BTCP Explained the Hidden Mining of Coins Worth $3.5 million
CoinMetrics conducted an investigation and determined that someone on the Bitcoin Private (BTCP) network had hiddenly mined coins worth $3.5 million. Representatives of the cryptocurrency confirmed these allegations. Allegedly, only one developer is to blame.
A crypto research company, CoinMetrics, analyzed the Bitcoin Private blockchain, a cryptocurrency that emerged from the Zclassic and Bitcoin hybrid fork. It found out that during the cryptocurrency creation, someone secretly mined over 2 million BTCP, which is worth about $3.5 million at current prices. These coins ended up in the wallet of one developer. And 300,000 BTCP or about $534,000 have already gone through crypto exchanges.
BTCP representatives conducted an audit and determined the CoinMetrics investigation was “mathematically accurate”. According to them, the developer under the nickname airk42 is to blame. Allegedly, he participated in the BTCP bounty program and helped with a specific “issue”. At the same time, he put a bug in the code, which allowed him to secretly get 2 million coins.
The Bitcoin Private team claims to have noticed the “bug” only after an investigation by CoinMetrics. Now representatives have asked the exchange to suspend all trading in cryptocurrency, as well as deposit and withdrawal of coins. The team will also ask trading platforms to reveal the identity of the owner of the “bad coins”. After all, according to them, anyone could be this developer.
Moreover, to solve the issue, the developers of BTCP are going to conduct a hard fork, which will destroy hidden coins.