Bitcoin Dark Spikes 277% in Speculated Cyber Scheme
A recent surge in Bitcoin Dark BTCD hits peak values, rising from $20 to $100 within several hours. Currently, the cryptocurrency, that existed since 2014, has corrected down to $80. This major spike in value accounts for an upward rate of 277% within the past twenty four hours. The token’s trading data also shows an increase in circulation, originally averaging at $100,000 per day to now reaching approximately $1 million.
BTCD Transactions Frozen on Exchange Platforms
According to CMC data, Bitcoin Dark is available to trade on two platforms, Trade by Trade and Poloniex and is paired with BTC and XMR representing more than 90% of its trading activity. However, these pairs seem to be temporarily unavailable on the Poloniex network reading notices stating the token is currently experiencing wallet related issues. The notice also reads that as withdrawing and depositing is currently disabled, the exchange is working towards testing possible solutions.
The surging digital currency utilizes BTC’s SHA-256 as well as a hybrid algorithm merging both the PoW and PoS hashing system. Although developers aimed to produce more than 20 million tokens, the project had been abandoned during the start of 2018. Instead, they began producing Komodo KMD, a digital currency trading at just under $2, a value rise of more than 16% within twenty four hours. KMD utilizes a specially developed algorithm called delayed PoW in combination with Zcash’s proof system facilitating completely anonymous crypto transactions.
BTCD Surge Leads to Cyber Scam Speculations
Bitcoin Dark is also exchangeable for Komodo tokens however the BTCD website remains unavailable, with latest reports from Twitter stating the development team has moved to Komodo. Although reasons behind the abandoned cryptocurrency’s recent surge in price is yet to be determined speculations suggest that it may be a result of a cyber scheme.
If this was the case, it may also explain why the Poloniex exchange has frozen all transactions related to BTCD on their platform. The exchange has yet to release any further statements or responses to comment requests. According to CCN, Poloniex was acquired this year from Circle, a Goldman-Sachs digital finance firm. The acquisition totalled to $400 million and stands as the top 30 largest cryptocurrency exchanges ranked by trading volume. The platform traded the crypto equivalent to $35 million within the past twenty four hours alone.