Bittrex exchange has decided to withdraw Bitcoin Gold after the developers of this cryptocurrency refused to pay compensation in the amount of 12 372 BTG for the right to stay in the listing.
The team Bitcoin Gold circulated over the weekend, noting that this amount (approximately $263 000 at the current exchange rate) had to cover the losses Bittrex after the may attack 51% of the BTG network.
Our community asked us to comment on Bittrex”s action regarding BTG. You can read our full response here: https://t.co/UZWaIFRwHb
— Bitcoin Gold [BTG] (@bitcoingold) 3 September 2018
On the website Bittrex says that the suspension of trading and delisting of BTG will be held on September 14.
Attack 51% on Bitcoin Gold first became known on may 18, when the communications Director of the project Edward spark has warned that a malicious miner exploits a vulnerability with the purpose of stealing funds from cryptocurrency exchanges.
The exact amount of funds stolen in the attack, a team of the Bitcoin Gold named and has not been, but may was said about the approximately $18 million Among the victims were exchanges including Bittrex, and according to various sources, since then, she has made Bitcoin Gold compensation for their losses.
Thus, as follows from the statement Gold Bitcoin, Bittrex has offered a compromise in which it covers the costs from its own reserves BTG, and the remaining amount (about 6000 BTG) offered to pay for the project. In case of disagreement BTG threatened delisting, which was done after the Bitcoin Gold requirements Bittrex did not agree.
As stated by representatives of the project, for a profitable exchange, it may be a small amount, but for him it would be a sensitive loss.
Bitcoin Gold laments the fact that the project has made numerous attempts to provide assistance Bittrex, noting that they all remained futile despite the fact that the threat of a repeated attack is no more.
In addition, the statement of the Bitcoin Gold said that the attack 51% attack re-spending has always been known risk of the block chain running on an algorithm Proof-of-Work, and that the may incident was not the result of any flaw in the Protocol BTG, which is actually a copy of the bitcoin Protocol. As noted, a successful attack was made possible after the attackers had rented a considerable computing power on the NiceHash service.
Additionally, the team Bitcoin Gold says that the decision Bittrex to remove the BTG auction is unlikely to have a major impact on the ecosystem of cryptocurrency, as among the leading liquidity providers in any case, she was not included.
According to CoinMarketCap, the volume of trading BTG for the last day amounted to $9,322 million, of which the largest part falls on the couple BTG/BTC on HitBTC ($2 million) and BTG/KRW ($1.48 million) on Bithumb. Trading volumes in the pair BTG/BTC on Bittrex for the same period amounted to slightly less than $250 000.
At the moment Bitcoin Gold with a market capitalization of $366,8 million is to CoinMarketCap 29th place.
We will remind that in July of Bitcoin Gold, was held hardwork, in which it has been translated into modified algorithm Equihash-BTG, not supported by classic ASIC-miners.
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