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Decrypto Daily Update – June 20, 2018

June 20, 2018

Market Snapshot

Total Market Cap: $282,940,473,130
24 Hour Volume $14,278,427,971
BTC Dominance: 40.1%
BTC-O: $6,742.39
BTC-H: $6,822.50
BTC-L: $6,709.92
BTC-C: $6,769.94

South Korean exchange, Bithumb, hacked for ?35,000,000,000.

In an official statement on their website, Bithumb said they “noticed that between last night and today early morning, about 35,000,000,000 KRW (~$30 million USD) worth of cryptocurrencies was stolen.” As a result of the hack, deposits and withdrawals have been halted for the time being. To ease panic, Bithumb has stated they will compensate users for any lost funds.

  • Great response from Bithumb on the PR and damage control front. Fortunately, $30 million is only about two weeks of revenue for Bithumb.
  • I’m putting on my tin foil hat here, but the market really feels scripted to me – an exchange hack right as the market is showing some signs of life. A $30 million heist also seems like the right amount to cause a small drop, but not enough to cause a huge panic in this already bearish market. BitGrail lost $200 million and Coinrail lost 37.5 million – Bithumb dwarfs these two exchanges in terms of volume and market dominance. $30 million from a Top 5 exchange? Weird.

Questions?

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