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When it Comes to Bitcoin, China Just Can't Seem to Catch a Break

Avatar Guest Author 4 years ago

China and bitcoin just can’t seem to get along.

The latest news is that BTER, a popular China-based bitcoin exchange is the victim of an alleged hack that saw nearly $2 million in bitcoins stolen.

Ironically, this news comes following the disintegration of bitcoin company MyCoin and the disappearance of over $8 million of investors’ funds in what people are calling the latest Ponzi scheme related to bitcoin.  Since the event, the voice in the East has been loud and clear in its expressions of fear, and many citizens and lawmakers alike in China are calling for a full-on ban of bitcoin and related digital currencies in an attempt to prevent further fraudulent and illegal activity from striking innocent civilians.

Should this attitude grow in size following the recent events with BTER, we shouldn’t really be too surprised.  More than that, we can’t really blame those bearing such an attitude.  Two major incidents within a week of each other… In the same area, mind you… Is this a coincidence?  Bad luck?  Or is it something else?

The circumstances are particularly fishy when one really looks at BTER’s history.  It was a mere six months ago when the digital currency exchange suffered a similar attack on its servers, resulting in up to $1.65 million in NXT being stolen.  BTER was able to negotiate partial refunds for victimized users, but this technically marks two large attacks within a single business year.

Furthermore, one has to wonder if this attack will also have an effect on the immediate future of the bitcoin price, like what one saw following the Bitstamp crisis.

Will the hacking bring down the digital currency’s value?  Will distrust grow even further?  Post your thoughts and comments below.

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