2 Million Coins Privately Mined On The BTCP Blockchain

Dec 24, 2018 at 20:30 Update Date :Dec 24, 2018 at 20:30 UTC

An investigation revealed over 2 million secret coins when the blockchain project Bitcoin Private (BTCP) was considered as a scam.

BTCP is a fork merge of Bitcoin and ZClassic blockchains. On 24th December, Coin Metrics, the open source crypto assets analytics revealed that there are 2.04 million extra BTCP coins. Coin Metrics was created to publish hard to acquire data about major public blockchains and to promote some ratios. The company analyzed the BTCP blockchain and found that the extra 2.04 million BTCP coins were mined during its genesis for its founder. It is expected that miners, users, and most of the developers do not know about these secret coins. The premined coins were stored in a shielded pool. In the investigation, the company said that:

“Three hundred thousand units of the covert premined were moved out of the shielded pool towards what appears to be exchanged.”

The price of the coins fell 20% after Coin Metrics published the information about the BTCP blockchain. The investigation report further added that:

“Ultimately the lack of uptake of BTCP by the recipients of the airdrop meant that those additional 300k transparent units today represent close to 10% of the BTCP supply in circulation, with 1.80M covertly minted units remaining in the shielded pool.”

Jake Brutman said this was some of the earliest work done by the developer and creator of BTCP blockchain Rhett Creighton. He believes that it was a bounty placed by Rhett and the code was merged by Rhett when he was acting as Lead Developer. While in an update, Rhett said that he had not been involved in the BTCP project from past many months. He even said that he have not created any software for the Bitcoin Private project.

“I never wrote any software for it. I was never paid or given any BTCP for free. I have no knowledge of who may or may not have been involved in the inflation hack.”

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