HitBTC explains Bitcoin Private (BTCP) delisting

29 Mar, 2019
by David Robb
HitBTC explains Bitcoin Private (BTCP) delisting

Crypto exchange HitBTC has published a blogpost explaining its motivation behind delisting Bitcoin Private (BTCP). The BTCP team had previously accused the exchange of fraud, for removing the crypto from its platform without providing a valid reason.

According to HitBTC, security concerns were what led to Bitcoin Private being delisted. It claims that the BTCP team had not been able to comply with the exchange's strict requirements, which are in place to protect investor funds.

The blogpost states that "BTCP developers did not provide us with either the code or the documentation for P2SH-P2WPKH transaction cryptography used in their blockchain. They proposed a solution where we would use BTCP wallet and import BTC private keys into it...we will not compromise the integrity of private keys in our top-tier custody and it is prohibited by our internal security policies to derive and export private keys from HDKey....The BTCP developers created custodial risk and ecosystem instability for us, its partner exchange. This led us to make the decision to stop deposits and trading of the asset."

Read more: Bitcoin Private send HitBTC legal letter after "unjustifiable" delistingRumors continue to swirl about HitBTC insolvency as withdrawal issues continue

These issues came about in the wake of a coin burn that was carried out by the Bitcoin Private team. It has previously claimed that HitBTC only alerted developers at a very late stage about security issues, and that warnings had been issued. 

One of the least popular Bitcoin hardforks, BTCP is currently ranked 389th, with a market cap of $6.3 million. Its price has plummeted over the course of this month, since the initial delisting back in February.

Read more: A deep dive into Bitcoin's scarcity: Less than 0.6 BTC available per userBitcoin vs. The Stock Market: Which has better returns?

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