Fraud Warning: The Fake ‘Bitcoin Genesis’ Chain Fission and Coin Claim

A scam article posted on Medium in early February attempts to trick Bitcoin users into sending money and even their BSV wallet seed phrases. While the scam may be obvious to most, it is an important reminder to always be vigilant online and educate the less experienced.

The scam article was posted on Medium on February 7, 2020 by an account called “@Bitcoin_SV”, a few days after the hard fork that activated Bitcoin v1.0.0 or “Genesis”. It claims Bitcoin owners could “split” BCH and BSV coins in order to get their money back, as well as a fictional new coin called “Bitcoin Genesis (BSG)” with a return address and an online wallet maker called “mybsvwallet”. Needless to say, any coins or seed phrases sent to these will result in money being lost.

Let’s be clear from the start: the page we are referring to here IS A SCAM and the posting account is obviously fake. We won’t be linking to it here as we don’t want to expand its reach. However, if you come across it in any other way, DO NOT FOLLOW HIS INSTRUCTIONS, DO NOT SEND COINS TO HIS ADDRESS, OR CLICK ON ANY OF THE LINKS. And above all: NEVER ENTER YOUR WALLET SEED PHRASE ON AN UNKNOWN WEBSITE. This article is for information and research purposes only and is a warning to be aware of similar crimes.

There is no such thing as a “Bitcoin Genesis (BSG)” coin. The hard fork that activated Genesis on Bitcoin (BSV) on February 4, 2020 was not controversial and did not result in an ongoing coin split. Anyone holding or using Bitcoin at the time of activation did not need to take any action, no matter which wallet or exchange they were using.

A quick check of the Bitcoin address from the scam article shows that it has not received any coins (at the time of going to press) and does not hold any funds. This is a bit encouraging as the post is a month old – although scammers sometimes send money to their own addresses to create the appearance that others are sending money there.

There are also many Bitcoin scams going on in 2020

It is sad that we still have to issue such a warning in 2020. For experienced bitcoiners, the site is obviously suspect. The information makes little sense to anyone following Bitcoin news, and there are several reasonable reasons not to take it seriously (ex.

However, you may still know some people whose level of experience is not high enough to realize this, or a scam can surprise you in a moment of distraction. There is also some “real” information in the offensive post to make it appear real. Additionally, on coin splits and (some) hard forks, real information from new or anonymous accounts may appear online with instructions to be followed. The attention surrounding the very real bitcoin hard forks and chain splits in 2017 and 2018 has led some to believe that every hard fork leads to new coins and free money.

Scammers can also use fake social media accounts to “reassure” doubters that the site is real or create confusion by pretending to be skeptical and saying, “I’ll just send you a few dollars to test what.” Do I have to lose? ”Don’t let that fool you, even if 1,000 people send a dollar, it’ll be worth it for the cheater.

The Medium account that posted the scam has only one post and no useful information on their profile page. There’s also a Twitter account of the same name created in May 2019 that also has a line item (and is followed by at least two recognizable members of the BSV community), but we’re not sure the media and Twitter -Accounts are connected.

For its part, Medium does not make it easy to report posts that violate its rules, at least directly from the offending site. The medium’s reporting procedure can be accessed via the help pages.

Bitcoin inventor Dr. Craig Wright has pointed in speeches and articles to a day when stolen bitcoins could be voided (“turned into lead”) and possibly returned to their rightful owners through legal process. However, at this stage this process is untested and would likely be expensive and tedious for the victim. It is much better to understand that (a) there is still no shortage of attempted scams and (b) Bitcoin life will be a lot easier for you when you can avoid falling for them instead of grappling with the consequences.

For real information on Bitcoin BSV, see BitcoinSV.com (for users), BitcoinSV.io and the Bitcoin Wiki (for developers) and of course CoinGeek.

New to Bitcoin? Check out CoinGeek’s Bitcoin For Beginners section, the ultimate resource guide, to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.

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