Bithump Has Reported $35 million Worth Of Bitcoin Was Stolen Resulting In Bitcoin Prices Dropping
On June 20, 2018, a South Korea company called Bithump announced that between $32-$35 million in bitcoin had been stolen from them. This bitcoin was being trade on the stock exchange, when computer hackers intercepted it and then stole the bitcoin.
This has caused a huge drop in bitcoin prices in the last week. 7 days ago bitcoin prices were hanging around $6800-7200, but since this announcement crypto prices are plummeting.
Bithump has said that almost all of their clients are moving their crypto currencies to cold storage wallets like “trezor”. This is most assuredly adding to the drop in Bitcoin Prices.
Japan Passes New Regulations Affecting Bitcoin Prices
To add to the drop in prices we have…Japan. Japan has passed new regulations that will help prevent using the blockchain for illegal business. These new regulations has caused some of the biggest Bitcoin exchanges to suspend crypto payments while they get compliant with the new laws in Japan.
Bitcoin and other crypto currencies actually needed some new regulations put into place to help make digital currencies become more widely accepted around the globe. Japan’s new regulations are needed but unfortunately they passed them at the same time that Bithump announced that they got ripped off……This all adds up to the recent price drop this last week for crypto currencies.
Bitcoin is still young and vulnerable as Bithump has just proven by not making sure that their transaction was secure.
Keep in mind it was the transaction that was hacked not the actual blockchain that bitcoin is built on!!