Binance announced on Tuesday (18) the suspension of withdrawals and deposits of the altcoin Super Bitcoin (SBTC), a Bitcoin fork created in 2017 that failed and may even be dead. According to the broker’s support note, the interruption occurred because “SBTC transactions are not being transmitted on the network”.
“Binance will suspend deposits and withdrawals to SBTC until the network becomes stable. No other advertisements will be published. We apologize for any inconvenience,” the company wrote.
THE alert doesn’t give more details, but the project’s website — superbtc.org — is down and the two accounts that Super BTC has on social networks, Twitter and Medium, haven’t published anything for at least four years. The link that gives access to the white paper, mandatory on Coinmarketcap when being listed on the platform, is also no longer active.
Super Bitcoin price
The altcoin was worth over $300 at its peak in mid-December 2017. In January 2018, SBTC dropped to around $100. In September of the same year, it plummeted to $20; today, it’s worth just $0.80.
Fork do Bitcoin
Some SBTC details are still available on the internet, such as the fork that took place at the time of Bitcoin block 498888 in December 2017, as shown by a reportage of Bitcoin.com at the time.
The altcoin was then pre-mined with 210,000 units out of the predicted 21,210,000 SBTCs. According to the website, the capacity of 8 megabytes per block, smart contracts and a network supposedly like the Lightning Network were foreseen.
Another point is that behind the Super Bitcoin project is one of the pioneers of cryptocurrencies in China, Li Xiaolai, who at the time was featured on several news sites, both for creating projects and for controversies.
On Medium, for example, a post from January 2018 suggested that Super Bitcoin would fare better than Bitcoin Core. “Satoshi Nakamoto’s Bitcoin code is complicated and confusing. For the first time ever, the SBTC team has restructured the Bitcoin code!” he said the project team.
Regarding Li’s name controversy, one of the cases was about a project called PressOne. Through it, Li received $550 million in three days without releasing a white paper.
According to Bitcoin.com, PressOne was described as a scam by Chinese media after Li was unable to proceed with the project due to repression by Chinese authorities. He just apologized to investors and the case ended up falling into oblivion.
The project’s website — Press.one — then became rumsystem.net. A survey carried out on Who.is links the domain to another blockchain mining project called Rum System — Quorum; the locality, Reykjavik, Capital of Iceland.
Still on Li Xiaolai, the Coindesk reported at the time that the entrepreneur was a seller and English teacher until he met Bitcoin in 2011, when he started mining and investing in cryptocurrency. In 2014, the site wrote, he would have more than 100,000 bitcoins, making him one of the biggest investors at the time.