This Chinese Teen Built A Bitcoin Exchange And Lost Out On $6B When It Got Hacked
Portfolio Pulse from Khyathi Dalal
Zhao Tong, a Chinese teen, created Bitcoinica, the first-ever crypto margin exchange, but lost 99,000 BTC due to hacks. The incident underscores the importance of security in crypto exchanges.
May 20, 2024 | 2:44 pm
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The story of Bitcoinica's hack, resulting in the loss of 99,000 BTC, highlights the critical importance of security in the crypto space. This incident serves as a cautionary tale for Bitcoin investors.
The loss of 99,000 BTC due to security breaches at Bitcoinica highlights the vulnerabilities in crypto exchanges. This could lead to short-term negative sentiment around Bitcoin, emphasizing the need for robust security measures.
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