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.
South Korea has agreed to share information on crypto transactions with as many as 48 states, as per the agreement on the OECD’s Crypto-Asset Reporting Framework. The South Korean government will start sharing information regarding local and foreign investors trading…
The South Korean Financial Services Commission (FSC) have ordered local crypto exchanges to temporarily halt their crypto lending services until proper guidelines are introduced. On August 19, the FSC announced in a translated press release that it has sent legal…
South Korean digital bank KakaoBank hopes to cement its place in the stablecoin market and is reportedly reviewing various entry strategies, including a potential won-pegged stablecoin. Local media outlet reports say KakaoBank’s chief financial officer, Kwon Tae-hoon, has confirmed that…
The CEO of South Korean exchange Bitsonic, Shin Jinwook, has received an extension to his seven-year prison sentence after authorities found evidence of fraud amounting to at least 100 million won or $72,000. On August 5, Judge Seong Gi-jun of…
South Korea’s Financial Supervisory Service has verbally instructed local asset managers to limit exposure to crypto-linked stocks such as Coinbase and Strategy in ETFs, citing a 2017 policy that bars institutional investment in virtual assets. According to the Korean Herald,…
