nChain CEO Departs Accusing Dr. Craig Wright of Fraud

Christen Ager-Hanssen, the Group CEO of blockchain technology company nChain, has announced his resignation, effective immediately. Ager-Hanssen took to social media on September 30, 2023, to detail the reasons behind his departure, highlighting a series of serious concerns he reported to the nChain board. Among these, he alleged a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder and raised concerns about the ultimate beneficiary shareholder and the real individuals behind DW Discovery fund registered in Cayman. The former CEO also mentioned that the chairman had been taking instructions from shadow directors, which he found unacceptable.

Evidence against Dr. Craig Wright

A notable part of Ager-Hanssen’s revelation was his assertion that he had discovered compelling evidence against Dr. Craig Wright, a controversial figure in the blockchain community who claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Ager-Hanssen stated that the evidence he found suggests Wright manipulated documents to deceive courts about his identity as Satoshi. This led Ager-Hanssen to believe that Wright is not Satoshi and is likely to lose his ongoing legal battles. He expressed regret for not having recognized these issues earlier, referring to Wright as “#Faketoshi” in his tweets.

Reactions from the Crypto Community

Ager-Hanssen’s disclosure generated a significant reaction from the cryptocurrency community. Several individuals, including Ray Youssef and Rahul Sood, supported his decision to come forward with the information. Others inquired about his past support for Wright and what changed his perspective. Ager-Hanssen acknowledged that he was misled into believing that Wright was part of the group that created Bitcoin.

A Look Back at Algorand

Some commentators also touched on Ager-Hanssen’s past involvement with Algorand, suggesting that he should have stayed with the project, regarded by some as superior blockchain technology. Ager-Hanssen admitted his mistake and expressed openness to exploring scalable technologies moving forward. The discussions also delved into the broader implications of the former CEO’s allegations on the Bitcoin SV (BSV) community, which largely rallied around Wright’s claims in the past.

Future Endeavors

Although the immediate future remains uncertain for Ager-Hanssen, he expressed gratitude for the support received and hinted at his willingness to explore other opportunities in the blockchain space. The narrative underscores a significant event in the ongoing saga surrounding the true identity of Satoshi Nakamoto and adds another layer to the controversies enveloping nChain and Dr. Craig Wright.

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Trading Titan Robinhood Rolls Out Crypto Wallet Beta Program

American financial services giant Robinhood is rolling out the beta version of its crypto wallets program after months of anticipation.

According to a new blog post, the company will hand out crypto wallets to the 1,000 customers who were on top of the program’s waitlist for testing and safety checks.

Robinhood says that by March, the number will be increased to 10,000 before the wallets are eventually distributed to every person on the waiting list.

Participants will be responsible for testing out the core features of the wallet, including potential updates as well as its safety features. The beta version of the wallet will allow users to send and receive crypto assets from Robinhood to external crypto wallets, connecting holders of digital assets on the popular trading app to blockchain projects for the first time ever.

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product…

Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically.”

Beta testers will have a daily limit of $2,999 in total withdrawals and will be limited to just 10 transactions per day.

Robinhood first announced the crypto wallets projects last September. Currently, the trading giant supports trading for seven digital assets: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).

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Little forkers: BCH and BSV get crushed by Bitcoin price in 2021

Bitcoin (BTC) looks set to beat its forked versions Bitcoin Cash (BCH) and Bitcoin SV (BSV) in terms of price-performance in 2021, market data shows.

Notably, BTC’s year-to-date (YTD) returns sat near 60% at press time as its price wobbled near $47,500. In comparison, BCH rallied a little over 26% to $435.50, while the BSV price plunged over 25% to $122.30 in the same period.

But the biggest takeaway remained the performance of Bitcoin Cash and Bitcoin SV against Bitcoin. In detail, the BCH/BTC rate declined over 22.50% YTD to 0.00916. Meanwhile, BSV/BTC dipped by nearly 55% YTD to 0.00258 BTC, signaling capital rotations out of Bitcoin forks.

BCH/BTC and BSV/BTC daily candle price chart. Source: TradingView

Market dominance

Additionally, forked Bitcoin tokens — once counted among the top-ten cryptos by market capitalization — lost their positions to the emerging layer-one blockchain projects.

Notably, the arrival of Solana (SOL), Cardano (ADA), Terra (LUNA), Avalanche (AVAX), and other protocols opened more avenues for crypto traders to park their money.

On the other hand, Bitcoin Cash’s and Bitcoin SV’s main selling point remained claims of greater scalability, which didn’t gain traction with investors as Bitcoin’s transaction fees fell by over 50% this year. 

Performance of top 25 crypto assets as of Dec. 30, 1330 UTC. Source: Messari

That resulted in a decline in the market dominance of both Bitcoin Cash and Bitcoin SV. While the BCH’s share in the entire crypto market slipped to 0.37% from 0.84% at the beginning of this year, the BSV’s market portion also declined to 0.10% from 0.40% in the same period.

Bitcoin, whose market dominance also slipped from 70% to under 40%, performed better than Bitcoin Cash and Bitcoin SV, nonetheless. That is primarily because of its rising adoption among retail and institutional investors as they searched for safe-havens against the central banks’ inflation-friendly loose monetary policies.

Abysmal development data

Bitcoin also excelled over BCH and BSV based on developers’ activity.

Data fetched by CryptoMiso.com showed that Bitcoin approved 2,937 changes suggested by over 100 contributors to its source code this year, the seventh-largest number of commits recorded on GitHub. In comparison, Bitcoin Cash and Bitcoin SV processed 1,099 and 496 commits in the same period.

Bitcoin Cash and Bitcoin SV commits in 2021. Source: CryptoMiso

A higher number of commits shows that more developers want to improve the open-source project in concern. Conversely, a lower count alerts about a slower rate of improvements on the protocol. 

In the end, Bitcoin SV turned out to be the worst-performer than Bitcoin Cash in terms of price-performance, as well as market dominance and developers activity. Investors also kept their distance as the Bitcoin SV network suffered three 51% attacks and its co-founder Craig Wright remained embroiled in a lawsuit, as Cointelegraph covered earlier.

Now, BSV price may face more losses ahead should it break below a long-withstanding support level near $121.50, as shown in the chart below.

BSV/USD weekly price chart. Source: TradingView

Conversely, a pullback from the $121.50-support could have the BSV price test its 50-week exponential moving average (currently near $167) as the next upside target.

Related: Top crypto winners and losers of 2021

Likewise, the BCH price’s latest decline has brought it near its multi-year ascending trendline support. Therefore, a pullback from the said level could have the Bitcoin Cash token eye approximately $600 as its next upside target, as shown via Fibonacci levels below.

BCH/USD weekly price chart. Source: TradingView

Otherwise, breaking below the long-term support level risks puts the BCH price en route to near $195, a level with a history of sending prices higher.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.