Cryptocurrency Exchange

After Getting Delisted Bitcoin Private (BTCP) Team Accuses Crypto Exchange HitBTC

Bitcoin Private (BTCP) designers have suspected crypto exchange HitBTC of acting in a deceitful method related to the delisting from HitBTC succeeding a coin burn.

On behalf of the BTCP community, The charges are depicted in a letter written by the Petros Law Group to HitBTCon February 26 representing developers and donors.

As per the document, BTCP evolved out of a fork from ZClassic (ZCL) and Bitcoin (BTC).  in its whitepaper, it was mentioned that a future coin burn is most likely to take place which will burn all coins that were not moved or claimed since the fork. A day after the launch, it was reported that the BTCP team was charged a listing fee of half a million dollars in Bitcoin.

The document has screenshots of old tweets by HitBTC explaining to users that as the BTCP addresses were developed after the fork, the coin burn would not have any effect on the users.

One day prior to the coin burn, i.e., February 15, HitBTC had reportedly sent quite a few emails to BTCP asking them to help safeguard users’ assets. This eventually turned into a proposal for 58,920 BTCP compensation owing to the losses. 

As the document showed that BTCP addresses were developed after the fork and users would not be affected, there were grim chances that the exchange would have been concerned about the safety of user assets. Instead, the document alleges that HitBTC secretly kept 58,920 BTCP in a BTCP Segwit wallet.

HitBTC issues an announcement on March 9 saying that the BTCP team was unable to safely move the users’ assets prior to the burn, however, that the exchange had made all related compensations.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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