Changpeng Zhao Advises Against Investments In Bitcoin SV Due To Craig “Satoshi” Wright Being A Fraud

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Changpeng Zhao took to Twitter to indirectly advise his followers against investing in Bitcoin SV or any other scheme from the self-acclaimed inventor of Bitcoin, Dr.Craig Wright.
  • The cryptocurrency exchange gained fame for adopting a trans-mining model but paused all buys, sells, and withdrawals while revealing a shortage in assets worth $130 million.

CEO of cryptocurrency giant Binance, Changpeng Zhao took to Twitter to indirectly advise his followers against investing in Bitcoin SV or any other scheme from the self-acclaimed inventor of Bitcoin, Dr.Craig Wright. Zhao calls Wright a fraud and tells his followers that any form of investment into a fraud would never end well.

Zhao used one of his previous calls in 2018 on the fraudulent Fcoin, which recently admitted insolvency. The cryptocurrency exchange gained fame for adopting a trans-mining model but paused all buys, sells, and withdrawals while revealing a shortage in assets worth $130 million.

Zhao had predicted that Fcoin was a pyramid scheme back in mid-2018, claiming that he suspected something fishy when Fcoin founder Zhang Jian called his exchange a “better invention than Bitcoin”.

This seemed like the first indication of a scam to Zhao when he called out the company for being a pyramid scheme on Chinese social media websites.

Now Zhao sees something similar happening with all the developments around Craig Wright, who has been seen by many as a compulsive liar who keeps claiming himself to be the inventor of Bitcoin, Satoshi Nakamoto.

Although Wright has failed to provide valid proof in court repeatedly, over time, he has gathered a significant fan following having convinced a number of prominent members of the Bitcoin community that he really is Nakamoto including one of Bitcoin’s earliest lead developers Gavin Andresen.

Bitcoin SV, a hard fork of Bitcoin Cash has been seeing large gains recently, preforming exceptionally in the market as court proceedings in the Wright-Kleiman case saw major developments.

Wright was asked to transfer 50% of his Bitcoin holdings that he had mined on the first few blocks of the chain, which is known to have been mined by the anonymous Satoshi Nakamoto.

If Wright managed to prove ownership of the first Bitcoin ever mined and made the transfer to the late Kleiman’s estate, this would send ripples through the cryptocurrency world as it might prove him to be Satoshi truly.

During this period of development, Bitcoin SV saw massive jumps in price as the public got excited at the potential of right being Satoshi. With the cryptocurrency even briefly becoming the 4th largest cryptocurrency by market cap.

But the hype soon dropped as time passed and Wright was unable to show any proof in the court of the Bitcoin. Wright is also doubted by many as simply being a con man, trying to take credit for one of the largest innovations in currencies the world has ever seen.

Wright has, time and time again, failed to present valid proof of him being Satoshi and has only been able to make repeated “claims” of his identity. Such behavior has seemed dubious to many, and it seems apparent as to why industry giants like Changpeng Zhao advise against investments on Wright or into BSV.

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