Bitcoin Forum

Bitcoin drops 20% after $70M worth of Bitcoin was stolen from Bitfinex exchange which exchange is next? what is the fate of bitcoin price? How do we protect against future re-occurrence?
Let us discuss this issue sincerely.

Just another security breach of a bitcoin exchange. Nothing new I would guess. Lesson to be learned: don't store your coins online if you have it is a small fortune.

Prices will go back up. No point in selling into this mess now.

Price will go back up is a very promising word but when? they stole $70M worth of bitcoin,no doubt it will take a lot of time to reach $600 again.

that's why many people said do not trust 100% to the exchange and do not save all your bitcoins to only one exchange and long time ago there are several altcoins exchange was hacked even though not really affecting to the bitcoin prices but many users at there who losing their money however i have no idea which exchange will be next but we all must beware because hackers could anytime stolen our money

Exactly the point but what will now happen to the people that lost their funds, will they get back their money from bitfinex or what? what about the wallet cold storage for keeping coins safe, does it mean they are not safe?

1) you are posting this in the wrong board.
2) nobody can tell which exchange is the next. although you can detect shady activities in exchanges before they run away like yobit.
3) the price drop is temporary and as you can see today, it is already recovering a little.

Kindly explain the section that this discussion should be posted
What is wrong with yobit? i am very interested in this.
That is true.

I guess it is a risk that must be accepted by us save bitcoin / altcoin in exchanger but we have to learn from that has happened to never save your money more than 1 day in the exchanger.

That is a fact however if we watch the bitcoin price movement since the attack on bitfinex it seems that it affects China more than the rest of the world, is there anybody that have this similar view?

I hardly think so. They lost 70 million dollars and I don't think they would take money out of their own pocket to pay users just to get their trust back. I think if Bitfinex wants to go back to business, they will come back with another name, another whatabouts, etc. That's the easiest thing to do if you're in their position. You don't have to pay people and you'll get a fresh start.


I honestly think that exchanging sites getting hacked will become a natural thing in the future. After all, exchange sites hold a lot of money and that's what hackers want. Nothing is unhackable so we can't actually protect exchange websites from exceptional hackers out there.

That have been a generally accepted facts but what about those cold wallets that is been promoted everywhere, that mean they are not reliable.

When you are a programmer, you know that you can not create "the perfect program" against hackers. You do your best, but "100% secure" do not exists in real life or internet. You just can keep your software up to date against known dangers, but one day some one could create a new attack method and you are dead. And we are talking about honest programmers; nobody can do nothing to protect your bitcoins if the attacks is from inside the same site/programmer.

Once this is clear, there are some ways to protect yourself against hackers:
- Split your money: if someone hack one account, your loss will be smaller.
- For exchangers: do not handle more money than you can afford to lost. It keeps your bussines smaller, but your trust high.
- Multi-level security: you may set many verifications for bigger amounts, or lock the transactions if the average suddenly growths too much. It is better a small delay for users until you verify everything is ok, than a big scam like this.

Multi-level security: you may set many verifications for bigger amounts, or lock the transactions if the average suddenly growths too much. It is better a small delay for users until you verify everything is ok, than a big scam like this. i totally agree with this point, there should be an extra verification for withdrawal that is more than 10 btc at once but will hackers not device another means like micro withdrawals?

It is good to see the price of btc rising again and hopefully it will get back to where it was hacked down this week.
Does it mean the hacker have offloaded all the $70m stolen?

I don't think hacker have unloaded/dumped their coin till now and price seems to keep rising before it hit just below 700$ which was before hack price of bitcoin. I think shorting few of our coins at 650$-700$ range will be good decision.

Nah, it will pass the $600-$700 price. It was too long for BTC to be so stable, it was really weird as it was like the first time I've seen the price staying at $650 (+/-$25). Now it's time to go even more above that price. We've got to pass $1k  by the next year!

1. That hack was nothing to do with bitcoin itself. It was just an attack on satellite service conducting bitcoin trades.
2. Actually it is not that bad because we can now buy bitcoin cheaper. As there is almost 100% chance that price will resume climbing.

Hacking attack can't be predicted. Every service is advertised as secure, safe and stable until it isn't.

That is not a bad point either because we can now buy bitcoin cheaper and sell when it hits $700 but how will bitfinex settles peoples funds that were stolen?

May be it is all a false alarm because bitfinex is back on track and trading have commenced fully whereas i doubt they would be able to resume activities if the money quoted to be stolen is true.

Just dont store any bitcoin on an exchange full stop.
When you have finished trading for the day withdraw all your coins and keep them safe in a wallet that only you have the private keys to, or better still a hardware or paper wallet.

I believe bitfinex was a little restricted with their cold storage by the KYC laws but still reading about that part.

before up in $700, i think the rate will be down for a moment, then next week will go up. because when i see on bitcoinwisdom, there are red down below, i hope its not be down in $575.

That is very correct because it seems that the hacker is dropping the remaining stolen btc and that is forcing the draw down in the market prices.

I hope the price of bitcoin increase again, so that it can restore the trust of the investors and bitcoin holders, I sure it and believe