Crypto Exchange HitBTC Appeals to Cryptography in Dispute With Altcoin BTCP

Cryptocurrency exchange HitBTC appealed to the specificity of its cryptography in an ongoing dispute with the team behind altcoin Bitcoin Private.

HitBTC, currently ranked by CoinMarketCap as the world's 15th largest exchange by adjusted daily trade volume, claims that the BTCP team had offered an "Unsuitable" solution for moving its funds prior to a scheduled coinburn.

In the recent blog post - titled "Explanation of the situation with BTCP" - the exchange also states that the coin's developers did not provide any code or documentation for specific transaction cryptography used in their blockchain.

HitBTC accuses BTCP of creating custodial risk and ecosystem instability.

Earlier this month - the day BTCP published its letter accusing the exchange of fraudulent activities - HitBTC revealed that BTCP had burnt a part of the funds still remaining in the exchange's custody, on behalf of users.

The blog post does not provide concrete responses to the previous allegations from the BTCP team, which accused HitBTC of an extortion attempt.

Prior to the coinburn, HitBTC reportedly contacted BTCP requesting assistance to protect its users' funds in a series of emails.

The exchange further asked for 58,920 BTCP to be given as compensation after the coinburn, due to expected losses.

The altcoin's team instead alleged that HitBTC secretly held 58,920 BTCP in a BTCP Segwit wallet and that the concerns over the coinburn were related to the exchange's personal funds.

When the coinburn actually took place, according to the altcoin's team, HitBTC threatened to pull BTCP support if the coin's development team did not compensate the BTCP sum.