A report from a group of cryptanalysts from Coinmetrics shows that 2 million Bitcoin Private tokens were secretly issued and transferred to the HTCP shielded pool. The Bitcoin Private team not only increased the number of coins stated in the official whitepaper, but was also able to earn good money.
Bitcoin Private was the first hard fork based on the merger of two blockchains, Bitcoin (BTC) and ZClassic, a privacy-focused cryptocurrency that was itself a fork of Zcash.
Bitcoin Private merged two existing sets unreleased transactions of the UTXO blockchain in one chain. This increased the actual BTCP supply limit to 23.04 million, rather than the 21 million stated in the whitepaper. Further, Coinmetrics specialists were able to track the sending of unaccounted assets to protected addresses on April 29, and since July 11, about 300 thousand BTCP were released onto the market. Considering the market rate of coins, the sale of the unaccounted asset brought from $1 to $3 million. According to the report, the remaining 1.74 million BTCP remained untouched.
After the publication of the report, the fact that 2 million Bitcoin Private mysteriously materialized out of thin air seriously worried the community and was reflected in the BTCP rate, which plunged by almost a quarter. Many have already called Bitcoin Private a scam and the developers scammers.
However, the Bitcoin Private team hastened to blame one of the developers for what happened, who gained access to Github and wrote code with a vulnerability in advance.
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