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Bitcoin Unfazed Even after Bithumb’s attackers made away with $30 mln in Crypto

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crypto

All over mainstream media, the safety issue of crypto funds has been the talk of town especially after the recent attack on Bithumb. Bithumb, the South Korean crypto exchange, was hacked in a series of events that saw the exchange platform, ranked in the top ten crypto exchanges in terms of trading volume, lose over $30 million in cryptocurrencies.

Previous attacks and how the market reacted

However, despite the attack, the market only responded mildly with no flash crash as experienced with previous attacks on exchanges. For instance, Coincheck was hacked earlier on in 2018 in what was the biggest coin heist ever such that Bitcoin’s price dropped by 10 percent almost immediately in response to the hack.

When Coinrail was hacker a few weeks ago, the market also experienced a flash crash where prices dropped by over 12.25 percent even as some believe that the crash was unrelated to the attack on the small exchange (Coinrail).

In contrast, when the news about Bitthumb broke out, Bitcoin remained pretty much unfazed only dipping by 2 percent after which its price recovered by 3.14 percent. In response to the hack, Bithumb managed to move quickly and halted deposits and withdrawals while moving all funds to offline cold storage. Furthermore, the company has also promised to refund users who lost their money in the process.

Has the market become inured to attacks?

Well, what stands out form all this is the fact that this time, the market has managed to stay afloat in light of the series of bad news that has been circulating. To most crypto experts, this could actually be a sign f a bull run that is just around the corner.

According to Brian Kelly, a trader with CNBC’s Fast money, the fact that Bitcoin’s price has remained unfazed by the Bithumb hack is a sign of a bull market on the rise.  He said that “things are different for Bitcoin this time around” while explaining that Bithumb’s fast reaction to secure funds, reimburse loses and the fact that the market is exhausted are reasons for the somewhat stable price movement.

In light of Kelly’s analysis of Bitcoin’s price movement after the attack, it seems convincing to conclude that the market has become inured to news about attacks on Bitcoin exchanges. After all, an attack on the wallets of an exchange is not necessarily an attack on Bitcoin.

As Charlie Lee, the founder of Litecoin puts it,

It’s like if a bank gets broken [into] and gold gets stolen, does that affect the price of gold? It shouldn’t. So same with Bitcoin. If the exchange doesn’t protect their coins well enough and it gets hacked, it doesn’t really change the fundamentals of the coin they’re protecting.”

What does Lee think about Bitcoin’s Current bear run?

The fact that the market has not reacted rapidly to the attack on Bithumb as compared to previous attacks could also mean that retail traders who previously would panic with news of an exchange being attacked are more educated with the understanding that it is always a bad idea to leave your funds on an exchange.

Additionally, Lee also pointed out that crypto enthusiasts, traders, and investors should take the responsibility to protect their own funds. In regards to whether Bitcoin will ever recover from the bear rally, Lee believes that Bitcoin’s price in the market is actually disjointed from the level of development on the Bitcoin network. According to him, the platform is progressing “really well” and a bull rally could be anytime soon.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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