Charlie Lee: Breaking Bithumb does not change the basics of basecoin

Cryptocurrency

 

" The recent cracking of the leading Bithumb exchange crypto exchange” does not really change the fundamentals of bitcoin, “the founder of Litecoin (LTC) Charlie Lee said in an interview with CNBC.

, the drop in prices is a typical reaction of the market to breaking news, and “this happens all the time,” because it frightens many, but he believes that hacking does not affect the fundamentals of bitcoins (BTC), just as bank robbery should not affect on the price of gold:

“If the exchange has not retained the coins as a result of the break-in, this does not change the fundamentals of the monet “

Lee believes that crypto-exchanges are working hard on security and are making efforts to protect clients’ funds.” This is an ongoing process, ” much remains to be improved “, but so far the attacks of hackers are not ruled out.

The expert also stressed that at this stage, users should devote more time to protecting their bitcoins or other crypto currency compared to” traditional finances. “

that despite a 60-70% drop in the last year, bitcoin is still “going very chorus sho ‘, its network has become much stronger. The current price of the BTC does not seem to be “related to its development,” and most likely the price will bounce and “return fairly soon.”

In an interview, Lee suggested that the current bear market position would last from three to four years or one day:

“I have been in this space for about seven to eight years and have been watching the bear market for the last three or four years. The situation in the market may remain, or the market will recover tomorrow. “

Yesterday it became known that the leading crypto-currency exchange of South Korea Bithumb was hacked, losses amounted to $ 30 million. The exchange had to temporarily suspend all deposits and payments.

According to Coinmarketcap, the 24-hour trading volume of Bithumb fell from $ 374 million to approximately $ 205 million, resulting in the exchange losing two lines of rating, dropping from sixth to eighth.

Leave a Reply