The Bittrex cryptocurrency exchange platform has notified that it will remove Bitcoin Gold (BTG) from its list of cryptos as of September 14th, in a controversial decision that includes accusations from the startup of causing problems due to 51% attacks and loss of funds. Under these arguments, Bittrex requested compensation of about 6,000 BTG, or about $128,400, which the Bitcoin Gold team refused to pay so that Bittrex would delist the token.
Bitcoin Gold (BTG) team stated the Bittrex decision is not affecting them
Although Bitcoin Gold (BTG) regretted Bittrex’s decision, it made it clear that the impact that this elimination from the exchange platform will have on its ecosystem “will not be substantial as Bittrex has not been a superior liquidity provider for BTG in recent months.” The crypto’s team highlighted that its main exchanges remain HitBTC, Bithumbumb, Binance, Bitinka, and Bitfinex.
“Bittrex markets represent a small fraction of our volume at this time. Bittrex announced this decision today based on a double-spending attack on May 19th, despite all our efforts to help them, and even though the danger has passed,” stated the Bitcoin Gold (BTG) team.
A cyber attack on Bitcoin Gold (BTG) caused losses of $20 million on Bittrex cryptocurrency exchange
The constant attacks on BTG’s PoW and blockchain have resulted in more than $20 million in theft, which is why Bittrex would have made this decision.
In May this year Bitcoin Gold (BTG) was attacked with rented computing power from NiceHash in which those involved managed to steal around $20 million, so Bittrex temporarily suspended payments with Bitcoin Gold (BTG).
While Bittrex cryptocurrency exchange demanded BTG team to pay some compensations, the devs behind Bitcoin Gold (BTG) refused to pay the money, forcing Bittrex to decide to delist this cryptocurrency. On the other hand, Bitcoin Gold (BTG) team stated it doesn’t feel responsible for the cyber attack in question.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.