Charlie Lee, the founder of the growing cryptocurrency "Litecoin", shared his views on the recent bithumb (a famous cryptocurrency exchange) hack. He also justified the fear of the present investors of various cryptocurrencies.
On June 20, in an interview with CNBC, Charlie Lee said, Bithumb hack doesn't imply that cryptos are failure. He said, "it doesn't change the fundamentals of bitcoin." Lee also said that if bank is robbed, the price of gold shouldn't be effected. In the same manner, bitcoin shouldn't be effected due to a hack of an exchange.
According to Lee, People usually gets scared, whenever such an exchange gets hacked. And this fear, he told is a typical reaction.
Lee said, "The market now is in very low position". He said, "it is unpredictable that how much it will take to recover."
According to Lee, Crypto Market requires improvement and people should get used to protecting their coins.