• Bitgrin is one of the only examples of a cryptocurrency that has more coins than its maximum supply

Bitgrin, which trades under the ticker XBG, has suddenly printed billions of coins despite having a maximum supply of 21 million coins. This has caused CoinMarketCap to flag it. Also, the token has crashed in price from USD 0.04 to USD 0.005, although Bitgrin’s trading volume is so low that it would be hard to even sell the coins for USD 0.005.

Apparently the developer of Bitgrin, who is known as Pharazen, personally mined a block with 5.021 billion XBG, and claims it was a bug. Pharazen goes on to claim that he has rendered the 5.021 billion coins inaccessible, although did not present any proof, especially since Mimblewimble cryptocurrencies like Bitgrin cannot be burned. Pharazen goes on to say that he will conduct a hard fork to truly render the 5.021 billion coins inaccessible.

Ultimately, it seems equally possible that Pharazen intentionally inflated the coin supply in order to profit, and that this was not simply a bug.

Regardless, this Bitgrin incident is notable because it is one of the only examples of a cryptocurrency having a coin supply greater than its maximum supply cap.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay
Comments are closed.

Check Also

United States Government Threatens to Shatter Hong Kong Dollar Amid Chinese Takeover, Could Increase Capital Flight Into Bitcoin

The United States government is threatening to break the Hong Kong Dollar’s peg as r…