After 30 million USD hack – Bitcoin Cash will die “slow death”

The alternative crypto currency Bitcoin Cash (BCH) is probably at a crossroads after a major investor is said to have lost 30 million US dollars in BCHs due to an alleged hacker attack. 

Josh Jones, the founder of Dreamhost, wrote a panicky entry on Reddit on 22nd February in which he reports on the hacker attack on his wallet. In addition to the large amount of Bitcoin cash, the attackers are said to have stolen 1,500 Bitcoin (BTC) worth 14.4 million US dollars.

 

Hackers cause great damage

The attack on the wallet was probably carried out via Jones’ SIM card. However, it is not yet clear whether this was the “SIM swap” method or whether the hackers gained access by other means.

Jones urges the Bitcoin Cash Miner in his entry not to validate the transactions in question:

 “So far there have only been three validations. If the community or any miners can help me, I still have the private keys. Help, help, help… There is of course a tidy reward!”

 

Dovey Wan, a co-founder of the crypto-fund Primitive Ventures, commented on Twitter on the incident and fears that the damage caused will go far beyond Jones’ personal assets.

She first criticized him for keeping such a large amount of Bitcoin cash in just one wallet, which was also accessible via his smartphone. Nevertheless, she calls the hacker attack “brutal”.

 

Death blow for Bitcoin Cash?

Wan assumes that the hackers will now divide the stolen funds into smaller amounts to make it easier to disguise their origin and then resell them.

This new scandal could be a real death blow to the Altcoin, as Wan suspects:

“Rest in peace Bitcoin Cash… now only a double penny mistake can help this poor man”.

 

And on:

 “Either way, this big BCH hack, as well as the beef within the BCH community and between Roger Ver and Jihan Wu, all these things mean the slow death of Bitcoin Cash.”

 

As Cointelegraph reported, there have been repeated frictions in the Bitcoin Cash Community in the past, which even led to a hardfork in 2018, which in turn resulted in the spin-off Bitcoin SV (BSV).

However, it is not quite clear what dispute Bitmain CEO Jihan Wu and Bitcoin.com founder Roger Ver Wan are alluding to.

At the time of going to press, Bitcoin Cash was not yet reacting to the hacker attack, as the share price had fallen by only 1% to 373 US dollars. Thus, the annual profit to date still amounts to more than 80%.