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Title: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: LiteCoinGuy on November 05, 2015, 04:27:07 PM Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummets
The world’s largest bitcoin exchange OKCoin has suspended some of its services indefinitely, following a malicious cyber attack from unknown hackers. Due to an increasing number of complaints on bitcoin forums and panels including Bitcointalk.org and Bitcoin Reddit, OKCoin, which processes almost 40% of all bitcoin trades, announced to its users: http://cointelegraph.com/news/115562/biggest-bitcoin-exchange-okcoin-suffers-cyber-attack-price-plummets still early days. Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: worhiper_-_ on November 05, 2015, 04:32:22 PM still early days. What is that supposed to mean? ;D Will we reach a point were exchanges will have no vulnerabilities? A point where hacks and scams will stop happening all together? IMO we don't even have a downloadable wallet with security measures easily accessible to the non-advances user. Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: LiteCoinGuy on November 05, 2015, 04:38:33 PM We will reach a point where there are so many exchanges that you dont see a meaningful effect on the price.
Addtionally: Is Nasdaq or NYSE hacked every 2-3 months ;) ? Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: RustyNomad on November 05, 2015, 04:47:10 PM I'm not sure whether I'm making the right assumption or not but it seems like there is a critical shortage of people in the IT/Bitcoin world with up to scratch security knowledge and or experience. Either that or those in charge of these exchanges/companies have their priorities screwed up or have no idea what they are doing.
I would have thought that all companies would have been out there recruiting the best security experts money could buy especially so when dealing with such large amounts of money/coins also in the light of all the recent big name hacks we've seen over the past year or two. If they were then clearly those they recruited do not have the necessary knowledge and or skills to implement proper security structures and or the hackers is just miles ahead of the industry, not sure which is which. Can a person still place your trust in any form of online company/business where security is a necessity? I'm not that sure, seems like its just a matter of time with all of them. Its for this very reason that I run for the hills when I see a site advertising 'bank level security', 'industry standard security' etc... Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: worhiper_-_ on November 05, 2015, 05:03:59 PM I'm not sure whether I'm making the right assumption or not but it seems like there is a critical shortage of people in the IT/Bitcoin world with up to scratch security knowledge and or experience. Either that or those in charge of these exchanges/companies have their priorities screwed up or have no idea what they are doing. I would have thought that all companies would have been out there recruiting the best security experts money could buy especially so when dealing with such large amounts of money/coins also in the light of all the recent big name hacks we've seen over the past year or two. If they were then clearly those they recruited do not have the necessary knowledge and or skills to implement proper security structures and or the hackers is just miles ahead of the industry, not sure which is which. Can a person still place your trust in any form of online company/business where security is a necessity? I'm not that sure, seems like its just a matter of time with all of them. Its for this very reason that I run for the hills when I see a site advertising 'bank level security', 'industry standard security' etc... I'm seeing this from another side, competition is driving companies to make mediocre hires. If you look at how the market is shaping for exchanges, you'll see that the ones willing to run things legitimately, as a company and comply with the law, (i.e. are not a startup by a hobbyist) have to face competition that leads to small or no profits when starting up. They facilitate transactions worth millions but the % of that that they get as profit is negligible. IMO, it's mostly a case of lack of profits due to competition rather than a lack of IT professionals understanding bitcoin. If the pay was good we would have been seeing more prominent security experts trying to understand bitcoin to enter the space. Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: meono on November 06, 2015, 02:58:55 AM We will reach a point where there are so many exchanges that you dont see a meaningful effect on the price. Addtionally: Is Nasdaq or NYSE hacked every 2-3 months ;) ? "Hacking" is just a convenient excuse for stealing. So take it with a grain of salt Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: mr angry on November 06, 2015, 11:06:47 AM I'm not sure whether I'm making the right assumption or not but it seems like there is a critical shortage of people in the IT/Bitcoin world with up to scratch security knowledge and or experience. Either that or those in charge of these exchanges/companies have their priorities screwed up or have no idea what they are doing. I would have thought that all companies would have been out there recruiting the best security experts money could buy especially so when dealing with such large amounts of money/coins also in the light of all the recent big name hacks we've seen over the past year or two. If they were then clearly those they recruited do not have the necessary knowledge and or skills to implement proper security structures and or the hackers is just miles ahead of the industry, not sure which is which. Can a person still place your trust in any form of online company/business where security is a necessity? I'm not that sure, seems like its just a matter of time with all of them. Its for this very reason that I run for the hills when I see a site advertising 'bank level security', 'industry standard security' etc... I'm seeing this from another side, competition is driving companies to make mediocre hires. If you look at how the market is shaping for exchanges, you'll see that the ones willing to run things legitimately, as a company and comply with the law, (i.e. are not a startup by a hobbyist) have to face competition that leads to small or no profits when starting up. They facilitate transactions worth millions but the % of that that they get as profit is negligible. IMO, it's mostly a case of lack of profits due to competition rather than a lack of IT professionals understanding bitcoin. If the pay was good we would have been seeing more prominent security experts trying to understand bitcoin to enter the space. The best security experts money could buy cost a fortune to employ and can easily find work elsewhere. They have their reputations to consider and might not want to be associate with the questionable activities of OKcoin's management. There are claims they run their own bots to fake volume and trade on their own exchange using insider knowledge. A top notch security expert has a CV, and he might not want OKcoin on it because it could put future employers off hiring him. Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: RustyNomad on November 06, 2015, 12:55:42 PM I'm seeing this from another side, competition is driving companies to make mediocre hires. If you look at how the market is shaping for exchanges, you'll see that the ones willing to run things legitimately, as a company and comply with the law, (i.e. are not a startup by a hobbyist) have to face competition that leads to small or no profits when starting up. They facilitate transactions worth millions but the % of that that they get as profit is negligible. IMO, it's mostly a case of lack of profits due to competition rather than a lack of IT professionals understanding bitcoin. If the pay was good we would have been seeing more prominent security experts trying to understand bitcoin to enter the space. The best security experts money could buy cost a fortune to employ and can easily find work elsewhere. They have their reputations to consider and might not want to be associate with the questionable activities of OKcoin's management. There are claims they rn their own bots to fake volume and trade on their own exchange using insider knowledge. A top notch security expert has a CV, and he might not want OKcoin on it because it could put future employers off hiring him. Two valid points of view which I did not consider. Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: Denker on November 06, 2015, 07:02:13 PM We will reach a point where there are so many exchanges that you dont see a meaningful effect on the price. Addtionally: Is Nasdaq or NYSE hacked every 2-3 months ;) ? "Hacking" is just a convenient excuse for stealing. So take it with a grain of salt That's the first thing which came into my mind as well.How do we know OKcoin got really hacked? It could indeed be the case that this guys made up a hacking issue and use it as kind of exit strategy to get away with all the funds. This whole thing seems to be weird to me.Suspicious! Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: OROBTC on November 06, 2015, 07:09:04 PM Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummets The world’s largest bitcoin exchange OKCoin has suspended some of its services indefinitely, following a malicious cyber attack from unknown hackers. Due to an increasing number of complaints on bitcoin forums and panels including Bitcointalk.org and Bitcoin Reddit, OKCoin, which processes almost 40% of all bitcoin trades, announced to its users: http://cointelegraph.com/news/115562/biggest-bitcoin-exchange-okcoin-suffers-cyber-attack-price-plummets still early days. If there is a causality between OKCoin's problems and the current plunge in BTC price, then that would suggest that recent reports of China being the BIGGEST PLAYER in Bitcoinistan are true. And it could be true! I have seen nothing that would tell me that US HODLers of BTC have been dumping them (although I recently spent some on gold). Title: Re: [2015-11-05] Biggest Bitcoin Exchange OKCoin Suffers Cyber Attack; Price Plummet Post by: BitcoinFortune on November 06, 2015, 10:18:11 PM If there is a causality between OKCoin's problems and the current plunge in BTC price, then that would suggest that recent reports of China being the BIGGEST PLAYER in Bitcoinistan are true. And it could be true! I have seen nothing that would tell me that US HODLers of BTC have been dumping them (although I recently spent some on gold). Chinese bitcoin exchanges are the world's largest. This is no doubt about that, even if you discount their trading volume by 90% due to 0% trading fee. |