Crypto exchange Bittrex will delist Bitcoin Gold, a hard fork of Bitcoin, by September 14 following an $18 million hack of the BTG network in May, The Next Web reported September 3.
Founded in 2007, the hard fork cryptocurrency Bitcoin Gold has suffered a "Double-spending" hacking attack that reportedly allowed the unknown hijackers to take control of more than 51 percent of the BTG hashrate.
The attack, which reportedly started on May 18, 2018, has managed to amass more than $18 million in Bitcoin Gold from various exchanges, including Bittrex.
Following the hack, the Bitcoin Gold team explained that the attacker was deploying the combination of a 51 percent and double-spend attack in order to defraud crypto exchanges.
Specifically, the attacker was making large BTG deposits on exchanges, at the same time sending the same funds to his own crypto wallet.
According to the recent report, Bittrex has not specified the amounts of losses the cryptocurrency exchange has suffered as a result of the BTG attack.
The major crypto exchange has reportedly requested more than 12,000 BTG as a compensation from Bitcoin Gold.
"While Bittrex has blamed BTG's Proof-of-Work consensus as a factor that led to the double-spending attack, Bitcoin Gold claimed that their team"is not responsible for security policy within private entities like Bittrex," adding that the exchanges "must manage the related risks and are ultimately responsible for their own security.
The $18 million hack is not the first successful attack associated with the Bitcoin Gold cryptocurrency.
In late 2017, a fake BTG wallet stole private keys worth $3.3 million in crypto.
Bittrex to Delist Bitcoin Gold by Mid-September, Following $18 Million Hack of BTG in May
Veröffentlicht auf Sep 4, 2018
by Cointele | Veröffentlicht auf Coinage
Erwähnt in diesem Artikel
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.