ElectronGold caught in the fraud

Users complain about suspicious activity
24 November 2017   1260

With each passing day more and more reports are coming in that ElectronGold steals private keys of registered users. ElectronGold claims to be a website which helps people to get their Bitcoin Gold but it looks more like a fraud than a legal operation.

The problem is that not all exchanges carry on business in BTG and there are not so many digital wallets that support Bitcoin Gold. That’s why users register at ElectronGold in trying to get their money. But the source code of the website is alarming. It seems like the webpage was created only for dirty tricks and not for straight dealing.

ElectronGold purports to be a filiation of larger Electrum but developers of the second one swear that they have no connection with such a fraud. They reported that someone allegedly modified the code without their consent.

It remains in question, if developer’s statements are honest or not but it is highly recommended not to use ElectronGold until the situation becomes a little clearer.

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Bitcoin Gold Hardfork to be Implemented

Modified Equihash-BTG algorithm was launched on block 536200
05 July 2018   423

On block 536200 Bitcoin Gold network was transferred to the modified Equihash-BTG algorithm, not supported by classic ASIC-miners. This is the developers of crypto-currencies reported in the official blog.

Thus, the project promotes one of its main ideas, which consists in avoiding ASIC-mining.

According to the developers, the new algorithm includes personalization, which makes it difficult to redirect the power of mining through the markets of hashing capacities, which guarantees greater network security.

Also in the course of the hack, an improved difficulty adjustment algorithm (LWMA) was added, which will allow BTG to work faster, providing a more stable flow of blocks.

We thank them all for their hard work in recent days getting ready for this upgrade… and for dealing graciously with the few snags and hurdles that will inevitably come after an important Upgrade like this.

We know that this milestone isn’t an endpoint… it’s just a waypoint we pass along the way to better things. First, we’ll make sure everything continues to function as expected, and we’ll help the inevitable stragglers get on board with the new code… and then we have a whole bunch of new things we’re looking forward to sharing with the Community!

The Bitcoin Gold Organization

In early June, the Bitcoin Gold team said that updating the network will make the cryptocurrency less vulnerable to various hacker attacks. In May, an unknown miner, through a "51% attack" on the BTG network, stole about 388,000 coins from the exchanges.