Bitcoin Private Denies Fraud Allegations and Calls for Halt to BTCP Trading

Bitcoin Private has confirmed the allegations made by CoinMetrics, reported by CCN yesterday. Calling them “mathemetically accurate,” the development team says that no one on their team knows where the extra coins wound up. Again, CoinMetrics stated that at least 300,000 of them had already been moved through exchanges.

Due to the low take-up by the Bitcoin community of Bitcoin Private (in which users could essentially have claimed free coins on the BTCP blockchain), this is a significant portion of the overall actual supply of Bitcoin Private, or the supply that is in use.

Bitcoin Private has conducted a full audit of the situation and has determined that the blame is with a single developer. The developer is called airk42. He has not contributed to Bitcoin Private since claiming a bounty and completing an “issue” they had out, which was to tweak the import so that BTCP could “add arbitrary transactions as coinbase inputs at a given block height.”


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