BIP-110 Fork Price Stutters as ‘High-Risk’ Exchange Warnings Spread
According to a slew of reports, the failed BIP-110 forked asset from the August chain split is now seeing a market price. The newly launched cryptocurrency was listed on an exchange called Neoxa Exchange and started trading for around $80 per coin under the ticker BTCB2. However, a Reddit user claims that the trading platform Neoxa is not trustworthy, and even a public service announcement from a pro BIP-110 website says the application is “a high-risk, unverified custodial exchange.”
Key Takeaways
- BTCB2 had a pretty wild run, moving from around $80 to a $176 ask, with Neoxa Exchange’s thin order books making the price swings even sharper.
- BTCB2/USDC volume on Neoxa Exchange reached roughly $94,100, although some users have been questioning how much trust to put in the platform and its pricing.
- BitcoinBIP110.org cautioned against giving too much attention to Neoxa Exchange’s BTCB2 prices, warning that doing so could amplify potentially unreliable market signals.
BTCB2 Hits the Market With a So-Called $80 Price Tag
Bitcoin.com News recently reported on the minority forked blockchain that split away from Bitcoin during the first week of August and how it changed its proof-of-work to be compatible with Blake2b. Yesterday, crypto proponents on X started to post on how BTCB2 was recently listed on a relatively unknown exchange and was trading for roughly $80 per coin. For the sake of safety and security, we will not be linking the exchange rate URL in this editorial.
At some points, BTCB2 was exchanging hands for $100, but many pointed to the fact that the market is extremely illiquid and volatile. “Umm. Yeah. $82 isn’t a price. It’s a bid on a 130% spread, on a beta exchange, for a minority BLAKE2b fork listed as BTCB2. A single book nobody uses for BTC is not a valuation,” one person wrote in response to a BTCB2 price post.
Thin Books, Wide Spreads, and Exchange Warnings Cloud BTCB2’s Market Price
At press time, around 11:30 a.m. EDT on Wednesday, Sept. 2, BTCB2 traded against USDC shows an ask of $130 per coin. Yet, the book looks like a poker game table with a few players who are not even playing the game. Over the last hour, the ask and bids have not moved at all. That market has seen around $94,100 in 24-hour trading volume. The BTCB2/BTC market has reportedly logged $19,300 in trades.
Following the listing, complaints found on social media regarding deposits sent to Neoxa Exchange started to pop up. On Reddit, in the subreddit r/cryptocurrency, one Redditor called the trading platform a “scam.” “Wanted to warn everyone before anyone else loses money here,” the user wrote. The subreddit’s users, however, were not so supportive and mocked the user for even using the exchange.
“Lmao. You tried to buy that crap token and got burned by also using some random obscure website. Great job,” one Redditor replied to the original poster. Since the Reddit post was submitted, a Neoxa Exchange associate claimed in a Knots Discord server that the trading platform had not heard from the user who had issues.
Warnings Mount: BIP-110 Website Sounds the Alarm Over Neoxa Exchange
Alongside this, the website bitcoinbip110.org published a public service announcement concerning the Neoxa exchange. “BitcoinBIP110.org strongly recommends that users exercise caution when dealing with Neoxa Exchange,” the website details. The site provides other example reports from web portals like X and a news site.
“Influencers: Please Stop Amplifying the Unverified Exchanges and Unverified Prices Related To Bitcoin BIP110,” the PSA adds.
Bitcoin.com News has witnessed some of these claims on X as well, and a report from Grok also verifies that the trading platform has a “high-risk designation.” The veracity of the claims cannot be confirmed, but warnings have amplified a great deal since BTCB2 started gathering a market price. By 12:30 p.m. EDT on Sept. 2, BTCB2’s price changed and was standing at around $176 (asking price) against the stablecoin USDC.
According to other reports on the social media platform, a screenshot of a person associated with Neoxa Exchange, named Andy, on the Knots Discord server says Neoxa may delist BTCB2. “Hey guys, after all the hate we got from you guys, I will rather delist the coin. There be lots of time to withdraw your coins,” Andy wrote on the server with poor spelling and grammar.
The Neoxa associate also denied the veracity of the Reddit story being shared widely, and further noted that the exchange has not seen a support ticket.
The Neoxa rep said:
“The person who allegedly lost $500 worth of bitcoin, please open a ticket, we would love to help if that’s true.”
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