Wednesday, June 19, 2024

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

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.

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.

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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.

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