The Creator of litecoin Charlie Lee (Charlie Lee) commented on the recent hacking of South Korean leading cryptocurrency exchanges Bithumb, saying it will not affect the basic principles of bitcoin.
According to Lee, the fall of cryptocurrencies will inevitably follow with news about hacking, just because it scares people. But this does not mean that this event could seriously affect bitcoin, exactly the same as Bank robberies do not affect the price of gold. As Lee says, the lack of protection exchange of coins, which she sells, and her subsequent break-ins, does not alter the basic principles of these coins.
The Creator of litecoin also noted that the recent hacking should make cryptocurrency exchanges to strengthen the system to protect the funds of their clients. In addition, in his opinion, the users themselves must learn to protect your cryptocurrency savings much more thoroughly than traditional funds.
With regard to exchange rate for bitcoin, despite its 70% collapse in the beginning of the year, Whether as a whole looks at the situation positively. He noted that the bitcoin network has become much more powerful over the last few years, and therefore we can expect a steady increase in prices for cash. Moreover, Lee believes that the upgrade will happen pretty soon.
However, the Creator of litecoin recognized that the modern market of cryptocurrencies rather be called a bear (i.e. falling), and how long he would be in the condition it is hard to say: it may take a few years and one day.
“I have been working in this field for seven or eight years, and in the last three or four years you see that the market became bearish. It can stay that way for another three or four years, and may recover tomorrow,” added Lee.
Hacking of South Korean cryptocurrency exchanges Bithumb occurred on 19 June. According to recent estimates, the attackers withdrew funds in the cryptocurrency to $30 million, the Exchange temporarily suspended the ability to enter and withdraw funds. The result was a reduction in trading volume from $374 million to $236 million in 24 hours and loss Bithumb one position in the ranking of the largest cryptocurrency exchanges by trading volume.
Recall that earlier this month, hackers broke into another South Korean crypto currency exchange Coinrail, stealing $37 million Despite the fact that it was just the 99-th position in the above ranking, some media called it hacking cause of the collapse of the cryptocurrency market.
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