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Bittrex Delists Bitcoin Gold for Refusing to Pay Damages

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Bittrex delisted Bitcoin Gold (BTG) from its exchange.

This comes after developers of the digital currency refused to cover the $128,000 in damages incurred by the exchange from continuous attacks.

The BTG team said that their board refused to cover losses caused but the exchange’s own failures.

Bittrex was attacked 51 times in May after malicious parties rented Nicehash’s power to carry out the attacks.

On its part, Bittrex said that the attacks were caused by problems in the coin.

The exchange then asked the BTG team to cover all losses incurred during the attacks. BTG team then offered the exchange a BTG loan to help sort liquidity problems at the exchange which they declined and insisted on being paid.

Effects of Delisting Bitcoin Gold

On delisting Bitcoin Gold, the team has said that the action by Bittrex would not affect them much. The team insisted that the exchange is not one of their best liquidity providers and therefore the actions would not be substantial.

Bitcoin Gold is currently ranked as the 29th most popular digital currency in the crypto world. The coin has a market cap of $371,176,691 and is currently trading at $21.56 which is a 1.35% rise in the last 24 hours. The coin also has a total coin supply of 17,215,286 BTG according to the coinmarketcap.

Attacks on crypto exchanges have been reported on numerous occasions. It’s evident that the crypto market is now the most targeted market by hackers. However, in most occasions attacks occur because of failures caused by the exchanges and not problems associated to the coins like the current case of Bitcoin Gold and Bittrex.

The attacks on exchanges have led to the implementation of Know your customer rule. This rule is meant to reduce the number of anonymous transactions which go through exchanges. This has however gone against the original aim of developing digital currencies which were to have completely anonymous transactions.

 

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