New top story on Hacker News: What if a bulk of Bitcoin owners all try to cashout today?

What if a bulk of Bitcoin owners all try to cashout today?
4 by ashitlerferad | 3 comments on Hacker News.
Where’s all this invisible money gonna come from? On 26 October 2013, a Hong-Kong based bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US$5 million) from 500 investors.[204] Mt. Gox, the Japan-based exchange that in 2013 handled 70% of all worldwide bitcoin traffic, declared bankruptcy in February 2014, with bitcoins worth about $390 million missing, for unclear reasons. The CEO was eventually arrested and charged with embezzlement.[205] On 3 March 2014, Flexcoin announced it was closing its doors because of a hack attack that took place the day before.[206][207][208] In a statement that now occupies their homepage, they announced on 3 March 2014 that “As Flexcoin does not have the resources, assets, or otherwise to come back from this loss [the hack], we are closing our doors immediately.”[209] Users can no longer log into the site. Chinese cryptocurrency exchange Bter lost $2.1 million in BTC in February 2015.[210] The Slovenian exchange Bitstamp lost bitcoin worth $5.1 million to a hack in January 2015.[211] The US-based exchange Cryptsy declared bankruptcy in January 2016, ostensibly because of a 2014 hacking incident; the court-appointed receiver later alleged that Cryptsy’s CEO had stolen $3.3 million.[212] In May 2016, Gatecoin closed temporarily after a breach had caused a loss of about $2 million in cryptocurrency. It subsequently relaunched its exchange in August 2016 and is slowly reimbursing its customers.[213][214] In August 2016, hackers stole some $72 million in customer bitcoin from the Hong-Kong-based exchange Bitfinex.[215] In December 2017, hackers stole 4,700 Bitcoins from NiceHash a platform that allowed users to sell hashing power.[216][217] The value of the stolen bitcoins totaled about $80M HYDN