Bitcoin Private (BTCP) is one of the most popular privacy-centric cryptocurrencies in the space. The team behind it has sent a legal letter to the cryptocurrency exchange HitBTC after being delisted from the trading platform.
The information was released by Bitcoin Private in an announcement made on Saturday.
BTCP Delisted From HitBTC
In the letter sent to the crypto exchange HitBTC; the Bitcoin private team explains that they have paid a listing fee of $500,000 to be paid in Bitcoin. However, in December 2018, an in-depth analysis performed by the blockchain analytical firm CoinMetrics showed that there were approximately 2 million BTCP coins that were covertly mined.
In order to solve this issue, the BTCP community accepted to perform a coin burn and remove the coins from circulation. Users and exchanges had to move their coins to a new wallet before block 480,000. If they did not perform this action, the tokens would be immediately removed from circulation.
Due to the fact that HitBTC did not perform the requested action to safeguard the funds it had and the funds from its users, they lost 59,920 BTCP holdings. Due to this situation, the exchange demanded BTCP to compensate the company for losing these coins.
They explain that the reason they were not able to protect their coins is the fault of BTCP and its team. After this, the exchange delisted BTCP from its platform.
According to HitBTC, they reached BTCP developers out to solve this situation and to move BTCP coins from a wallet that would not be affected. However, they say that the team behind this virtual currency couldn’t provide a reliable and secure instrument to move the funds before the hard fork. This is why some of their funds have been already burnt.
According to Bitcoin Private, the decision that HitBTC took is questionable and unjustifiable.
Dear #BTCP community – please read the legal letter below, that uncovers @hitbtc and their questionable, unjustifiable reasoning behind the removal of Bitcoin Private from their exchange. https://t.co/Bp4Yjqp4Ez
— Bitcoin Private [BTCP] (@bitcoinprivate) March 9, 2019
The BTCP team is currently requesting HitBTC to release a public statement explaining to the public and the users of the platform the whole situation experienced by the exchange and why they are delisting BTCP from their exchange.
BTCP was created back in 2018 after a hard fork between Bitcoin (BTC) and ZClassic (ZCL). The main intention was to add privacy features to Bitcoin due to the lack of fungibility that the virtual currency has.
At the time of writing, BCP is the 198th largest digital asset in the market with a price of $0.717. It also has a market capitalization of $14.8 million. Back in 2018, BTCP received support from John McAfee.