The truth behind the crash is that 60,000 bitcoins were stolen. Don’t be naive about market corrections.

On the evening of December 21, 2017, COIN JINJA sent out a tweet: Rumor has it that the Ukrainian exchange Liqui was hacked, resulting in the theft of 60,000 bitcoins. The news made me tremble. As we all know, Bitcoin has suffered three consecutive declines in recent days. When I was still optimistic that the decline was just a normal correction of the market, I didn't expect that there was such a shocking secret behind it.

60,000 bitcoins, calculated at the current bitcoin price, are worth more than $1 billion. After hackers stole such priceless bitcoins, they sold them like crazy. As you can imagine, the situation that bitcoin is falling is caused by the current situation. It is reported that the current BTC price on the exchange has fallen to $10,000, a drop of 38.64%. Stimulated by this, the market has experienced a sharp panic decline, and the bitcoin prices of major platforms such as Huobi Pro, OKEx, and Binance have also fallen to a large extent, with the lowest bottoming out at around $14,500. From a technical point of view, the BTC price fell below the 7-day and 25-day lines, forming a guillotine shape, and the MACD opened negative.

Liqui, commonly known as L-net (https://liqui.io/), is located in Ukraine and is one of the 30 most popular exchanges in the world. It provides a unique account savings system. Within a 365-day period, Liqui guarantees a 24% return rate, and the service has an upper limit. The exchange pays interest every day and can be withdrawn at any time. There is also a system to ensure that funds are not affected by fluctuations in mainstream currencies. Liqui has always been known for its advantages such as a large number of currencies, fast listing of new currencies, and a unique high-yield savings system, but at the same time it is limited to only depositing and withdrawing virtual currencies, and there are also frequent complaints about withdrawals.

According to incomplete statistics, Liqui users reported their accounts were hacked in July, August and September this year. In the incident at the end of July, users reported that someone used a Ukrainian IP address to log into their accounts and stole all their assets.

Data from the Liqui exchange showed that the price of BTC against the US dollar fell to $9,312.439, a drop of more than 40%.

As of now, there are 15.55 pending orders on the Liqui platform. The current price has slightly rebounded to $11,285, down 19.72% in the last 24 hours.

According to Bitcoin News, Liqui officials have not yet responded to the rumors, and the Liqui exchange’s Twitter account has not updated the news yet, but the Liqui website has resumed normal operation.

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