BTCP Team Accuses HitBTC of Fraud

Bitcoin Private team consider delisting unfair; long-lasting drama is almost a thriller with coin burnings, $500k listing fee and "special blocks"
11 March 2019   629

The developers of the privacy-oriented fork of the first cryptocurrency Bitcoin Private (BTCP) sent a request letter to HitBTC due to delisting, which they consider unfair.

The letter said that in May 2018, the project team paid $ 500,000 for listing on HitBTC in Bitcoin equivalent. At the same time, representatives of the platform received a copy of white paper, which described the mechanism of burning coins, which had to be used in the future.

Last December, analysts at Coinmetrics discovered that during the hard fork “special blocks” were issued with 400 additional outputs. In general, another 2.04 million coins were created on top of a limited emission of 21 million. Hidden addresses and the zk-SNARK technology made it possible to hide this fact, and the sale of coins could bring a dishonest developer up to $ 3 million.

After conducting their own investigation, the Bitcoin Private developers suggested destroying all the coins at the protected addresses using hard forks. Note that the team offered the community a more radical solution - the destruction of all BTCP coins that never moved - more than 12 million.

Users and BTCP-supported exchanges had to withdraw coins to new wallets before the #480000 block, so as not to lose them. Nevertheless, HitBTC allegedly did not take the necessary measures and lost 58.92 thousand coins during the burning.

Our team reached out to BTCP developers team with a request to help moving BTCP coins from a wallet that would not be safeguarded from a coin burn, however they could not provide us a reliable secure instrument to move the funds from the segwit addresses before the hard fork, which resulted in them burning a part of the funds still remaining in our custody. Never in the history of our platform our users have lost the funds kept in our custody and this is the practice we don’t ever want to disrupt.

HitBTC Team

It is noteworthy that in a tweet dated February 11, HitBTC noted that burning coins would not affect platform users, since their wallets were created after BTCP hard forks. The project developers called this statement nonsense.

As a result, representatives of Bitcoin Private appealed to HitBTC with a request to stop demanding compensation, since the exchange allegedly has no right to do so. In addition, the developers stressed that BTCP holders can file a class action lawsuit against the platform.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   1224

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.