San Francisco-based crypto exchange Kraken, the largest and one of the most secure crypto platforms, has warned users about the risks of trading the new Bitcoin Cash SV (BCH SV) token, saying the fork does not meet all of the exchange's listing requirements.
Before the BCH chain split, Kraken planned to support only BCH ABC, but has now announced support for BCH SV. In a blog post, the exchange explained that the decision to support was made only after the coin's protocol and roadmap were published by nChain.
Both forks are now listed on Kraken, despite the fact that Bitcoin SV does not meet the exchange's standard listing requirements and has increased risks.
The Kraken team says there are 8 warning signs that traders should be aware of:
⁃ None of the wallets provide protection against a replay attack on both BCH blocks (replay);
⁃ Major block explorers do not support the fork;
⁃ Miners are clearly subsidized or operating at a loss;
⁃ Network representatives are making threats and showing open hostility towards other chains;
⁃ The survival of Bitcoin Cash SV is mutually exclusive to the functioning of the second fork;
⁃ Supply is temporarily limited due to incomplete wallet support;
⁃ Some large holders have made it clear that they are preparing for a dump and will dump the asset at the first opportunity;
⁃ Kraken has only complied minimal verification of the source code.
War of two main factions, one of which is led by Craig Wright, self-proclaimed Satoshi Nakamoto, and the other Bitcoin Jesus, Roger Ver, is seen by Kraken as a threat to BCHSV trading. The exchange does not rule out the possibility of an attack from nChain or other Bitcoin SV supporters and declines responsibility for lost coins. Taking into account the tense situation and instability of the network, the exchange team does not guarantee safe trading of Bitcoin Cash SV and warns of potential losses for all holders of the asset.
The division into two Bitcoin Cash chains did not solve old problems and created many new ones. The most pressing issue today remains the question of the viability of newly created networks and their stress resistance.
According to blog.kraken.com
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