Bithumb Hacked, Market Barely Reacts (Bullish)

Bithumb (a popular South Korean exchange) was hacked by insiders. Meanwhile the market barely reacted. When a market doesn’t react to bad news, it is generally bullish.

So there are a few main things to note here:

  1. Bithumb was hacked, as reported by the Block, “Bithumb, the largest cryptocurrency exchange in South Korea, was hacked on Friday. More than 3 million EOS (~$12.7 million) and 20 million XRP (~$6.2 million) appears to be stolen.” See: the official report (you’ll need to translate it to english).
  2. Despite this event, the crypto markets barely reacted. Yes there was a very quick sell-off, but it lasted about 5 minutes and the market pretty much immediately recovered. When the market rallies on good news and bad, it is generally a bullish sign.
  3. The main coin stolen was EOS. Luckily for the crypto ecosystem, EOS has a lot of failsafes (as do some exchanges the funds were moved to) and it is possible that some of the potential damage will be mitigated by this.

For more reading, check out the links above.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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