exposed and the lawyers confessed that they did not receive any keys in the files received. Craig Wright, an entrepreneur who claims that he is the real Satoshi Nakamoto, promised that he will prove that he’s the one in charge of all the funds that are associated with Nakamoto.

Bitcoin Satoshi Vision fork (BSV) is probably the most talk about cryptocurrency in the world after Bitcoin. Before yesterday, BSV was the fourth-largest cryptocurrency by market value. After the private BTC keys were not delivered, BSV slipped to the fifth position, losing its position to Bitcoin Cash (BCH).

BSV lost over 18% in just 24 hours while the likes of Bitcoin and Ethereum soared high. BCH gained 7% in the past 24 hours.

Craig yet to deliver on his private BTC keys promise?

With all of this happening, Craig Wright has been given a deadline till February 3rd to prove that he has the access to the bitcoin wallets, failing of which, he would be forced to pay half a million BTC (approximately US $4 billion) in favor of Kleiman Estate.

In the initial days of Bitcoin, Dave Kleiman had worked with Craig Wright on the Bitcoin security protocols. However, Kleiman’s demise 7 years ago saw Wright claiming rights to the protocols. A lot of experts in the cryptosphere believe that Kleiman is the man behind Satoshi Nakamoto.

In the end, the Kleiman estate sued Wright for US$9,784,995,000 (approximately 1.1 million BTC) with the allegation that he embezzled money from Kleiman.


Featured image from Pixabay

Mihir Sharma

Mihir Sharma

Mihir has always been attracted to finance, crypto, and blockchain. His Chemical Engineering background gave him the edge to make his news reports precise and concise. Leveraging his stint with English Forward News, he looks forward to his next adventure in the cryptosphere.

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