What is going on everybody it is the Aditya Roy, coming at you with another cryptocurrency news, I wanted you to read this post till last as it is very interesting story, if you found this post help full leave a Upvote Follow and Rsteem the post.
So earlier this month it was revealed that Eric Cheng, a Singaporean entrepreneur, spent all of his life savings and sold his properties including two Rolls Royces, Lamborghini, Ferrari, and a Porsche to acquire whole japanese cryptocurrency exchange called BitTrade.
You guys may have things why he do that although he can spend all his life with those money but let me tell you recently there was a hack on bithumb South Korea’s largest cryptocurrency exchange, suffered a security breach, losing more than $30 million in customer funds stored in digital assets such as Bitcoin and Ethereum, they recently disclosed the company will compensate its clients with company funds stored in cryptocurrencies, which as of June 2018, are worth $450 million.
However, It become more difficult to cover losses that occurred in hacking attack for small exchange as recently as far I remembered coincheck lost $450 million worth of NEM in a recent hacking attack and the failure to pay back investors led to the exchange declaring bankruptcy. Hence now you know there are risks of acquiring a cryptocurrency exchange. Cheng, who spent all of his life savings worth $67 million and then some to acquire BitTrade said he does not regret taking the risk and is satisfied with his acquisition.
“The cryptocurrency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally,” Cheng said.
The cryptocurrency market has entered a bear cycle, Major cryptocurrencies like Bitcoin and Ethereum that have been less volatile against, reserve currencies like the US dollar and euro in comparison to small cryptocurrencies have fallen I guess about 65% from their all-time high.
Still, entrepreneurs like Cheng and investors in the public market are willing to take risks and express interest towards the cryptocurrency market this show us the how people have grief believe in Cryptocurrency and it's technology that's it for today will be back with another topic.
