Bittrex delists Bitcoin Gold after 18 Million dollar hack

Kim Dotcom

Cryptocurrency Exchange Bittrex announced that it will delist Bitcoin Gold (BTG) from its Exchange, following several successful attacks in the past that targeted the Bitcoin Gold Network.

Bitcoin Gold is a popular target for 51% attacks, where hackers gain control over the overall hash power. The cryptocurrency exchange Bittrex was the target for the biggest 51% attack, with hackers stealing 388.000 units of Bitcoin Gold in May 2018. However, several attacks have occurred in the past.

The Bitcoin Gold team responded in a statement, claiming that Bittrex demanded 12.372 BTG to compensation in order to continue being listed on the Exchange:

Bittrex informed us that they make this decision because the BTG team would not “take responsibility for our chain,” and that taking responsibility meant paying Bittrex 12.372 BTG to cover the loss they incurred. They later informed us they would cover part of the loss from their own BTG reserves and requested we pay the remaining ~6,000 BTG, and that if we did not, we would be delisted.

According to the team behind Bitcoin Gold, the risk of new attacks is very low after the Network Hard Fork on July 3rd. And since Bittrex was only responsible for a small part of the overall trading volume in BTG, the impact will be reduced on the trading volume according to the BTG developers.

Bitcoin Gold: Shitcoin or Legit Hard Fork?

Bitcoin Gold was released in October of 2017 by a Hard Fork, splitting from the Bitcoin Blockchain. The original intend of Bitcoin Gold was to restore the mining functionality with common Graphics Processing Units (GPU), found in a regular computers. With Bitcoin Gold, everyone should be able to mine and earn money through mining units of Bitcoin Gold.

This was particularly important since the increasing competition in the mining process for Bitcoin, with big mining pools earning more and more mining power by concentrating resources, would not make it possible anymore for the regular person to mine Bitcoin.

Currently, the price for 1 Unit of Bitcoin Gold is being negotiated at 21,52 $US, 1% from yesterday. With a market capitalization of 370 Million $US, Bitcoin Gold occupies number 29 in the rank of the biggest cryptocurrencies.

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