Bittrex to Delist BTG

Bittrex to Delist BTG Over 51% Attack

On the previous nine months, BMI has reported about the many misfortunes the project Bitcoin Gold (BTG) has experienced. The forked protocol has been mired with controversy and issues since the day the project was declared will soon be delisted from the exchange Bittrex. The Seattle-based trading platform claims that they lost over 12,000 BTG during the system’s 51% attack, and the company had requested the BTG development group to compensate them for the loss.

In BMI we have reported on Bitcoin Gold (BTG), a fork of Bitcoin Core (BTC) numerous times, since the project has always been the center of several controversies. The project was first declared as a BTC fork which would attempt to become ‘ASIC immune’ by utilizing a consensus algorithm called Equihash. Unfortunately for the group, the project was plagued with constant issues and contentious announcements like the development team opting to maintain a pre-mine before launching. Then there were third-party wallets that supposedly stole people’s secrets, and naturally, that the cryptocurrency’s horrendous market performance since BTG started trading. Then, this past May it had been discovered that Bitcoin Gold wasn’t so ASIC resistant as the system was manipulated in a 51% attack.

Of course, the development group vowed to fork the money so that it might alter the consensus algorithm to be’ASIC resistant’ and also the protocol has been altered, but exchanges had dropped a lot of money because of this 51% attack. Quite a few exchanges including Binance, Bitinka, Bitfinex, Bittrex, Bithumb, and Hitbtc lost funds along with the hack resulted in a entire loss of around 388,000 BTC or $18M USD at the time of the hack. Bittrex lost approximately 12,372 BTG and asked the BTG development team to compensate the firm for the losses, according to the BTG company.

“We regret to inform our community that the crypto exchange Bittrex has made a decision to de-list BTG later we failed to pay them 12,372 BTG to remain listed,” clarifies the BTG team. “Bittrex informed us that they make this choice since the BTG team wouldn’t”take responsibility for our series,” and taking responsibility intended paying Bittrex 12,372 BTG to cover the loss they lacked.”

They later informed us they would cover part of the loss from their own BTG reserves and requested we pay the remaining ~6000 BTG, and that if we did not, we would be delisted. 

BTG 51% Attack Begs the Question — Is a Network That Claims to be ‘ASIC Resistant’ Responsible for Exchange Hacks?

As stated by the BTG programmers, they failed to take that the 6,000 BTG deal and will nevertheless be delisted in the Seattle-based exchange. The BTG team rather explains how they aided Bittrex along with other trading platforms once the assault had happened the best they can. BTG programmers detail that they required”every reasonable measure to attempt and make sure Bittrex’s security against this danger.” In addition, the BTG firm states that additional exchange owners may be certain in the long run they’ll be of aid.

With cryptocurrencies which have really little to no hash power-backed safety, exchanges have a significant risk by listing specific digital resources, as BTG isn’t the only cryptocurrency network that is endured from a 51% attack. On the other hand, the BTG team originally claimed the network could be’ASIC immune’, a promise they couldn’t fulfil.

 

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