Bithumb Hack Does Not Change Bitcoin Fundamentals, Says Litecoin Founder Charlie Lee
21 Junio 2018 - 4:50AM
ADVFN Crypto NewsWire
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. According to Lee, the hack of a
crypto exchange does not affect Bitcoin’s (BTC) fundamentals just in the same
way as a bank robbery should not affect the price of gold:
“If the exchange does not protect the coins well
enough and gets hacked, it doesn’t really change the fundamentals
of the coin they are protecting.”
Considering the recent hack, Lee claimed that crypto exchanges right now are
exploring and learning the ways to better protect customers’ funds.
As per Lee, the process is improving, but still “there is a lot to
improve.”
Lee also stressed a “paradigm shift for personal
finances with Bitcoin,” meaning that people have to get used to
protecting their coins, “much better than traditional
finances.”
According to Lee, despite the drop by 60-70 percent
over the past year, Bitcoin is still “going really well,” claiming
that its network has become much stronger over the past few years.
Lee says that the current price of Bitcoin seems to be “disjointed
from the actual development of Bitcoin,” and suggests that the
price will rebound and “come back up fairly soon.”
In the interview, Lee also suggested that the market
is currently in a bear position, but it is hard to say how long
will last — three to four years, or one day:
“I’ve been in this space for seven to eight years now
and I’ve seen bear markets last three to four years now. 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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