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Thread: Bitcoin exchange goes bust after hack

  1. #1
    littleroundman is offline Administrator
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    Jun 2010
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    19,365

    Bitcoin exchange goes bust after hack

    CNN Money is reporting:



    You can read the original article here at:
    money.cnn.com
    The only thing necessary for the triumph of evil is for good men to do nothing

  2. #2
    nuk_1 is offline Member
    Join Date
    Sep 2017
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    Re: Bitcoin exchange goes bust after hack

    With what is going on with the major crypto exchangers and the crypto currency Tether that is supposed to be pegged 1:1 to the USD, it could get ugly. Right now, Tether can't be redeemed for anything. They shut it down...."temporarily" cough cough after losing 30mil in a hack.If that sounds like the Mt.Gox collapse all over again, it's because it is. No joy if you're in the US because Tether's owner is the largest exchanger Bittrex and Bittrex is basically blocked from doing any financial business at all in the US. No one really knows if Tether truly has the cash reserves of USD to match the 1bil+ outstanding either.

    1bil is not that much compared to crypto's overall market cap, but its the major exchangers on the hook for it and they could take a major hit if Tether is nothing but a fractional reserve system and not 1:1.

    Oh yeah, crypto market is plunging all-around today, lead by 25% decline in Bitcoin and about the same or more in the rest of traded cryptos.

    NUK

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