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Crypto Exchange Bittrex Delists Bitcoin Gold (BTG) over Refusal to Pay

Crypto Exchange Bittrex Delists Bitcoin Gold (BTG) over Refusal to Pay

Reading Time: 2 minutes by on September 4, 2018 Bitcoin, Blockchain, Exchange, Regulation

In an official announcement made by Bitcoin Gold (BTG) on September 1, 2018, the cryptocurrency is set to be delisted from Seattle-based crypto exchange Bittrex. This comes as a result of a refusal to pay 12,372 BTG to Bittrex to remain listed on the exchange.

BTG Ecosystem Unscathed 

Per a tweet posted on their official Twitter account, Bitcoin Gold substantiated on the reason why Bittrex decided to delist the crypto token. The firm explains that its decision to decline payment of 12,372 BTG, roughly $262,907 at the time of writing, prompted the exchange platform to remove pairings of BTC-BTG, ETH-BTG, and USDT-BTG, effective from September 14, 2018.

In their official post, bitcoin gold commented on the whole ordeal stating that being delisted from Bittrex will not impact the BTG ecosystem “substantially.”

The company stated that in recent months, Bittrex has not been a top liquidity provider compared to major crypto exchanges like Binance, Bitfinex, and Bithumb, among others.

To provide background, Bittrex suffered a malicious double-spend attack back in May 2018. The attack was carried out through rented power from NiceHash by a number of fraudulent parties using the 51 percent hack process. The incident is said to be the biggest ever BTG double-spend attacks and put Bittrex under considerable distress and scrutiny.

As a result, Bittrex demanded bitcoin gold team to pay a total of 12,372 BTG in order to make up for the loss suffered. Even after lowering the demand to 6,000 BTG, bitcoin gold team refused to pay the amount, saying that the planned attack had nothing to do with their blockchain or code. The team made it clear that it’s not their responsibility for any breach of security within the exchange.

The BTG team pointed out that while an amount of 6000 BTG might not be a difference maker for a profitable exchange, it is a significant amount for the non-profit organization as it would mean liquidating the said amount from their endowment fund.

Network Upgrade to Prevent Future Attacks

BTCManager reported on June 6, 2018, that bitcoin gold is set to implement a new proof-of-work algorithm which will prevent future 51 percent attacks.

In their post, Bitcoin Gold added that the risk of another such attack had been mitigated after their successful network upgrades on July 3, 2018.

As of reporting time, bitcoin gold currently trades at $21.23 per token, with a total market cap of approximately $365 million.

Bittrex is yet to respond to BTG’s official post.

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