Bitcoin Cash’s Coin Ticker Symbol Changes Back to BCH from BAB on Bitfinex
Bitfinex crypto exchange has decided to change the Bitcoin Cash ticker symbol to BCH. Up until now, Bitcoin Cash was represented as BAB due to the infamous hardfork of the Bitcoin Cash network November last year. The hard-fork was different because there were two contenders for the forked network instead of just one. The two contenders were BCH ABC (now BCH) and BCH SV.
The change in the ticker symbol was noticed by many BCH proponents and they used the opportunity to ask other exchanges like Poloniex and Binance to follow the same. One of the BCH proponents tweeted,
“After years of small-block-biased market manipulation, Bitfinex has finally changed the ticker symbol for Bitcoin Cash from the intentionally confusing and derogatory “BAB” to “BCH”. It *only* required the NYAG, DOJ, CFTC to investigate them for fraud first”
The confusion around the symbol arose due to the conflict between two parties claiming their stake to become the forked BCH network. One side of the community was rallying behind the updates proposed by SBC developers while the other side of the community favored the update provided by Satoshi Vision team headed by Craig Wright. The friction between the two sides led to a war of words, lawsuits, and hash wars.
During this period where the exchanges were not sure who would win the race to stake their claim as the original forked chain, they resorted to listing both the tokens with the developer community name behind them. During the same period, Bitfinex introduced new chain split token to maintain a healthy market and prevent any kind of manipulation. This is the reason they introduced BAB and BSV ticker symbol for both the tokens.
The news got a lot of social media attention where views poured in from all sections of social media. One of the Reddit users commented,
“This was done out of desperation. They haven’t even announced the change, which they clearly would have done if they ever had legitimate concerns about “confusion”. These people are scammers and frauds. Do not send them any money.”
Another Redditor said,
“Bitfinex has a lot of hate, and truthfully tether has been both good and bad for space. But as an exchange, for me, they have the only interface worth trading with. It will be sad if they collapse. I literally can’t stand to trade elsewhere.”
Bitfinex has been at the center of an ongoing controversy where it has been accused of covering up of its losses worth $850 million with its USDT reserves, and there have been several reports that the exchange is looking to conduct a shady Initial Exchange Offering to cover up the used reserves.
According to the last update, the investigation committee looking into the matter have found lost funds of Bitfinex which they claimed never happened. So, whether this news of changing the BCH ticker symbol would help it in anyways is doubtful.