Bitcoin Gold [BTG] will be removed from Bittrex, refuses to repay stolen coins from the BTG chain


Recently, Bittrex, an exchange of cryptocurrencies based in the United States, called for Bitcoin Gold [BTG] a digital currency distributed to pay $ 12,372,000 in BTG following a double attack on spending on the BTG chain 39; internal exchange platform. Bitcoin Gold has decided not to adhere to the request and, consequently, will be removed from Bittrex starting from September 14th.

According to Bittrex, the delisting would include all Bitcoin Gold pairings including BTC / BTG, ETH / BTG and USDT / BTG. In an official statement released on their website, Bitcoin Gold said:

"We regret to inform our community that the encrypted exchange of Bittrex has decided to de-list BTG after we have refused to pay 12,372 BTG to remain listed . " [19659004] The 51% attack in question was made on the Bitcoin Gold network on 19 May when hackers were able to take control of over 51% of the total hash power by effectively stealing 388,000 BTG [about $18 million] from the Bittrex platform. This method of attack constantly involves deceiving an exchange in transferring more digital money than required.

Bittrex claims to have already paid part of the lost currency from its BTG reserves and asked Bitcoin Gold to pay for the rest of the digital currency lost for a total of about 6000 BTG.

However, Bitcoin Gold in their statement informed the cryptocurrency community that the reason the digital currency platform did not make the payment is due to the fact that they do not have revenue streams. Since BTG is a non-profit organization, all BTG mining prizes go only to miners and about half of their endowment fund is locked in time for future use. Bitcoin Gold said:

"We offered a BTG endowment loan to help Bittrex solve short-term liquidity problems, but they refused and insisted on a payment."

Bitcoin Gold also claims that their team is not responsible for existing security policies in private organizations like Bittrex as these same organizations that have to manage the risks that appear on their platforms. Bitcoin Gold believes that ultimate responsibility and security should ultimately be taken by private companies like Bittrex.

Bitcoin in their final statement said:

"We believe it is clear that we have made every reasonable effort to try to help ensure Bittrex security against this threat.All our exchange partners can rest assured that we will continue to work for assist them when possible, and that we will continue to work on improvements that will increase security in cryptographic space. "

It is said that the delisting does not affect the Bitcoin Gold ecosystem significantly since Bittrex has never been Bitcoin's main liquidity provider Gold in terms of volume, in the last two months. Current dominant exchanges of Bitcoin Gold include Bithumb, HitBTC, Bitfinex, Binance and Bitinka.

A Redditor named T3mpt3mp commented:

"With $ 1 billion from the ICO scam, there's no" attempt "… I do not understand how anyone could give them some Of loosening when they literally earned $ 1B and everything is, it's a centralized database … Literally A bogus database. "

Another Redditor named GrimmReaperBG added:

" When a coin is permanently eliminated from exchanges like Bittrex and Cryptopia, then you know for sure it's a real panacea. "

AXTurbo, another Reddit user said:

" More shitty coins can get what the coins – rekt deserve. "

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  Shahrain KM

Shahrain KM is a writer at AMB Crypto. Her curiosity for the technology Blockchain and Cryptocurrencies has led her to become part of AMB Crypto's news reporting team. It currently has no value in any cryptocurrency.

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