Bitcoin Private Team Can Burn 12M Coins

They confirmed that a certain developer actually used a bug in the BTCP protocol and created about 2.03M coins over a fixed emission
25 December 2018   648

After the release of the report from Coinmetrics, the Bitcoin Private team, conducted its own investigation into the incident with a hidden pre mine. They confirmed that a certain developer actually used a bug in the BTCP protocol and created about 2.03 million coins over a fixed emission of 21 million.

Bitcoin Private network involves zero-knowledge proof [zk-SNARK] and there are so-called secure addresses. According to estimates by Coinmetrics, there are about 1.7-1.8 million illegitimate coins at these addresses and only 20,000 have the right to exist.

The developers of Bitcoin Private offered to destroy all the coins at the protected addresses using hard forks, donating 20 thousand to solve the problem. Note that the team offered the community a more radical solution - the destruction of all BTCP coins that never moved - more than 12 million.

So, the first scenario, the developers will begin to implement immediately. They also promised to monitor movements in the network, in order to conduct a preliminary snapshot if necessary, if an attacker tries to transfer funds to unprotected addresses.

At the same time, the team turned to cryptocurrency exchanges with a request to suspend the input / output of BTCP.

Earlier, Coinmetrics published a report titled “Do not trust, verify: Bitcoin Private example”, which states that it was the developers who quietly increased the maximum supply of this coin, violating the provisions of the whitepaper.

Binance Android App to Support CC Payments

Additionally, crypto-fiat exchange Binance Singapore was launched
25 April 2019   67

Binance has updated the application for the Android OS. Now users can buy cryptocurrency using their credit cards.

In particular, the feature of buying Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with your credit card is now available.

At the same time, the launch of the Binance Singapore crypto-fiat exchange took place. So far, only one trading pair is available to users of the site - BTC / SGD, but later in the listing other coins may appear.

Singapore users need not only to create an account, but also to link it to an account in the local Xfers payment service, which provides cryptowallet approved by local regulators.

It is noteworthy that earlier Xfers was a partner of Coinbase, when the latter launched its services in Singapore, but relations between the companies were terminated.