Bitcoin Developer Declares Hard Fork 'Bomb'...Controversy Over Seizing Satoshi's Holdings

▲ Bitcoin, Satoshi(?)/ChatGPT generated image

Paul Stork, a Bitcoin (BTC) developer, will launch a hard fork called eCash in August, which will redistribute the holdings owned by Satoshi Nakamoto.

The cryptocurrency specialized YouTube channel Coin Bureau reported in a video uploaded on May 2 (local time) that Bitcoin developer Paul Stork unveiled plans to launch eCash at the Bitcoin 2026 conference in Las Vegas. This fork, occurring at block 964,000, will allocate new coins to Bitcoin holders at a 1:1 ratio. Stork chose to build his own chain after his sidechain-related proposal, BIP 300, was rejected.

eCash will reallocate 500,000 BTC from the holdings presumed to be in Satoshi Nakamoto's wallet to developers and investors. While figures like Peter McCormack criticized this action, Stork emphasized that these are rules for a separate network that do not affect Bitcoin on the existing chain. The reallocated assets will be used as initial operating funds for the eCash ecosystem.

This network is based on Drivechain technology and operates seven sidechains, including Photon, which defends against quantum computer attacks. The necessity for quantum-resistant chains was raised after Google Quantum AI's latest report indicated a reduction in the computational power required to decrypt Bitcoin. Stork designed a structure that minimizes modifications to the existing Bitcoin software while expanding its functionality.

Users should be aware of the potential for asset loss due to replay attacks during a hard fork. The U.S. Internal Revenue Service (IRS) taxes assets received from a hard fork as ordinary income based on their fair market value at the time of receipt. Regardless of whether eCash is listed on exchanges, receiving coins into a personal wallet may trigger tax reporting obligations.

The launch of eCash is expected to be a case study for confirming Bitcoin governance's decision-making structure and the direction of technological innovation. Bitcoin's market capitalization is approximately $1.55 trillion, with an individual price of around $77,000. Investors should check their wallet management methods and exchange support before the August activation block.

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