Crypt Currency bitcoin gold is removed from the Bittrex stock exchange after a dispute over hack.

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Cybersecurity remains one thing, for all companies that are active. Young companies that have just started operating in the field of cryptographic currency are having an extra hard time. That’s what we’re seeing today. Bitcoin gold, which is a popular hard fork of the bitcoin, gets itself from the crypto exchange Bittrex.

The reason for the decision is a series of robberies in which more than twenty million dollars of bitcoin gold has been stolen. Hackers managed to capture 388,000 BTG in May. At the time, these crypto coins had a combined value of 18 million dollars, but in the meantime their value has increased considerably.

Double-spending

In May, hackers were able to use double-spending, a method in which a stock exchange is misled into transferring more virtual coins than was actually intended. In this way, hackers were able to capture 18 million dollars of cryptic currency on the stock exchanges. It is unclear exactly how much was stolen via Bittrex, but according to bitcoin gold a compensation of more than 12,000 BTG has been requested.

That would have a total value of $265,000. But the team behind bitcoin gold explains in an extensive statement that it does not like this. Bittrex would have asked the BTG team to cover part of the losses due to the hack. This would amount to more than 6,000 BTG, while the other half was covered by Bittrex itself. However, the bitcoin gold team refused to do so because it is not responsible for security policy within private entities such as Bittrex. Because the team behind bitcoin gold refuses to pay, Bittrex has decided to remove the cryptographic currency from its platform.

What the impact of this will be on the viability of bitcoin is still to be seen. However, it is already clear that the crypto currency is less popular than ever. Last year it was the fifth most popular cryptic currency, but it is now ranked 29th on the CoinMarketCap list.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.