Bitcoin Gold Price Continues Dropping; Gets Delisted From Bittrex
The hard forked protocol Bitcoin Gold (BTG) recently faced a 51% attack which caused major exchange Bittrex to lose 12,372 BTG coins. The coin is down 30% in the last month, and about 95% from its all-time high.
This is just the latest in a series of unfortunate events for Bitcoin Gold. Since the platform launched, it has seemed to face unending issues. The first of these being the contentious announcements by the development team asking people to pre-mine before launch. Then there were third-party wallets which stole user’s keys.
All of this has led to BTG’s horrendous price performance in the crypto markets since launch.
Resistance to Hacks
When the project forked, it was to use Equihash, a consensus algorithm. This would make it ASIC resistant meaning that chances of a hack were minimal.
But, as now realized, the platform wasn’t so ASIC resistant after a 51% attack. This led to many exchanges experiencing losses totaling 388,000 BTG. Bittrex lost about 12,372 BTG coins—worth $18M at the time of the hack.
It was not only Bittrex, as other exchanges such as Binance, Bitfinex, Hitbtc, Bitinka, and Bithumb also lost funds.
After the hack, the BTG organization reported that Bittrex had asked the development team for reimbursement. The team declined and it seems to be the reason Bittrex has decided to delist the coin.
A statement posted by Bitcoin Gold read:
“We regret to inform our community that the crypto exchange Bittrex has decided to de-list BTG after we declined to pay them 12,372 BTG to remain listed. 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.”
The de-listing is set to take place in mid-September. BTG prices are not expected to rebound before then, and the lost volume and damage to its reputation could see prices drop even further.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology