- Tether Bitfinex mess
- Binance hack of over $400m worth of bitcoin
And today we witness cryptocurrency price surging all over the board, with bitcoin hitting $7000.
bitcoin sees a $1000 increase in 2 days.
yes thread lightly everyone, what goes up must come down eventually
https://www.ccn.com/stolen-bitcoin-moved-spiders-web-binance...
Time will tell if that holds true of course.
Personally, I think their professional handling of the hack is partially responsible for the recent surge in investor confidence.
Hacks will happen. Binance is far from perfect. But the way they prepared for, and handled the hack is to be commended IMHO.
https://www.binance.com/en/support/articles/360028031711 https://www.binance.com/en/blog/333497959022997504/Binance-S... https://www.binance.vision/glossary/secure-asset-fund-for-us...
When someone does a bank heist USD doesn't get devalued
This is a bad comparison. If a bank experiences a sizable heist, their stock price will probably fall because shareholders eat dirt before depositors. Such explicit seniority doesn't exist in the cryptospace, however, so depositors would probably eat dirt alongside the exchange.
And go back up again. Probably higher.
This is how the markets work.