Posted on

Bittrex Waves Goodbye To Bitcoin Gold (BTG) After $18M Hack

The entirety of the cryptocurrency industry has indisputably had a dismal year, with prices collapsing by upwards of 70% across the board. But Bitcoin Gold (BTG) may take the cake when it comes to a cryptocurrency that has suffered the most in 2018.

From day 1, Bitcoin Gold’s ethos was to be ASIC resistant, with the team behind the project widely touting this Bitcoin fork as a “cryptocurrency that you can mine with a graphics card (GPU).” But in May, the fImage result for bitcoin goldork’s blockchain fell under a 51% attack, with malicious actors renting out thousands of dollars of ASICs to take control of the network for personal gain.

While in control of the network, the hackers reportedly sent over 388,000 BTG ($18 million at the time of the hack) worth of double-spent transactions to a variety of exchanges, which allowed the attackers to swindle the same amount (388,000 BTG) from an exchange-owned wallet.

It is unclear how many exchanges were hit in this attack, as a good majority of the foremost platforms (Binance, Bittrex, Bitfenix, HitBTC, OKEx etc.) offer support for BTG trading. However, following the attack, Bittrex, a Seattle-based exchange, requested for the Bitcoin Gold team to pay a compensation of over 12,000 BTG ($265,000) for apparent negligence to the rising threat of ASICs.

It is important to note that this is more than a request, as Bittrex is essentially threatening to delist all BTG trading pairs if the sum of 12,000 BTG is not paid by September 14th. In response to the threat, the team behind the project issued a statement in a bid to bring clarity to the situation. They wrote:

Bittrex informed us that they make this decision because the BTG team would not “take responsibility for our chain,” and that taking responsibility meant paying Bittrex 12,372 BTG to cover the loss they incurred. They later informed us they would cover part of the loss from their own BTG reserves and requested we pay the remaining ~6,000 BTG, and that if we did not, we would be delisted.

The team also added that it was not their fault that the Bitcoin Gold network fell under attack by ASICs, as “the Bitcoin Gold team is not responsible for the security policy of Bittrex; those who earn revenue running a private business must manage the related risks and are ultimately responsible for their own security.”

As occurrences like the aforementioned are rare, it is still unclear how exactly this situation should be addressed, but some fear that the “long-term survivability” of Bitcoin Gold could be hampered by Bittrex’s likely delisting. Some beg to differ, however, as Bittrex only accounts for ~$350,000 of BTG’s $10 million trade volume.

Since the hack, Bitcoin Gold team has since sought to restore its ASIC resistance as reported by Ethereum World News in early-July.

Even though moves have been made to restore the ethos of the Bitcoin Gold network, BTG has had a tough year in terms of prices, with the asset falling by over 96% in the span of 8 months. It is still unclear whether the asset will ever recover to its previous all-time highs, as the sentiment surrounding this currency took quite a hit after the hack, but there are some optimists still holding on to fleeting glimmers of hope.

Chart Courtesy of TradingView.com

Photo by Andre Benz on Unsplash
Girl in a jacket

loading…

Posted on

NANO and XVG Lead a Pack of 14 Alt-Coins Rebounding With a Vengeance

The crypto-markets have regained some much needed volumes with the total crypto-market capitalization going back to levels above $200 Billion and currently at $205 Billion. Bitcoin’s (BTC) dominance is still much above half this value and at 53.6%.The King of Crypto is up 4.32% in the last 24 hours and is currently trading at $6,383.

With a stable Bitcoin above levels of $6,000, comes the resurgence of Alt-coins in the markets that has been led by a pack of 14 coins and tokens showing impressive gains. A better visual of the situation can be found below:

14 Alt-coins showing impressive gains in an unsure market recovery. Source, Coinmarketcap.com

NANO and XVG Lead the pack

Further analyzing the list of 14 coins, we find that a few stand out by showcasing impressive gains. NANO has increased in value by over 25% in 24 hours to current levels of $1.11. Verge (XVG) has also increased in value by close to 14% and is currently valued at $0.011884. Basic Attention Token (BAT) also stands out with 14.5% in gains in the last 24 hours. It is currently valued at $0.19866.

Coin Values Still Too Low

However, these prices are still low when we observe that the total market capitalization stood at $255 Billion before the SEC announced they’d be delaying their decision as to whether they will accept the rule change proposed by the CBOE sponsored Bitcoin ETF. Since then, the total crypto market capitalization dropped to its lowest yesterday, August 14th when it was valued momentarily at $189.8 Billion. At that moment, the crypto markets had contracted by 25.5% since the SEC’s announcement to delay the ETF.

This then explains why we are seeing some of our favorite coins doing double digit gains as they try to recover to levels witnessed before the SEC announcement that has been described by some as a small ‘Extinction Level Event’.

Ted Rogers, the president of the cryptocurrency infrastructure firm Xapo, was the first to point this out via twitter when he stated the following:

We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin.

Mr. Rogers’ comments might not go down well with a few alt-coin believes given that the crypto-markets have shown to function using different variables as those seen in traditional markets. A drop by 90% in less than a year could be an indicator of an incoming Bull run.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

loading…

Posted on

Coinbase Custody Service Is Considering Storage for XRP and More Digital Assets

The Coinbase Custody storage service made an announcement on the 3rd of August, that it was exploring a range of new digital assets. They however made it clear that they were not considering the assets for trading. The announcement clearly stated the following:

Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.

The new digital assets being explored are 37 in total and as follows:

  1. Cardano (ADA)
  2. ZCash (ZEC)
  3. Stellar (XLM)
  4. XRP
  5. EOS
  6. Monero (XMR)
  7. VeChain (VEN)
  8. Tezos (XTZ)
  9. Qtum (QTUM)
  10. Bytecoin (BCN)
  11. Bitcoin Gold (BTG)
  12. Decred (DCR)
  13. Bithsares (BTS)
  14. ICON (ICX)
  15. Ontology (ONT)
  16. STEEM
  17. Dogecoin (DOGE)
  18. SiaCoin (SC)
  19. Wanchain (WAN)
  20. Nano (NANO)
  21. Telegram
  22. Filecoin
  23. TaTaTu
  24. Dfinity
  25. Blockstack
  26. Basis
  27. NEO
  28. DASH
  29. NEM (XEM)
  30. TrustToken
  31. Hedera HashGraph
  32. TokenCard
  33. Polkadot
  34. Kik
  35. Props
  36. Origin
  37. Foam

The team at Coinbase Custody went on to explain to their users that they might see public-facing APIs and other signs that indicate they are conducting engineering works to support these new digital assets. This however will not be an indication of 100% commitment of adding the digital assets and they will provide updates to their customers about the process and what to expect via their Twitter page.

Coinbase Custody is a storage service for institutional investors that provides a secure storage for crypto assets for institutions in both the US and Europe. They also hope to expand to Asia by the end of the year.

Coinbase has pioneered digital storage for the last 6 years and has a track record of being in custody of up to $20 Billion in crypto assets. This experience and expertise in the industry will allow the crypto exchange to offer the following additional unique features for its clients:

  • On-chain segregation of crypto assets
  • Split, offline private keys that require a quorum of geographically distributed agents to use cryptographic hardware to sign transactions
  • Multiple layers of security
  • Robust cold storage auditing and reporting

loading…

Get real time updates directly on you device, subscribe now.