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Bitcoin Plunges After hacking of Exchange in Hong Kong

CSR Thoughts...

Bitcoin has long been associated with the payment of ransomware in the US.  In an ironic twist, they were recently breached and hackers stole over $60 million from the Hong Kong based exchange, Bitfinex.  Bitcoin halted trading, deposits and withdrawals while it investigates.  The company reports that no US currency was involved in the breach. 

8/3/2016

Source: 

The New York Times

Although some view Bitcoin as the future of finance, allowing for faster and cheaper transactions, the Bitcoin community has been rived with infighting over the development of the technology.  The blockchain ledger, part of the coding that underlies the currency, has also gained more mainstream traction, as banks see an opportunity to use the technology to speed up trades.