Bitcoin Forum

Bitcoin eased further on Wednesday following its initial drop after the weekend announcement that South Korean cryptocurrency exchange had been hacked.

Other major cryptocurrencies also weakened markedly.

Bitcoin traded as low as $6,455.91 early on Wednesday Asia time, its lowest level since April. Bitcoin pared some of those losses to trade around $6,581.88 by 3:15 p.m. HK/SIN, according to CoinDesk.

Bitcoin had fallen around 10 percent over the weekend following news that South Korean exchange Coinrail had been hacked, with a number of lesser-known cryptocurrencies such as Pundi X counting among those affected. Bitcoin, however, was not mentioned by the exchange in its statements, according to Google translate.

The continued downward move was unlikely a result of last week's hack, which saw a limited level of damage caused, said Mati Greenspan, senior market analyst at eToro.

"The narrative that such a small hack caused such a large price reaction has definitely been overplayed," he said, adding that bitcoin's drop on Sunday was caused by a technical correction.

Over the last 24 hours, Bitcoin has seen a dip of around 4 percent, according to CoinMarketCap. So far in 2018, the cryptocurrency is down more than 50 percent.

Chart analysts have indicated that bitcoin's move below the $7,000 mark suggested a speedy recovery was unlikely.

As for other crypto assets, the last day has proven challenging.

Ethereum, the second-largest cryptocurrency by market capitalization, was down almost 7 percent in the last 24 hours, CoinMarketCap data showed. Ethereum stood at $496.47 at 3:15 p.m. HK/SIN, according to CoinDesk.

Ripple was lower by nearly 6 percent in the last 24 hours, according to CoinMarketCap. It traded at 56 cents at 3:15 p.m. HK/SIN.

Some small Korean exchange get's hacked, big freaking deal...
This is how you create fud.

1 teeny weeny unknown exchange in Japan gets hacked and the FUD army starts a media frenzy.  One the same day, probably dozens of banks were robbed across the world and probably even more ATMs robbed... but lets rather shine the spotlight on a single exchange that was hacked....  lol

I don't really know much about cryptocurrency exchange hack but I know of possibility of hack in myetherwallet. One of the ways of sending coins to the exchange wallet on mew is through private keys, if this is hacked, then private keys can be revealed.

Instead of using mew, many times I used to send directly from imtoken.

Fraudulent activities like hacking cannot be totally controlled but more digital security is needed to curtail this.

If you're worried about hacks, consider HBUS. They're a new marketplace that uses the same secure technology as Huobi, who have never been hacked, but is open to US users. They have some cool prizes going on too go check out their website hbus.com

   Hackers are knowledgeable and always can find a way to hack and the they are big timer because their target are the exchange. So, we need to be careful enough and avoid putting all your coins in just one exchange,much better if we will separate it. And always keep our password and private key secured and also use 2FA authentication for more security.

the hacking news of the exchanger always has a tremendous impact on bitcoin prices, so it can be concluded that the hacker exchanger is just a game for bitcoin prices to be played. In my opinion like that. We wait for the next news   ;)

I haven't seen much impact of this hack on the cryptocurrency price movement because they look very normal. Even the pundi-x mentioned seems to be doing fine. People have been advised several times not to leave their cryptocurrencies on exchanges so they won't be vulnerable to hackers.

Actually this cryptocurrency exchange hack are affecting the current market scenario. In July we were supposed to see Bitcoin jump to 10000$ but due to cryptocurrency exchange hack one by one first coinrail than bithumb and now I am wondering who is next. Now it's time to control this hacking by bringing secured technology to safeguard all cryptocurrency enthusiastic people's.

This is getting worst everyday! The market showed weakness because of this kind of news many investors fear to loss their capital and tend to dump their holding to the market resulting to more dip. as of this writing btc has showed significant change with the direction going up.. Hopefully it will continue to rise up.

It seems to me that a large part of the blame for the hacking of the exchange lies with the leadership of the exchange. The minimum is criminal negligence and the maximum is malicious intent. Exchanges should have kept their money in the fridge for a long time. Trades should be conducted only in electronic form and correct the accounts several times a day based on the results of trades.

i still believe with my local exchanger and make them as my wallet too. even need high fee to do some transaction, i can find them when something happen with it like site got hacked or any other problems

I think that whatever wallet we use, the secret is that we most keep our private keys safe. If they are exposed, no matter the wallet security and protection, the risk of being hack is very high.

there are two successful exchange cracked by hackers in the year 2018 is the first exchange of the country and recently japan exchange in south korea also been successfully hacked by hackers who make the price of coins on the market down

For quite a bit I have got an idea that exchange wants to say that they are hacked but the truth is they hack themselves to spread FUD or anything that could make the prices to fall.

I think its high time we started separating the increase or decrease in the price of bitcoin to singular events. Just yesterday, I have read on the forum on how a company that was license to carry out bitcoin trading was claiming victory as the reason why there was some small green witnessed yesterday and this same yesterday this article is claiming to have been responsible for the downward trend. How long are we going to deceive ourselves. Market participants don't even know what is going on in the forum or what happen to an exchange sites in far away Asia. They do their trade and hope for a better day.

There is really crypto currency hack. If that's the word, it's also true. Many evil people out of this bad road. Many people want to hack more people by using their own hacks. This is really a shocking act.

South Korean cryptocurrency exchange has suffered a hack and lost some 30 percent of its coin inventory. Coinrail said on its homepage it was attacked and lost Pundi X, Aston, and Nper. The coins were worth some US$40 million, according to local reports.It said 70 percent of its inventory was safe and was moved to cold wallets.Two thirds of the leaked coins have been frozen and the company was being recovered.

I don't fully trust those exchanges, there are a lot of shady deal in Cryptosphere, they may the one hacking theirself

I dont think anyone  should trust them. theres a psoibility to lose everything. i personally don't recommend it to anyone

Hackers mostly attack on exchanges because they have many ways to attack but main is DDos attack which hackers do most of time so we need to always be aware about it and use Two 2FA(two factor authentication) on login and withdrawal and store only that coin exchange which u wanna trade and rather use Hardware wallet for store Ur cryptocoins.

Bitcoin is the most futuristic currency in the virtual currency and will also be the most advanced currency. MY OPINION

 The only damage these hacks cause are reputational and of course, material damage in a sense of stolen funds. Cryptography and blockchain are unhackable (at least with the technologies and hacker knowledge of current era).
 That is why we need changes in the cryptocurrency ecosystem. Centralized exchanges need to be dethroned and put down the pecking order in the hierarchy.

This electronic money exchange hack is affecting the current market scenario. Now is the time to control this hacking by bringing security technology to protect all those eager money enthusiasts.

It is time the exchanges took a more serious and professional look at their security. There have been many publicly acknowledged attacks and almost certainly many unreported ones or attempted ones. The exchanges should employ a team of hackers to attempt to find vulnerabilities in their systems and advise them as to solutions-until they do the problem will only get worse. 

Every year there is an average theft of assets in an exchanger. Hackers have started the action in 2016. There are many victims who have lost the coin. I remember the "cryptsy" event, it was terrible.

Although storing your coins in the exchange wallet seems safe, but it is not impossible for some hacking activity.
I remember some exchanges have been hacked few months ago, but they were quickly take any further action to prevent more damage.
If you want to store your coins for long, i suggest not store it in the exchange wallet.

We had to watch Bitcoin jump to $ 10,000, but due to electronic money exchanges hacked one by one coins rather than bithumb and now I'm wondering who will be next. The market has shown weakness because of the news that many investors are concerned about their capital loss and tendency to sell to the market leading to price cuts. As btc wrote this has shown considerable change with the upward trend. It seems to me that a large part of the blame for hacking the exchange lies with the leadership of the exchange. Exchangers should have kept their money in the refrigerator for a long time.

Yeap, I agree. That exchange which was hacked has likely strengthened its security features already. The other thing is trust. It's obvious that it has lost many of their customers which could have an impact on the btc price.

Yeah, it is. For example, CEX  (https://cex.io/) has suffered one hacking incident in 2013, but it happened at the time they made their first steps. Since then there were no incidents, and the company has worked really hard on their security.

News hacking from exchangers always has a tremendous impact on the price of bitcoin, so it can be used by some people for price manipulation in the crypto market. Obviously it will easily create panic sales, in my opinion.

The truth is many exchanges are running centralize system,and that is reason for the series of hack on crypto exchange.
Many exchanges are not using multi security measures.I advocate for decentralized system because In decentralized exchange,one controls his private keys,but in centralized exchange the private keys are kept on server,and once the server is broken by hackers,people will loose money.

It's behooves me to how exchanges are always being hacked almost all the time and the operators of these exchanges never seem to learn anything about how to prevent these kind of hacks.  They should be made to return the hacked crypto to their customers if these kind of things happens.

Well, even you store your coin in exchange wallet, it won't make your coin more secure because of it.
Recently, i read there were japanese exchange got hacked and causing million dollars loss.
The most safe wallet is your own wallet, that you never use using your key, like hardwallet.

Hacks happen all the time. Centralized exchanges are especially vulnerable to phishing strategies. Even the most protected platforms had some issues – CEX was once hacked at its initial stage. But the company has learned the lesson and now offers the highest standards of security. Now traders are not affraid to buy crypto (https://cex.io/btc-usd) and store coins at their cold storage.

Centralized exchanges were hacked, but were there any decentralized exchanges hacking?

Korean and Japanese exchange hacked i heard most of the time about both of specially those countries. I think 2 months ago zaif (Japanese exchange) hacked https://zaif.jp/ now again it's come back nicely.

Decentralized exchange hacked possible. Etherdelta is hacked in the last year https://www.ccn.com/the-etherdelta-hack-hurts-but-it-could-have-been-worse/. Bancor is hacked in this year with reference https://www.ccn.com/decentralized-crypto-exchange-bancor-hacked-12m-in-ether-stolen/

Hackers every day are becoming an increasing problem for cryptocurrency. I think that exchanges should worry about the safety of their users' funds and not to neglect security.

Gone were the days that I used to trust these decentralized exchanges. The rate at which some exchanges get hacked is sometimes alarming, you may wonder how possible it is for individuals to  hack their security systems with ease.

Very true, for years of crypto business I think hackers are very much involve. Of course, they will especially at this kind of things where crypto transactions rely on Internet connection. The news of exchanges being hacked is not new anymore so it is frustrating to think that even if they knew that their systems are hacker-magnets, operators, security personnel and etc are kind of useless. I mean, they should be updating their systems and checking it for vulnerability. Traders trust them to be used for trading so they better much return it with good work.