OKEx Changes Ticker for Both Bitcoin Cash ABC and Bitcoin Cash SV, Suspends Spot Trading
The Bitcoin Cash hard fork has caused a lot of turmoil in the cryptocurrency world. Without one of the sides taking dominance, the last few weeks have been filled with the debates of which will take precedence, and what to do with the other blockchain that had been processed.
Now, OKEx is taking the initiative to change the way these tokens will be listed. Now, rather than Bitcoin Cash ABC’s former ticket, they will be assigned the original Bitcoin Cash ticker, based on a December 11th statement.
BCHABC & BCHSV: We will change the ticker of Bitcoin Cash ABC from BCHABC to BCH, and that of Bitcoin Cash SV from BCHSV to BSV at 5am Dec 13, 2018 (CET, UTC +1).#OKExAnnouncementhttps://t.co/MP2UqWsBv9
— OKEx (@OKEx) December 11, 2018
Based on this statement, the Bitcoin Cash SV ticker will also be changed from the former BCHABC to BSV. This switch isn’t scheduled until December 13th at 05:00am UTC+1. When the change occurs, spot trading will no longer be an option for either one. The press release states,
“All remaining balance of the original BCH will be settled, and the asset will be removed from your account. The spot trading services of BCH and BSV are expected to resume at 07:00 Dec 13, 2018 (CET, UTC +1).”
As OKEx changes the ticker for the Bitcoin Cash ABC blockchain, it has also earned its label as BCH on all other major exchanges right now. Some exchanges are, instead, choosing to side with one of the chains. Gemini Exchange, for example, has decided that it will “only be providing support for the Bitcoin ABC network,” which they will only label as BCH.
Coinbase opted for something similar, though they noted that they would “continue to evaluate the safety of the BCH SV chain.” Ultimately, they decided to follow Bitcoin Cash ABC, based on “a number of factors including the fact that ABC has a higher hashrate and a longer proof-of-work (PoW) chain.”
The hard fork went into effect on November 15th, and the recent performance of the two sides seems to have named Bitcoin Cash ABC as the victor. However, it doesn’t look like everyone believes that they won the competition fairly, based on a recent lawsuit initiated by United American Corp. (UnitedCorp).
The lawsuit names many firms and other entities in the industry, like Bitmain, Roger Ver, and Kraken, accusing them of manipulating the BCH network with various methods for their gain. Furthermore, they allege that it was done with o concern for UnitedCorp, along with other BCH stakeholders. They even call the “Deep Reorg Prevention” a “poison pill” for the blockchain on November 20th.
The annoucement concludes by stating, “The original BCH futures contracts will no longer be available. Please back up your order history and bills if necessary.”