Coinbase and Bittrex spoke about Bitcoin Gold

Two popular cryptocurrency related companies voiced their positions on upcoming Bitcoin hardfork; continue reading to learn more
22 October 2017   896

Coinbase and the Bittrex exchange statements that speak about their positions on upcoming Bitcoin Gold hardfork.

The Bitcoin Gold development team is headed by the CEO of LightningASIC (Hong Kong mining firm) Jack Liao, and it is expected that the separation of BTG from the original bitcoin chain will occur on October 25. However, as said in the Coinbase' statement, privat fork has already occurred, while only the Bitcoin Gold team knows when exactly this happened.

The California company emphasizes that in the first place are the interests of customers and the safety of their funds.

At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.
 

Coinbase statement

The company also says that its priority at the moment is the addition of support for Segwit2x. At the same time, it will continue to monitor the developments around Bitcoin Gold, and if this chain turns out to be safe and valuable, the company may reconsider its decision in the future.

As for the coins that will appear as a result of the hardfork, Coinbase, as well as the GDAX exchange in its structure, all of them will be saved, but users will be able to access them only if appropriate support is added.

What about Bittrex?

In the meantime, the Bittrex administration also made a statement regarding Bitcoin Gold, while it was more stringent.

At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market.
Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch publicly at a later undetermined date and time (the only guidance is the statement "after the launch on Nov 1").
 

Bittrex statement

Also, Bittrex stressed out that at the moment, Bitcoin Gold doesn't have:

  • Fully formed consensus code
  • Implemented replay protection
  • Adequate code for testing and auditing
  • Publicly known code developers

Thus, the exchange notes, Bitcoin Gold does not meet the established safety criteria, while the removal of a copy of the users' balances at the time of the fork requires more than 24 hours of preparation and implies a stoppage of deposits and withdrawal of funds. The last will be done on Tuesday, October 24 at 10:00 UTC, however, trading on the exchange will continue in normal mode.

Bittrex also plans to "take all reasonable steps" to accrue users of the BTG coin, but until it is a fully supported wallet, it can not guarantee this.

Afterwards, Bittrex released new statement update, were it says that users who have BTC on their balances will receive an equivalent number of BTG coins in a 1: 1 ratio as of 10:00 UTC on October 24 (block 491,407).

Coinbase Confirmed Multiple Charge Issue

Some users were charged for up to x17; Coinbase reports these charges "are in the process of being refunded"
16 February 2018   45

After numerous complaints from users of Reddit, the popular platform for buying Crypto-currency Coinbase confirmed the presence of a bug in the system, because of which the payment for the same purchases was written off several times, in some cases up to 17 times.

We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded. We are running joint investigations with all parties involved, and will provide updates as we receive them.
We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases.
 

Coinbase Team

This is what affecte users say:

So coinbase hacked?

i noticed double charges posts but 17x what the fuck....2x is a CB mistake, 17x is a hack...

only thing that makes sense... calling bank.. and making a CB ticket...
 

thepokernit on Reddit

The company does not specify exactly what the bug was caused, but reports that it is solving the problem, and asks users to report all the unplanned charges in the discussion at Reddit.