Posted August 26, 2014 13:53 (GMT) | By Ben | Print | Font Size
After briefly dipping below $500 for the fourth time in 4 days, Bitcoin’s price has gained 1% in the past 24 hours and continuing to advance further above the $500 level. The price dipped on news that $100,000 Bitcoin were lost due to a black market website being hacked. Cannabis road is an online marketplace dedicated to cannabis products and its developers do not know how the money was stolen, which played on fears of Bitcoin’s security and privacy. The attack was successful even though the website had integrated safeguards to better protect user’s funds via multi-signature technology.
On a positive note and reflecting an emerging trend of new Bitcoin start-ups gaining funding, a Korean Bitcoin exchange, have announced they have secured $3 million in funding. Korbit is the first Bitcoin-to-Korean Won exchange, with its services targeted at the domestic market in South Korea. The extra funding will be used to improve the quality of its products and services. The venture capitalists behind the funding are confidence that Bitcoin will thrive in Korea, as it is a country that has adopted innovative technologies early and has a booming e-commerce market.