The recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin” Litecoin (LTC) founder Charlie Lee stated in an interview with CNBC June 20.
According to Lee, the price drop is a typical reaction of the market to the news about the hack, and “it happens all the time,” because people get scared.
So, this one could be a three to four year market or it could recover tomorrow.” On June 19, South Korea’s leading crypto exchange Bithumb was hacked, leading to the loss of $30 million worth of cryptocurrency.
The exchange had to temporarily suspend all deposits and payments.
According to Coinmarketcap, Bithumb’s 24-hour trade volume has dropped to around $236 million from $374 million reported June 19, moving the exchange from the sixth to the seventh largest crypto exchange by trade volume.
Most breaches involved failures in customer due diligence and identity verification processes. The action coincides with reports of a potential majority acquisition by Mirae Asset. The case reinforces stricter regulatory expectations across South Korea’s crypto sector.
According to reports, Mirae Asset Group is in advanced talks to buy Korbit, South Korea’s long-running crypto exchange, in a deal valued at about 100 billion to 140 billion won — roughly $70 million to $100 million.
Hyundai Group’s Seoul offices were evacuated after an email threatened explosions unless a Bitcoin ransom was paid, authorities and media reports said. Related Reading: Hoskinson Warns Trump’s Crypto Push Could Backfire On The Industry The message demanded 13 Bitcoin — roughly $1.
Bitcoin Magazine
‘Pay 13 Bitcoin or We Blow It Up’: Hyundai Bomb Threat Shakes South Korean Offices
Hyundai Group evacuated staff from two Seoul offices after receiving a bomb threat email demanding bitcoin.
South Korea boasts one of the most reliable crypto audiences in the world. But when it comes to actually sticking around on-chain, that attention drops off fast.
