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.

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