Million of Crypto-currency stolen, reputation on stake

This is the moment when crypto-currency is booming like anything. There are unfortunate incidents happening. Hackers and scammers seeking an opportunity to get their hands on people’s money. The biggest scam cost millions of dollars worth of cryptocurrency. The exact amount is not confirmed. The estimated losses are between $1 million to $3.5 million. The crypto-currency stolen could be worth way more than the estimation.

This is all related to Bitcoin Gold. BTG development team is facing all the heat. As per their official statement on this incident, they are maintaining Bitcoingold.org website for informational purposes only. This project is an open source project, hence anyone can post their content or code. However, the so-called developer “John Dass” was working with the Bitcoin Gold core team members earlier, now unreachable.

In the official Bitcoin Gold Slack channel, “John Dass” was tagged as a developer who has developed the Bitcoin Gold wallet. Bitcoin Gold team is claiming that they work hard to fairly promote all third-party developer in the community. Once they receive any verified complaint or problem with any App and website, they quickly remove it from their site.

In this case, Bitcoin Gold wallet’s code was published in the Github repository and this week it was removed immediately. The suspicious code was injected in the wallet when wallet’s listing was completed on BTG official website. The code was added on 12th of November.

A number of victims decided to sue Bitcoin Gold. On the other hand, Bitcoin Gold developers are taking FBI’s help to identify the person(s) responsibly. They are trying to involve law enforcement as well.

Bitcoin Gold Scam

Many members of the crypto community are claiming that the whole Bitcoin Gold project is a scam. BTG was launched with the reserved fund for their development team in the multi-sig time-locked wallet. Total 60% of the fund will be unlocked over the period of 3 years. The remaining 40% are kept in the multi-sig wallet that requires the signatures of 4 out of 6 core team members in order to unlock it.

A new malware is reportedly injected in the BTG’s windows wallet today. BTG team is working on it as well.

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