Bitcoin Gold Removed from Bittrex

Bitcoin Gold Removed from Bittrex

This occurred after BTG refused to pay 12,372 BTG ($265,000) compensation for the May hack where 388,000 BTG was stolen

Bittrex has delisted Bitcoin Gold (BTG) from its trading platform.

The funds were embezzled from various exchanges such as Binance, Bitfinex, Bithumb, and Bittrex; user wallets were left untouched. BTG explained that the hack was caused by both double-spend attack and a 51% attack.

In a span of three and a half days, attackers were able to overpower the BTG network through the use of rented computing power. This allowed them to steal an estimated 388,000 of the coin ($18 million). They then deposited the funds in different exchanges.

The series of attacks flow from depositing the stolen BTG, converting it into another cryptocurrency, transferring it into a new account in a different platform, and reversing the primary BTG deposit which resulted in double-spend. This occurred a number of times from May 18 until May 22.

Due to this Bittrex fined Bitcoin Gold. However, the team refused to pay saying, 'The Bitcoin Gold team is not responsible for security policy within private entities like Bittrex'

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