Scammers Boost BSV Price With Fake Satoshi Confirmation

Scammers boosted the price of bitcoin SV with a fake news alert purporting to show BSV's creator is also bitcoin's.

May 29, 2019 at 6:00 p.m. UTC
Updated Sep 13, 2021 at 9:15 a.m. UTC

Scammers boosted the price of Bitcoin SV (BSV) Wednesday by publishing a fake news alert purporting to show that BSV's creator is also bitcoin's.

Masquerading as the Chinese news site Coinbull, the bogus alert claimed that Craig Wright had transferred bitcoin (BTC) from the so-called Satoshi wallets to prove his identity.

The result? A $60 boost in the bitcoin SV price in less than 10 hours.

Wright, who led the fork that created BSV in November 2018, has maintained for years that he is Satoshi Nakamoto, the pseudonymous architect of bitcoin, but his claims continue to be met with widespread skepticism.

If he really were Satoshi, many critics have said, then Wright should control the private keys to the wallets that mined the first bitcoin – and thus needs only to move some of those coins to settle the matter.

Hence, the "alert" read:

CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter.

These scams are common – and lucrative.

"The trick is easy and constantly used by many scams – all Chinese crypto media circulate the breaking news via picture as above in WeChat instead of a news link. So anybody can just use the same theme template and photoshop one," said Dovey Wan, founding partner at Primitive Ventures.

Coinbull responded on WeChat with its own announcement, writing:

Coinbull announcement: regarding recent malicious photoshopped image to impersonate Coinbull to spread rumors.

Recently, we have received feedback from users that certain people had maliciously sent out photoshopped Coinbull news alert to spread rumors about Binance and CSW which had bad consequences. We remind our users again not to trust any rumors and not to spread any rumors. Thank you for your support.”

BSV hit a $193.07 seven-day high on the rumor and is leveling out at about $180 as of this writing.

Image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Coinbase Pares Back Hiring Plans Amid Weak Earnings, Poor Market Condition

The exchange previously planned to hire as many as 2,000 employees earlier this year.

The exchange previously planned to hire as many as 2,000 employees earlier this year.

2
Bitcoin Mining Appears to Have Survived Ban in China

From September 2021 to January this year, China's contribution to the bitcoin mining network was second only to that of the U.S.

From September 2021 to January this year, China's contribution to the bitcoin mining network was second only to that of the U.S.

3
BitMEX Starts Spot Exchange on Eve of Co-Founder Hayes' Sentencing

BitMEX co-founders Arthur Hayes and Ben Delo will be sentenced for violation of the Bank Secrecy Act on Friday.

BitMEX co-founders Arthur Hayes and Ben Delo will be sentenced for violation of the Bank Secrecy Act on Friday.

4
Terra’s LUNA Gains, Then Slides, After Do Kwon's Fork Proposal

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.