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.
With Washington tightening the screws on North Korea’s crypto-funded nuclear weapons programme, South Korea says it’s open to rethinking its own sanctions playbook. During a recent interview, South Korean Vice Foreign Minister Kim Ji-na told local media that “coordination between…
Binance is facing renewed scrutiny from South Korean lawmakers after a parliamentary hearing this week reignited calls for the exchange to compensate victims of GOPAX’s failed GoFi deposit program. South Korean lawmakers are intensifying pressure on Binance to fulfill a…
Binance holds a 67% stake in Gopax, acquired in February 2023. A $4. 3 billion US settlement eased regulatory concerns in South Korea. Gopax faced a $47 million liquidity shortfall linked to Genesis Global Capital.
Binance is finally making progress with its South Korea re-entry after over two years of delay, as authorities have reopened their review of the exchange’s long-stalled takeover of local crypto exchange Gopax.
Hwang Jung-eum, a South Korean actress and K-drama star, was handed a suspended prison sentence for embezzling $3 million from her agency to invest in cryptocurrency. According to a report from local media outlet Korea JoongAng Daily, Hwang has been…
South Korean regulators have moved to quell a brewing risk in crypto exchanges. The new regime bans high-risk leveraged loans and institutes a strict 20% interest cap, citing serious concerns over investor protection and market stability. On September 5, South…
