Dispute between HitBTC and Bitcoin Private developers pressures BCTP down
|- BCTP has lost over 45% of its value on a week.
- HitBTC and Bitcoin Private team play blame game.
Bitcoin Private, a privacy coin that came to life through a fork on Bitcoin bitcoin protocol, has lost over and over 45% of its value on a week-on-week basis. The coin seems to have fallen victim to a scandal between Bitcoin Private developers and cryptocurrency exchange HitBTC.
The exchange delisted BCTP and requested the team of the project to compensate them 58M coins lost in the course of the coinburn procedure.
"The decision to disintegrate Bitcoin Private (BTCP) coin from HitBTC platform was made after we’ve determined project’s incapability to protect its blockchain users and partners from the consequences of the arguable Coin Burn decision,” HitBTC wrote in a blog post on March 9.
However, Bitcoin Private Developers have another version of the story. They consider the claims invalid and request HitBTC to withdraw the compensation requests. They prepared an extensive letter with a detailed timeline of the event to prove their point of view.
Moreover, they stated that HitBTC intentionally misinformed its users, which led to losses.
"When HitBTC knowingly misrepresented that it would not support the BTCP fork to the public— specifically, those members of the public whom expressed direct interest in the status of HitBTC’s support of the BTCP fork, as well those currently active Users/customers of HitBTC— it engaged in quintessential conduct falling under the criminal purview of fraud,” they wrote in the letter.
While it is not clear, who will have the upper hand in this dispute, BCTP is losing ground rapidly. The coin has recovered from Sunday’s low of $0.6152 to change hands at $0.7215. It takes 197 place in a global rating of digital assets.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.