When the Bitcoin Cash fork was introduced, not everyone redeemed those coins. One mining group has been able to sweep addresses for unclaimed BCH, currently amassing to over 9,000.
The launch of Bitcoin Cash has been problematic for a wide variety of reasons.
Sweeping Bitcoin Cash Without Permission
Particularly the address format similarities – resolved later on – caused a lot of dismay and confusion.
A lot of users sent coins to the right address, but the funds ended up on the wrong chain.
Coinmetrics data confirms how nearly 9,000 BCH have now been swept by one miner, or a group of miners.
Those 9,000 BCH are worth over $2.7 million at today’s prices.
It is evident that this raises a lot of questions, for many different reasons.
First of all, one has to wonder why no one noticed this behavior over the past two years.
Secondly, there are concerns over how these BCH will be dumped on exchanges fairly soon.
Claiming these coins without permission is another ethical debate.
All of this could have been prevented if the Bitcoin Cash team has created a unique and proper wallet address structure before the fork.
Their laissez-faire attitude has now allowed nearly $3 million in funds to be claimed by someone who never owned the coins in the first place.