Bytecoin [BCN] development team releases an official statement – says it was caused due to a bug

Bytecoin is an open-sourced decentralized cryptocurrency with untraceable payments that was started in 2012.
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Bytecoin [BCN] development team releases an official statement – says it was caused due to a bug

Post by FrankNBeans » Thu May 10, 2018 8:17 pm

Bytecoin [BCN] has been the hot topic for the past few days and has even created a lot of buzz in the market. Majority of the market claimed it to be a scam coin and alleged that the exchange platform helped the Bytecoin [BCN] team pull out a successful scam.

The whole problem and buzz started right after Binance, the biggest exchange platform in the world, enlisted the coin on their platform. The coin saw a huge surge and went up by more than 166% in just a few hours. In addition, the trading volume went from $8 million to $600 million. Following which, all the platforms had to stop the deposits and withdrawals of the coin due to some error. This led to a lot of panic amongst those who invested in BCN.

When the incident occurred, the BCN team and Binance team didn’t give a proper clarification on what exactly went wrong. BCN even faced a huge dip in the ranking on CoinMarketCap, it went from the 15th rank to the 1594 rank, with no track of the market volume and the trading volume.

Now, the team has released an official statement on the whole incident on their official blog. They claim that there was a huge growth of users and the mining activity which led to around 25% of the miners using an outdated software and the rest 75% of the miners using the new software. Due to 25% of miners using the old software a bug appeared in the consensus software, which in turn led to the network’s instability.

The team had to shut down the activity in order to prevent a fork or split taking place. The team has further added that the issue will be resolved gradually as the miners and other users upgrade to the new version in the next 24-48 hours and have recommended all the users and miners to upgrade to the new software. ... aused-bug/

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