Digital currency direction company BitGo has told users to move or catechumen funds they hold in altcoin Bitcoin SV (BSV) due to a compatibility problem.

In a weblog postal service on Dec. 18, BitGo said BSV's upcoming difficult fork, known as Genesis, contained a protocol alter which would mean its wallets will be unable to receive transactions.

BitGo warns of BSV "deprecation"

The hard fork is set up to occur in February 2022. After that time, BitGo users will only be able to spend remaining BSV tokens, not accept incoming transactions.

Describing the upshot as "deprecation," the company advised users to move their BSV to another wallet — or sell it altogether and convert information technology to Bitcoin (BTC). The post summarized:

"Clients volition demand to take ane of two actions before February 4:

  1. Contact BitGo via sales@bitgo.com to convert your BSV holdings to Bitcoin

  2. Move BSV funds to an external wallet

If you continue holding BSV in your BitGo wallet after February 4th, y'all will only be able to sweep the wallet and most functionality will exist disabled."

Grim fortunes for altcoin

The issue with BSV stems from Genesis removing back up for wallets that use a specific protocol known every bit Pay-to-Script-Hash (P2SH). BitGo uses P2SH-based multi-signature, or MultiSig, addresses, meaning the upgrade volition instantly paralyze its entire client base.

BSV continues to face controversy equally its price tumbles and its major proponent, Craig Wright, faces an ongoing multibillion-dollar legal battle.

Launched in Dec 2022, the token saw an all-time high of simply nether $240 in June this yr. Since then, it has shed more than than 66%, and currently trades at around $80.