Bithumb and Tether do the rounds in headlines. What's happening?

Soooo, what's the latest FUD around? Well, if you haven't paid attention, one of the biggest cryptcurrency exchanges, South Korea's Bithumb, was hacked.

Luckily, nothing serious was stolen. Just a small bit of cryptos worth 30 billion won. Or, in USD terms, around $30 million. Withdrawals and deposits were immediately paused as the theft game to light.

_bithumb.com

Fortunately for Bithumb clients, honor carries a different meaning in Asia (and i'm sure it's got something to do with the law and penalties as well) as Bithumb executives have already promised to cover clientele losses from their own reserves.

Covering the losses from their own pocket is a neat move and I actually hope to see more of this from the other exchanges as well, or serious penalties for the owners. Remember all those times that you wished that you had bought Bitcoin early on? Well, you probably wouldn't have it anymore, as you would have sold it early on, lost your keys or - an exchange would have got it stolen. And up to until quite recently, they weren't very eager to cover the losses from their pockets.

_{img credz: pixabay.com}

The lawmakers in Korea have until now been postponing cryptocurrency regulations amidst fears, that regulating them will give investors a signal that the government now endorses cryptocurrencies, but multiple government officials are rebelling against the decision, claiming that the government can not leave the exchanges unregulated just because of this dilemma.

Luckily, it's probably reasonable to speculate, that the recent Bithumb hack will hasten the process and perhaps the rosy days can be seen soon. So perhaps not such a FUD afterall? Green light, everyone! ;)

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And now for the anti-FUD

_{img credz: pixabay.com}

If you live in a cave or do not follow the cryptonews, you might have not yet heard that Tether, the company that legal entities have been trying to audit for ages, to see if they have all their USDT backed by real cold hard dollars, finally produced a report.

Yet, the report is not an audit, various sources state. Compiled and verified by a third party, a law firm in D.C, it also only reports, that Tether had full backing (with just a small margin left) on June 1st and skips over reporting other dates. So still major questions remain - did they just loan the exact funds needed for a day or do they really have everything under control?

The 3rd party law firm doing the report raises eyebrows as well. Nicknamed as "the big guns" by multiple reporters, the company is cofounded by previous FBI director Louis Freeh and has some heavy cases to show in their portfolio.

So, let's all just be friends and forget all this drama. Time for a Tether T-shirt?

_{redbubble.com}

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Materials:

cnbc.com
ccn.com

coinfan.net
bloomberg.com
redbubble.com

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_{Title image from pixabay}

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