While the crypto market and the development of crypto and blockchain projects are interesting in themselves, it is also interesting to note that there is a lot of politics behind the scenes of cryptocurrencies. A classic example of this is bitcoin which experienced a hard fork a few years ago and then split into bitcoin and bitcoin cash. Hard forks usually take place when there are disputes between the management of a token and these are a fairly regular occurrence within the industry. Hard forks can also spell a decline in a cryptocurrency as some of the users abandon the original cryptocurrency and move to the new one.
Bitcoin cash, a cryptocurrency that was formed following the hard fork in the Bitcoin Blockchain, is facing a serious threat following the loss of about $30 million in cryptocurrency from a hacker.
This information comes via a February 22, 2020, Reddit post by a user who is believed to be Dreamhost founder Josh Jones and claims that an attacker went after his wallet and stole roughly 1500 bitcoins. The hack in question took place after his SIM was compromised and Jones went on to appeal to bitcoin cash miners not validate these transactions in order to prevent the funds from being moved.
“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,” he said.
Following the statements, Dovey Wan, founding partner at Primitive Ventures, went on Twitter to criticize Jones for keeping such large sums of money in his wallet and not being more careful with protecting them. She also went on to state that the loss of such a huge amount of tokens would affect not just him but the entire bitcoin cash system. She also went on to post a slightly eerie message which implies that the future of bitcoin cash could be in jeopardy.
“RIP BCH .. only a double-spent can help this poor guy now,” she wrote, “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.”