Saturday, November 2, 2024
HomeComputer SecurityBittrex Cryptocurrency Exchange Delist the Bitcoin Gold After They Declined to Pay...

Bittrex Cryptocurrency Exchange Delist the Bitcoin Gold After They Declined to Pay 12,372 BTG for Cyber Attack

Published on

Malware protection

Worlds thirteenth largest cryptocurrency exchange Bittrex has decided to delist the Bitcoin Gold(BTG) from this blockchain after they Bitcoin Gold declined to pay 12,372 BTG.

Bitcoin Gold is one the leading cryptocurrency with $374,203,766 USD market cap (50,768 BTC) and its holding rank 29.

May 19th, Malicious hackers attempting a largest double-spend attack on Bittrex and few cryptocurrency exchanges and stolen the Bitcoin Gold, using rented power from NiceHash to perform 51% attacks.

- Advertisement - SIEM as a Service

The result causes an amount of approximately $18.6 million USD worth of Bitcoin Gold was transferred to an attackers cryptocurrency exchange.

In this case, Bittrex informed to Bitcoin Gold to paying 12,372 BTG to cover the loss they incurred and later they said, “We would cover part of the loss from their own BTG reserves and requested BTG pay the remaining ~6000 BTG” If not them Bitcoin Gold would be delisted From Bittrex Exchange.

51% double-spend attack has always been a known high risk in the blockchain world, In this case, Attack is not because of any fault or flaw in the BTG blockchain or code and the Bitcoin Gold using the same code as the bitcoin code.

So Bitcoin Gold said, The Bitcoin Gold team is not responsible for security policy within private entities like Bitrex; those who earn revenue running a private business must manage the related risks and are ultimately responsible for their own security.

Also Bitcoin Gold also provides the following extensive measures to defend Bittrex.

  • gave Bittrex the attacker’s wallet address
  • advised they raise their confirmation requirements to give them adequate time to respond
  • advised them to flag and review any unusually large deposits
  • Bitcoin Gold even warned them of the onset of the actual attack which victimized them.

Bittrex was the victim of the last and largest BTG double-spend the attackers performed. The attackers deposited 12,371 BTG from the wallet we previously identified.

Even after all this performance, finally, Bittrex decided to delist the Bitcoin Gold . also Bitcoin Gold Said, All our exchange partners can rest assured we will continue to work to assist them whenever possible, and that we will continue to work towards improvements which will increase safety in the crypto space.

Balaji
Balaji
BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.

Latest articles

LightSpy iOS Malware Enhanced with 28 New Destructive Plugins

The LightSpy threat actor exploited publicly available vulnerabilities and jailbreak kits to compromise iOS...

ATPC Cyber Forum to Focus on Next Generation Cybersecurity and Artificial Intelligence Issues

White House National Cyber Director, CEOs, Key Financial Services Companies, Congressional and Executive Branch...

New PySilon RAT Abusing Discord Platform to Maintain Persistence

Cybersecurity experts have identified a new Remote Access Trojan (RAT) named PySilon. This Trojan...

Konni APT Hackers Attacking Organizations with New Spear-Phishing Tactics

The notorious Konni Advanced Persistent Threat (APT) group has intensified its cyber assault on...

Free Webinar

Protect Websites & APIs from Malware Attack

Malware targeting customer-facing websites and API applications poses significant risks, including compliance violations, defacements, and even blacklisting.

Join us for an insightful webinar featuring Vivek Gopalan, VP of Products at Indusface, as he shares effective strategies for safeguarding websites and APIs against malware.

Discussion points

Scan DOM, internal links, and JavaScript libraries for hidden malware.
Detect website defacements in real time.
Protect your brand by monitoring for potential blacklisting.
Prevent malware from infiltrating your server and cloud infrastructure.

More like this

18 Individuals Charged for Widespread Manipulation Cryptocurrency Markets

18 individuals and entities have been charged with widespread fraud and manipulation within the...

FBI Warns that North Korean Hackers Aggressively Attacking Employees of Crypto Companies

The FBI has issued a stark warning to cryptocurrency companies, highlighting increased sophisticated cyberattacks...

Critical Atlassian Vulnerability Exploited To Connect Servers In Mining Networks

Hackers usually shift their attention towards Atlassian due to flaws in its software, especially...