Bitcoin's price are dropped by more than $1,000 in just one hour on Tuesday morning and amid reports that governments in China and South Korea are planning for further crackdowns on the digital currency.
After a report Chinese regulators are cracking down again on the cryptocurrency and targeting mobile apps,online platforms used for trading. South Korea’s government also debating how to obtain the mania in digital currency after raiding two exchanges last week.
The decline in value at start of the trading week comes at a time when South Korean government has revealed that to collect corporate and local income tax from nation’s cryptocurrency exchanges.
Expectations are High from Bitcoin
In Japan,the failure of bitcoin exchange Mt Gox, new laws were entitled to regulate bitcoins and cryptocurrencies. Mt. Gox were shut down in February 2014 having lost approximately 850,000 bitcoins, potentially to hackers. Mark Karpelès who is head of Mt Gox, went on trial in Japan in July, facing up to five years in jail under charges of embezzlement and lost of $28m of user funds.
IS BITCOIN RELIABLE?
A New research showed 400M Dollars Hacked From ICO’s .A research were conducted by Earnest & Young a big four accounting Firm, resulting that more than 10% of funds are raised by an ICO (Initial Coin Offering) were hacked, Lost or stolen by the hackers with various for illegal means. Study worked at hundreds of IO’s and discover that around $400M of total $3.7B investment in ICO funds was hacked or lost.
Hackers are enjoying free money because Cryptocurrency are decentralized and not possible to track them for legal proceedings.
