Here's What to Do if You Had Bitcoin Cash on Top Crypto Exchanges Before the Fork

Justine Pope

Amid all the confusion around the Bitcoin Cash hard fork, one of the biggest issues is dealing with coins that are left the cryptocurrency exchanges. Here’s how the top exchanges have handled the situation.

As announced on their blog, Binance has distributed Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to their users, and has opened up trading for both pairs on its platform.

Users who held Bitcoin Cash (ticker symbol BCC on Binance, BCH on others) on Binance were distributed 1 BCHABC and 1 BCHSV for each BCC on the exchange. BCC balances were based on a snapshot taken of user wallets two days ago, on November 15th, 2018, at 4:40 PM UTC (the time of the chain split).

Binance follows other exchanges as the support for the BCH hard fork continues. The first exchange to split the tokens was Poloniex, which launched split tokens a week before the chain split. Taking cues from Poloniex, Bitfinex also issued “Chain Split Tokens,” which allowed users to trade both sides of the fork before the hard fork happened. Binance took a more precautionary path and decided to wait until after the chain split to distribute tokens.

On the other hand, some exchanges still haven’t split the tokens yet. Most notably is Coinbase, one of the largest exchanges in the United States, which has not split the chain. The morning of the hard fork, Coinbase tweeted that they will be pausing BCH activity on their exchange:

As of today, there have been no updates from Coinbase as to which tokens they will list. They did mention in a blog post that: “If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”

This hints that users with funds on Coinbase could be waiting a while to receive their forked coins. With past chain splits, like ETH & ETC, BTC & BCH, Coinbase took weeks to months to distribute forked coins, to the dismay of many users

Bittrex took another stance. A day before the fork, the exchange announced that it would be closing BCH activity temporarily, and that “Bittrex will observe the Bitcoin Cash network for a period of 24 to 48 hours to determine if a chain split has occurred and the outcome.” Now that the fork is over, it appears BCHABC has won the ticker symbol on Bittrex. The firm tweeted out:

This means that BCHABC will remain trading under BCH. It also shows that users will be able to claim their BCHSV, however as of this publication, BCHSV is not tradeable on Bittrex and ABC is trading under “Bitcoin Cash (ABC).”

Lastly, HitBTC was a supporter of both chains. Like Poloniex, HitBTC previously allowed trading of both chains prior to the fork. During the fork, deposits and withdrawals were paused, but trading of both chains began again “after the fork is completed and the network is stabilized.” However, caution is advised with HitBTC, as traders have reported of problems with deposits and withdrawals

Kraken, another popular cryptocurrency exchange, revealed it's trading Bitocin Cash ABC under the BCH ticker while responding to one user one microblogging platform Twitter.

 

Coinbase Doesn’t Want You to Get Scammed on Telegram

On Friday (April 19), cryptoasset exchange Coinbase's security team explained how various "threat actors" are trying to use Coinbase's brand to commit scams on messaging platform Telegram. 

Telegram is a free cloud-based messaging app with the ability to make voice/video calls. It is available as a web app, a mobile app (OS and Android), and a desktop app (MacOS, Windows, and Linux). In recent years, it has become the messaging platform of choice for cryptocurrency traders/investors, developers, and entrepreneurs for various reasons, such as the ability to create price bots.

In a long, detailed article published on Friday, Matt Muller, Head of Security Operations at Coinbase, started by pointing out that "Coinbase does not provide support through Telegram, nor do we have any authorized groups or channels." (In fact, "Coinbase has no official presence on Telegram," and "any usage of the Coinbase logo or brand on Telegram" should be considered a scam.)

He then went on to say that Coinbase's security team has been following the activities of "several threat actors attempting to leverage the Coinbase brand on Telegram for purposes ranging from crypto scams to account takeovers." 

In order to help users of Coinbase and other exchanges recognize "the signs that they may be talking to a scammer," Muller outlined some of the most common scam techniques on Telegram.

  • Employment Scams"Scammers on Telegram impersonate Coinbase recruiters and executives with fake career opportunities. These scams prey on job seekers, soliciting payment for training materials, mining hardware, or in some cases providing stolen financials for the purposes of money laundering. These job offers will appear very legitimate, with forged offer letters and seemingly astute interview questions. Coinbase recruiters will never contact job seekers via Telegram."
  • Giveaway Scams: "Impersonations of our executives and brand to perpetuate giveaway scams are becoming increasingly common on Telegram. One channel in particular, titled simply Coinbase, advertises a new giveaway scam almost daily."
  • Load-up Scams: "Telegram frequently hosts scammers advertising the buying or 'loading' of accounts with high limits. These scammers ask to access your Coinbase account, so they can use your verified limits to buy digital currency. While they claim to split profits with the account holder, in actuality, they use stolen credit cards and bank accounts, leaving you responsible for facilitating a financial crime. When the legitimate card or account holder reverses payments, you will be responsible for any account delinquencies caused by the fraudulent bank reversals. In many cases, the scammer will lock you out of your account, use your own payment methods without consent and steal any available digital currency."
  • Tech Support Scams: "Scams impersonating customer support take many shapes and sizes... Scammers will impersonate Coinbase or Coinbase employees, asking you to take action that results in theft of digital currency. Some scams involve fake promo offers. Many of these scams ask for remote access to your computer, something Coinbase personnel will never ask for... In other situations, the scammers pressure you into 'upgrading' or securing your Coinbase account by sending digital currency to their external address."
  • Coin Listing and ICO Scams: "Scammers on Telegram often approach project developers soliciting payment for asset listings on Coinbase and other digital asset exchanges. In addition, scams promising investment bonuses on new ICO listings are prolific."

Featured Image Credit: Photo by "geralt" via Pixabay.com