Bithumb Hack Does Not Change Bitcoin Fundamentals, Says Litecoin Founder Charlie Lee

The recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin” Litecoin (LTC) founder Charlie Lee stated in an interview with CNBC June 20.

According to Lee, the price drop is a typical reaction of the market to the news about the hack, and “it happens all the time,” because people get scared. According to Lee, the hack of a crypto exchange does not affect Bitcoin’s (BTC) fundamentals just in the same way as a bank robbery should not affect the price of gold:

“If the exchange does not protect the coins well enough and gets hacked, it doesn’t really change the fundamentals of the coin they are protecting.”

Considering the recent hack, Lee claimed that crypto exchanges right now are exploring and learning the ways to better protect customers’ funds. As per Lee, the process is improving, but still “there is a lot to improve.”

Lee also stressed a “paradigm shift for personal finances with Bitcoin,” meaning that people have to get used to protecting their coins, “much better than traditional finances.”

According to Lee, despite the drop by 60-70 percent over the past year, Bitcoin is still “going really well,” claiming that its network has become much stronger over the past few years…

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