HitBTC custodial service proves its security and reliability yet another time

The decision to disintegrate Bitcoin Private (BTCP) coin from HitBTC platform was made after we’ve determined project’s incapability to protect its blockchain users and partners from the consequences of the arguable Coin Burn decision.

Our team reached out to BTCP developers team with a request to help moving BTCP coins from a wallet that would not be safeguarded from a coin burn, however they could not provide us a reliable secure instrument to move the funds from the segwit addresses before the hard fork, which resulted in them burning a part of the funds still remaining in our custody. Never in the history of our platform our users have lost the funds kept in our custody and this is the practice we don’t ever want to disrupt. Therefore, HitBTC has compensated all the custody losses.

This situation is a good example of how important it is not to change the rules in existing blockchains if those changes can have a negative impact on the users.

BTCP withdrawals from HitBTC are open and all users holding BTCP on their accounts can take all the assets out at any moment.