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.


Latest articles

Singapore Police Arrested Two Individuals Involved in Hacking Android Devices

The Singapore Police Force (SPF) has arrested two men, aged 26 and 47, for...

CISA Conducts First-Ever Tabletop Exercise Focused on AI Cyber Incident Response

On June 13, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) made history by...

Europol Taken Down 13 Websites Linked to Terrorist Operations

Europol and law enforcement agencies from ten countries have taken down 13 websites linked...

New ARM ‘TIKTAG’ Attack Impacts Google Chrome, Linux Systems

Memory corruption lets attackers hijack control flow, execute code, elevate privileges, and leak data.ARM's...

Operation Celestial Force Employing Android And Windows Malware To Attack Indian Users

A Pakistani threat actor group, Cosmic Leopard, has been conducting a multi-year cyber espionage...

Hunt3r Kill3rs Group claims they Infiltrated Schneider Electric Systems in Germany

The notorious cybercriminal group Hunt3r Kill3rs has claimed responsibility for infiltrating Schneider Electric's systems...

Hackers Employing New Techniques To Attack Docker API

Attackers behind Spinning YARN launched a new cryptojacking campaign targeting publicly exposed Docker Engine...
BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.

Free Webinar

API Vulnerability Scanning

71% of the internet traffic comes from APIs so APIs have become soft targets for hackers.Securing APIs is a simple workflow provided you find API specific vulnerabilities and protect them.In the upcoming webinar, join Vivek Gopalan, VP of Products at Indusface as he takes you through the fundamentals of API vulnerability scanning..
Key takeaways include:

  • Scan API endpoints for OWASP API Top 10 vulnerabilities
  • Perform API penetration testing for business logic vulnerabilities
  • Prioritize the most critical vulnerabilities with AcuRisQ
  • Workflow automation for this entire process

Related Articles