eToro is Paying Out Bitcoin SV Holders in Fiat Currency

Popular social crypto trading platform eToro has recently announced that it will start paying out its users in fiat money instead of using the controversial Bitcoin Satoshi’s Vision (BSV) to pay them out.

BSV was formed on November 15th after a hard fork of Bitcoin Cash (BCH). The currency has been suffering low prices frequently since then. eToro’s official blog post made the announcement, confirming that BCH holders will be paid $92 for each Bitcoin Cash that they held in their account before the hard fork occurred in November. The company’s management team stated in the announcement that the “price [of each bitcoin SV token] was determined by the price of [the total] bitcoin cash SV available to eToro at the time the credit was processed by us.”

This solidified the company’s position against the newly-formed BSV, as the announcement further explained that even after the hard fork, BCH ABC has remained the “dominant chain” and as such, the company will not be listing Bitcoin SV among their traded currencies. This also explains the reason why this platform and many others list Bitcoin Cash ABC as BCH. Given the current scenario, most other trading platforms are preferring to list BCH over BSV, eToro being one of them.

eToro cleared its hands of any controversy regarding the issue by clarifying that it “not obligated to support forks”. However, the platform has shown some support by later stating that the company’s management has “decided to credit [its customers] who held long (BUY) non-leveraged Bitcoin cash positions” at the time of the hard fork. The users will have to go to the “cashflows” section from their dashboards in order to see the funds that have been transferred to their accounts.

It comes as no surprise that trading platforms are reluctant to list BSV on their websites. Recently, a researcher named “reizu” had managed to show that he could “double-spend” BSV tokens via an exploit. This exploit, called “0-conf transaction” showed that BSV was vulnerable to attacks, as claimed by reizu.