Author: Jagdish Kumar, India
With growing increase of attacks on Bitcoin Gold (BTG), India one of the largest cryptocurrency exchange, Koinex has ended support to Bitcoin Gold on its exchange.
The company in the tweet said, “Bitcoin Gold wallet will not be available on Koinex after 8:00 PM, June 1st so users should withdraw their BTG balances before this time.’
However, the exchange did not give any reason for this or what made them take such a decision as not much time was given to users to withdraw the coins.
It is believed that BTG has become very risk for trading as there is an increase of 51% of hcking attempt on BTG.
A hacking attack on Bitcoin Gold reported last month shows that a so-called 51% attack, a menacing scenario for any cryptocurrency, is no longer just a theoretical risk. In that attack an estimated $18 million worth of Bitcoin Gold was stolen from multiple exchanges.
A 51% attack happens when hackers gain control of more than half of the mining power on a cryptocurrency network, allowing them to tamper with the blockchain ledger where transactions are recorded.
This is not the first case of such attack, Bitcoin Gold has been suffering from double spending attack for the past few days back, so some traders who don’t use Koinex initially got the impression that company is ending its support in response to the recent attack.
According to the Anti-Phishing Working Group, since 2017 cyber attackers have managed to steal $1.2 billion in cryptocurrencies from exchanges, Initial Coin Offerings (ICOs), wallets, and more.
However, BTG team has communicated that in the next software upgrade, it is going to implement a new Proof-of-Work (PoW) consensus algorithm.
We’re also working hard on many fronts to improve security, both now and in the future. We’ve developed monitoring systems for our blockchain and our mining network, and have established channels to rapidly communicate risks to Exchanges, BTG said in a statement.
BTG was trading down by 2.96% at $44.30 on CoinMarketCap as on 6 June 2018.