Bitcoin Gold (BTG) will be eliminated from Bittrex after 51% attack | Crypto Gazette – Daily Crypto News, articles and tips


The Bitcoin Gold period on Bittrex is over, but the cryptocurrency does not seem to be too worried about it.

The exchange of cryptocurrencies in the United States canceled BTG after the crypto team refused to pay 12,372 BTGs or $ 265,000 in exchange fees.

The exchange required Bitcoin Gold to pay for its 51% offensive role which in May caused the loss of over 388,000 BTGs.

The attack saw the hackers steal coins for nearly $ 18 million from different bags. Some of the platforms that have lost money include Binance, HitBTC, Bitfinex, Bithumb and Bittrex.

What happened?

In May, hackers used the hash power leased by the mining company's NiceHash miners and used it to attack Bitcoin Gold. Attackers have accumulated over 51% of the hash power of the network before launching the attack using a method called "double spending".

Attackers deposited 12,371 BTGs on the Bittrex bag before doubling them. The exchange believes that it was Bitcoin Gold's fault that led to the withdrawal of coins whose value was not disclosed.

The BTG team issued a statement, revealing that Bittrex claimed 12,372 BTGs as compensation and to show that the currency had assumed responsibility for what happened on the blockchain.

However, the BTG team refused to honor that request. He pushed the Seattle trading platform to issue an ultimatum: the cryptocurrency had to pay 6,000 BTG, or face delisting from the exchange.

"Later they informed us that they would cover part of the losses from their BTG reserves and demand we pay the remaining ~ 6,000 BTG, and if we did not we would be removed from the price list."

According to the statement by Bitcoin Gold, the obligation to pay the stated amount was something that the team could not implement.

The BTG Board of Directors proposed a loan from the endowment fund, but Bittrex rejected this offer. He insisted on getting the payment, something against which the cryptocurrency had decided because of the impact it would have on the money community.

He concluded that he had no power to disburse this disbursement, especially as it would go to a private company to cover "losses resulting from its own security failures".

In addition, Endowment kit funds are intended to support long-term projects on the platform. Using the funds to pay for Bittrex would have gone against the BTG roadmap and whitepaper.

Bitcoin Gold Damage Control

Bitcoin Gold developers claimed to have done everything that had to be done during and after the attack.

Among his responsibilities, the BTG team said, it was included to deliver the address of hacker portfolios to Bittrex. He also provided the necessary advice and issued notices, which he considered was sufficient.

Their statement says:

"We believe it is clear that we have made every reasonable effort to try to ensure Bittrex's security against this threat."

As a non-profit organization, the Bitcoin Gold team challenged the Bittrex's request and concluded that it is not responsible for the security of private exchanges.

He said that as a private company earning revenue, Bittrex has to accept that there are risks and that he should take responsibility for his own safety.

Recognizing that Bittrex actually canceled the list, the BTG team has moved to ensure the other exchange partners that the team will continue to work for a

Several exchanges have effectively reopened the BTG portfolios after the success of the 39, network update at the beginning of July.

Bitcoin Gold may not be impacted by delisting as Bittrex contributed a small fraction of the money's liquidity. However, the general feeling around took a hit after the attack.

Its value has since been tanked, and it will take some effort to bring the coin back to pre-51% attack levels.

BTG has lost over 70 percentage of its value since then and currently trades at $ 21 against the US dollar. It has a market capitalization of $ 371 million and is ranked 29th on CoinMarketCap.

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