Bitcoin has been on a rollercoaster of late, but the latest hack has the industry reeling. A few users have lost money, but most of the hacked crypto was worth less than $100. But users have taken to social media to voice their concerns about the loss, calling for the exchange to do something. And now, the CEO of Crypto.com has spoken out.
In a statement, the CEO of Crypto.com said that the regulators haven’t reached out after the hack, and that the company is not concerned about it. This is because regulators haven’t been able to identify the hackers, but it doesn’t matter. He said he would not budge until the hack is resolved. The CEO added that the regulators need to get involved in the hack’s aftermath.
The CEO of Crypto.com told Coindesk that the company’s customers will soon be able to withdraw their funds. But he said that some people were affected by the hack. A few days ago, he was asked to provide a more detailed explanation about the security breaches and how the exchanges should handle them in the future. The company’s CEO told the publication that the regulators haven’t been contacted yet because it wasn’t a “significant” issue.
OneCoin has been hacked in the past, but the company hasn’t ceased operating. Its CEO has been openly critical of regulators and believes that the industry is in danger. He says he believes that the hacked data will have a long-term effect on the industry and that the regulatory bodies haven’t acted quickly enough.
It is not surprising that the New York Attorney General has taken a tough approach to cryptocurrency regulation. The financial industry is a rapidly-growing and nascent industry, but some shady characters have attempted to make money from naive investors. But the government’s recent action against Hong Kong-based iFinex Inc., the company behind the Tether stablecoin, is a warning.
The hack has made the crypto industry look more shady. But the problem with this isn’t that there are more regulators. In fact, the company hasn’t even gotten any major criticism since the hack. However, it was a shady act. The government was not aware of the incident and took no action. The company’s founder has also said that he is a victim of account takeovers.
The hack hasn’t yet affected the crypto industry, but it’s important to keep in mind that it’s still a young industry, and that there are a lot of pitfalls and risks. But it’s important not to panic. Nevertheless, it’s worth discussing. In addition, the U.S. government and the EU are doing their best to regulate the crypto industry.