The “Bitcoin Bandits” are back, this time striking a major cryptocurrency exchange in South Korea, and making off with over $37 million in someone else’s Bitcoins in the process. This is a big problem for two primary reasons.

One, there is the obvious security concern, as it’s never good when people lose money. And two, South Korean authorities may enforce more stringent and draconian measures now.

Ultimately, this smashes the already fragile confidence surrounding the crypto world, and as sentiment deteriorates, by default technicals are bound to take over. But it’s not all bad news, there are some positive longer-term developments to talk about.

Bitcoin (BTC-USD) has been drifting aimlessly for months now, as the digital asset has been in a relatively wide trading range bouncing between $6,500 and $10,000. Overall, things just aren’t that great for Bitcoin these days, a stark difference from the frantic highs seen late last year.

Essentially, Bitcoin has lost its mojo, and popularity in the world’s best known digital currency has taken a serious dent in the process. Google (GOOG) (GOOGL), Facebook (FB), Twitter (TWTR), and other major platforms have banned Bitcoin advertising, governments have cracked down on it, and to complicate matters the “Bitcoin Bandits” are back. Read more from seekingalpha.com…

thumbnail courtesy of seekingalpha.com