Controversial altcoin Bitcoin SV (BSV) has crashed 17% overnight after its main proponent failed to prove he has access to $9 billion in Bitcoin (BTC).

Information from Coin360 and Cointelegraph Markets confirmed a difficult 24 hours for BSV holders, who saw huge gains over the by week as Craig Wright's court example delivered fresh revelations.

Wright show "did not include" BTC keys

Later Wright had promised to testify he was the controller of funds linked to Bitcoin creator Satoshi Nakamoto, BSV — the hard fork of BTC he claims is the "real" Bitcoin — shot up to all-time highs of $436.

In the event, Wright disappointed. After what he described equally a "bonded courier" delivered evidence in the multimillion-dollar legal boxing to confirm his identity, Wright's lawyer subsequently confirmed it contained no individual key information at all.

"The file that he's received did not include private keys," Andres Rivero told cryptocurrency news outlet Decrypt on January. 18.

Bitcoin SV 7-day price chart.

Bitcoin SV 7-day toll chart. Source: Coin360

Even before the information went public, BSV began descending from its highs to hit press-fourth dimension levels of $262 — 40% beneath its Jan. 15 meridian.

Bitcoin Cash reclaims market cap

While BTC has sustained higher levels in contempo days and weeks, BSV's fortunes now appear inextricably tied to developments with Wright.

As Cointelegraph reported, the events triggered derision among online commentators, with memes involving false BTC transactions circulating on social media.

BSV has now lost the position of fourth-largest cryptocurrency by market cap, which it briefly took from fellow hard fork, Bitcoin Cash (BCH). By contrast, over the by 24 hours, BCH/USD gained vii%.

In the summit 20, only Nuance (DASH) matched BSV for losses, shedding fifteen% after likewise experiencing sudden gains in January.