Bitcoin Forum

Just in time to kill the momentum and take us back to 6500, this hack happened, people panic sold, but the fact that Bithumb inmediatly took charge of the situation, moved resources to cold wallets and assured clients it would cough up the 30 Million to cover losses, is pretty empowering for the industrya and goes to show that a lot of the big players are here for the long term and are willing to build a new reputation not only for themselves but also the industry, trying to make it a more professional space, and not just a parade of endless unresolved scams and hacks.

It's very unfortunate such a hack issue is coming up at this period after the Korean- coinrail exchange hack that brought us back some few weeks. One of the problems of the crypto blockchain is the prevalent issue of security. The digital ecosystem is prone to hacking. I thank Bithumb for the quick intervention, even though I have not really read the full version of this hack story. I would find time to investigate the issue. Thanks

this hack case is what makes many people afraid to invest in crypto, for the future, crypto technology must be made as safe as it is, so that everyone can believe in crypto, we do not want to see crypto be destroyed, this lesson for us all

Yes, I was also surprised to hear the news.
I hope to be resolved soon. because Bithumb is an Exchange bear d Korea.
For the uninitiated, this is his official news.
https://twitter.com/BithumbOfficial/status/1009239883645243392

Yeah, this is very bad news for the crypto space. It will be very hard to have mass adoption when something like this happens almost every year. What can they do to prevent hacks like this from happening in the future?

today very bad news morning,bithumb not safe i think ,btc is down now,i think market is recovery now ,pray for all

Difficult to say whether this was an inside job or not. But for sure a lot of exchanges and other intermediaries are taking advantage of the current market conditions. I just can't believe that even after so many years, exchanges continue to loss their coins and tokens to hacks.

Fuck but I believe if this is insider's job. Can you imagine how the major exchange site just like bithumb getting hacked? Most of hacked case don't give any further explanation about what has already happened with the security or at least they can give a clue about that. This is why I can't trust centralized exchange site 100%

Thanks for the link, looking forward for the team to settled this issue, its very annoying yet because we are seeing some good swing bitcoin trying to bounce up then after this incident price fells again, the current situation will be handle by the team according to their tweet if that issue will be resolved right away and the team behind Bithumb will cover that 30 million worth of coin it will be a good news for the traders but still will mark some negative implication with their business, all exchange are not safe with hackers for real.

It is sad news for the Bithumb trading platform, but we need to determine whether this information is accurate, not the rumors, shark manipulation market, yesterday to recover part

This really show how hackers has been threatening cryptos ecosystem with Bithumb as the latest victim, Its high time a lasting solution should be deployed in tackling this security breaches else it could spell doom for new exchanges and many investors and if possible the hackers should traced and prosecuted this will serve as deterrent to other culprits.

Is this legit? I always observed when the price would go up like 5%, that would be followed by a hacking incident or other FUD that could bring another price dump. Why this always coincide on every huge price jump? Back to the topic, I could say that all centralized exchange are subject or vulnerable to hack because there is a huge pot of money inside it, bitcoin can't be touched but exchanges could be, so there is nothing new about this. Just be careful when picking your exchange where you put your money.

i cant believe people never learnt from the mt gox hack... dont leave your stash on an exchange.

I really hope Binance has their shit up to date and arent in line for a hack either sigh. Can we have some good news for bulls to come back now please :)

breaking news for the crypto world, because it will be a very hard blow for crypto users,
people will be afraid to invest in crypto currency, semogaini be a pearl for all of us to be careful.
hopefully in terms of security can be tightened again,

This information is too bad. Why are Korean trading exchange always hacked? What should I do now, hope the market will be okay ???

This is a very good move by Bithumb to stop further damage and loss. I know this kind of hacking is very technical which some of us won't really understand how it happened in the first place given the fact that, they do obviously have high security measures. Hope that this isn't an inside job or something. If you want to read more about the news you can check it in here. https://www.newsbtc.com/2018/06/20/breaking-news-bithumb-hacked-for-30-million-in-cryptocurrencies-market-drops/

all these hacks are not good for the crypto scene. i was happy a few hours ago, that the prices go up again, but now they are falling again.

Indeed, there are many problems with crypto money markets, so a system of hot and cold wallets is needed.
When markets start to recover, there exchange will always be a few burglaries. >:(

Is it not the old news? I think bithumb or some other korean exchange got hacked few weeks back.One bad news after other.,making the market go down further.It's better to lock the wallets and forget about the market for few months

Its really unfortunate to see hack cases one after another and this is what push investors away from crypto currencies, however, Bithumb taking charge in time is really tremendous. Hope, we will stick to new support level and will not break below it again. This is very important for a near future bullish pattern, else we will go back down to 5K

Now we are seeing the market on red again, people are really panicking and they think it will continue to crash but I think the market will not dump so much because of this news. We really need a more secure exchanges so investors will trust cryptocurrency again and don't worry because crypto will not be destroyed by this scams, this market will still grow despite of this challenges.

Do not worry, this trading exchange is not much bitcoin, the price of bitcoin will not decrease much. do not sell

Good to know. I would not sell because of such news.
I'll wait and see what happens.

At this moment when BTC was very near 7k and we could go higher ,seems all centralized exchanges must go to decentralized or we will see this again and again.

Twitter gas Been deleted... their website also no announcement?.. they Must keep the coin in hot wallet.. the most secure exchange mau be cryptos... but withdrawal time need longer time...that is pros n Cons of security...

it's so sad news for this day, I can only hope that everyone does not panic but that seems impossible.

Forget about the market for few months? I think I wouldn't do that, there is possible that you missed the chance if you decided to forget about the market.

Makes sense that the price where I expected it to be bull in a few days were suddenly broke the price of 6500. Not until I discovered this bithumb hacking issues. I wonder what assurance of that 20million that been lost to the people. I also assumed there are still hacked amount before they come to know it.

This is really bad news to cryptocurrency on having a news like this. This is one of the reason why people will turn their heads away on cryptocurrency. It is somehow not good but it is reality that crypto could be taken away from the result of vulnerability of the digital wallet or the exchange from the expert hackers around the world. Even establish exchange and wallets could be vulnerable if they are not lucky enough from the hackers breaching out their system.

We have to give our respect to Bithumb because even it was hacked the team able to repay all loss to traders. I see this as a good manner in the crypto world.

Today this is probably the most discussed news, which in general exists, so there can only be one, to lower the price of bitcoin down, because selling such a quantity of money to fiat through bitcoin is always a price reduction.

This hacking is getting too much, few weeks ago it was coinraill hacking in which about $40 million was stolen, if this hacking issues on exchanges continues it will be somewhat  hard for new comers to invest in crypto

Bithumb has announced the official and planned treatment
At the moment, there are quite a few unsafe exchanges! Care should be taken to ensure that no investment is lost.

This will also be a relief for the users of that exchange since they will not lose their funds. It's fundamental that the exchanges cover the damages caused by these attacks. It's also very important that they investigate how it has happened so that they can reinforce their security measures and prevent this from happening again.

Bitcoin is still tight on $6,759 so this hack doesn't seem some effect.

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There's a jump to the market cap yesterday and the fees for sending bitcoin today was up due to this hack.

This is a very unpleasant situation. The credibility of the cryptocurrency right now is not high, and the news even more worsen the situation. The result is natural - all the coins are red.

Coinrail last time then Bithumb now which is top 25 in volume to bitcoin markets it may slightly affect the price because of the FUD's and exaggerated news, I wonder why exchanges got that hacked easily, I mean 30 million is not a joke amount of money, exchanges these days needs to implement strict and tight security to protect its customers from those greedy hackers, I hope they took an immediate action towards these incidents like the other exchange did.

It was really a good thing to see them handle the situation in a highly professional manner and I believe the move doused the tension a little bit in which we all know occasions like this normally would have caused some panic selling and although I did see some little bit volume on the sell side earlier today, it did not go too far. The whole hack thing on exchanges though, is actually becoming worrisome which brings about the question, who is next? I hope the exchanges can do much more to increase the security of the platform.

If this is true the impact in price of market is big

FUD or real the btc will drops by this news about hack of bithumb

we need to wait because some users don't worry about FUD or hack accusation

This is really sad news, but it is encouraging that the management of the stock exchange reacted promptly and took the necessary measures to minimize the consequences of this theft. The statement of Charlie Lee:
"Another day, another hack. Hopefully BitThumb is able to cover this amount, though $30MM is not a small amount. As I've said many times, be smart and only keep on exchange coins that you are actively trading. It's best to withdraw right after trading."
https://twitter.com/SatoshiLite/status/1009243386790834176

Bithumb is saying that they will reimburse the losses, but I am not 100% sure about it. Hopefully they will do what they promised, as they have all the necessary licenses from the government and the promoters are well known individuals.

this situation means that another dump is on the way.
Hackers will dump as soon as possible and market will crash again.
I wanna do something bad to those hackers.

This is a very unpleasant situation. The credibility of the cryptocurrency right now is not high, and the news even more worsen the situation. The result is natural - all the coins are red. :-\

Bithumb is one of the largest exchanges in Asia! Is great to see that Bithumb had their hands on the trigger in case anything went wrong, quickly moving all assets to cold storage to mitigate any further risk.

30M isnt much for them

however SK exchanges need to get their shit together

Everything will be fine. This will not significantly affect the price of the cryptocurrencies.

Yet another hack again within a month,  I hope investors money will be refunded by the exchange

Love my Koreans, but this is not a good look for Korean exchanges as of late. Coincheck and now Bitthumb. I hope these exchanges take this as a huge lesson and beef up security.

Fortunately Bithumb is paying the hacked $30 millions back to the traders. Otherwise, the poor traders will have to absorb the lost and it is going to decrease investors’ confidence. This show how unsafe it is to store coins in exchanges.

Hacks are always really bad the market and we saw that in the Price history of theBitcoin price in the past. The price always went down after huge hacks happened and I hope that the exchanges will get more security to prevent hacks.

I heard the news and it is really sad again because the market will panic or being manipulated again. I think developers need more advance securities so that the hacking events will minimize until all centralize exchanges will have blocked all hackers from reaching their gold chest.

So many hacks, they were hacked two times during one year (you can correct me if i am wrong), it is bad for market and for traders. They have to do smth with their security.

I think that before you ask the user to provide personal information when registering, you need to require the introduction of two-factor authentication to protect the user's account. This is how it tries to reduce attacks by hackers.

These hacks only teach us only one thing, never leave your tokens on exchange unless you are actively trading them. It's better to transfer them in a cold wallet if you are not trading them. Whenever you have to trade transfer your tokens from cold wallet to the exchange wallet. This is the best practice to keep your assets safe.

hacks recently has been occurred very often and it seems that exchanges are not enough prepared for this kind of hacks that happen once in a month, hope the issues would be fixed with better security measures .

Okay thumbs up to their fast movement regarding the hack. But still I have this thing about security. What is happening with all of this exchanges having such low security? Or are they going to say the hackers are getting better?
That is not some good reasoning. They must be one step advanced to those kind of attacks. Okay, what is exchange is next? That is why I dont want to leave anything with these exchanges, anything can happen in a blink.

We checked that some cryptocurrency worth about $ 30 million was stolen, "Bithumb said on Twitter. "The stolen Cryptocurrency will be covered from Bithumb and all assets are being transferred to the cool wallet.
The theft allegedly occurred as a result of hacking, although the exchange has not officially confirmed this. Given the relatively small size of the theft, it is possible that a hacker managed to gain access to a "hot wallet" connected to the internet for one of the more thinly traded assets listed on the platform.
Bithumb says that the company will bear all losses so users will not be affected, other than by the temporary inability to move their assets. Deposit and withdrawal are suspended at time of writing at 01:58 UTC.
Bithumb is currently ranked sixth as the second largest cryptocurrency exchange in the world and South Korea, with daily trading volume of more than $ 330 million, according to CoinMarketCap.
This incident marks the second time South Korean exchanges have been hacked this month. Less than two weeks ago, little-known Coinrail lost about $ 37.2 million in coins, including various ERC-20 tokens.
The bitcoin price dropped almost $ 200 in the following hours hack, removing much of the recovery that the market had seen over the previous 48 hours.

yes I just read this news at https://www.coindesk.com/bitcoin-retains-short-term-bull-bias-despite-exchange-hack/
Shocked, as in previous cases many hacked market has happened. This cases should be a signal for market developers always to maintain and improve its security

The warning was made a long time ago. Not about Bithumb, but about how it is unsafe and not recommended at all to store funds in exchanges. We are still not sure that they will do what they supposed to promise about funding losses as i still don't see any official announecement about this. This is a great lesson to learn from:
- Never trust a third part authority.
- Always buy token that you are able to store out of exchanges.
- You are not safe from lost even in Decentralised exchanges (see about last hack attempt of EtherDelta)

Something while this news did not affect the bitcoin exchange rate, usually after such news the rate falls immediately.

Another thread about same thing.
I am verry happy that Bitcoin and other cryptocurrencies survived this bad news!
We are going up 8)!

I hope that the hack won't repeat again and again from different place and go to another place. I hope it won't effect the current price if bitcoin.

Bithumb just built such high reputation in such a short time.The market would have crashed again.

it wont,market cap seem even be on the rise

This is really a gloomy news for us all. However, I hope traders will not be afraid of the situation. Time will change ownself. And my request to all that please avoid and don't spread any FUD. It hurts the market more.

I suspect that this is a simple marketing move and, at the same time, a convenient way to influence the market. Too timely there are "hacker attacks", you did not pay attention to it? The laws of black PR, no one canceled, they still work just fine.

Can't wait for decentralized exchanges to become the norm. This crap doesn't have to happen.

I really wasn't expecting that, Bithumb, such a respected name in the world of exchanges, I suppose its still possible to successfully hack the big players. Opening the bets who will be the next victim.

Honestly am sick of hearing news about exchanges getting hacked on daily basis, it puts investors at a difficult situation because most of them are now scared of leaving their assets on exchanges. we need more of decentralized exchanges.

This is very bad for the crypto market.
new people who still have to invest in this market.
Get suspicious now and now do not buy anything anymore.
Why do not such exchange have their security up to date?
I hope that is not picked up by the media.
we need more good news about crypto than bad news.

This is really a bad news for the industry. Due to these kind of issues so many traders are being hopeless. However, in this current situation, I think keeping money in private wallet is safer. But we should avoid any FUD at this moment.

any news that is similar like this will affect "ALL industries" depending  on the niche of the news.

But trust me, it will rebounce back for much better and stronger.

Dont believe in the sudden FUD dip. Leverage on that instead

Yeah I heard about the news and it's so unfortunate for the affected users of the bithumb but the good thing is that they promise to refund all the affected users and if they will do that, it will be a nice one.

Concerned about the news that could harm their industry ,this is why bitcoin values cannot grow fast as usual but we should look at the case patiently millions of people panicked with this awful news

This is really frustrating to see such incident. Such hacking will make people to lose faith from the exchanges and eventually they can even leave this market out of fear. This is really alarming and the exchanges should take steps to stop such hacking.

Hacking is literally destroying the whole digital ecosystem. It is very unfortunate to have such a hack issue at this period. It is very difficult to recover this type of massive losses. Hopefully te Bithumb will recover soon.

this bithumb hack has just shown why it is always emphasized that you should not leave your tokens in exchanges.
the safest place to leave your coins and tokens is in your personal wallet.

This hack is very weak, only 30 millions was stolen. But this was great informational occasion to drop Bitcoin a little bit. Also, Bithumb will refund all the funds that was stolen. But this incident once again proved the necessity of creating a reliable and fast decentralized exchange. Existing decentralized exchanges can not compete with centralized exchanges despite much higher reliability.

So far the impact is not so massive. We can see this seeing the reflection in the price index. All are moving normally. But this the really a bad news for the bithumb and the traders who has money in the exchange. And in future traders will think more than once beore keeping their money in any other exchange.

This is sad that because of this issue people are less interested in investing. But, i hope the technology will gradually be in secure position and people will regain its trust.

too bad for the exchange site, maybe those who got hacked in bithumb will not get refunded right? They should focus on the security on their website  because many people who invested in that site , they should build a strong security. if that continues many investors will be afraid on investing from their exchange. but we all know that this is not only the first that happens in any exchanges. We cant say also it is an inside job.but who knows.

Bitthump try to revive trust on their exchange, so they can still operate I hope other exchange also has that policy and stance, so traders will become comfortable trading, but the most important and always is security, everybody are hoping that this will be the last so we can all move on and the market turn to bull again.

This hack might kill the trust of people to exchange since they loss a lof money if save money in exchange.
This caused so many advice to not save lot of money in exchange since its very high risk. Cryptocurrency now like hell where we can loss everything not because our fault but other fault.

I think they have a funds recovery plan!
so, people stay calm and don't worry about this hack!!!
cheers!!

Fortunately Bithumb is paying the hacked $30 millions back to the traders. Otherwise, the poor traders will have to absorb the lost and it is going to decrease investors’ confidence. This show how unsafe it is to store coins in exchanges.

I heard ther news and it was very sad to hear so. A few weeks back we saw a similar hacking incident and I expected that the other exchanges will take lesson from it and enhance their security facilities. But alas we had to witness the same incident again. Still I am thakful that Bithumb could manage it early and this lessened the lost amount to a great extent.

Well i was not aware of this news, it is reallysad to see more and more exchanges getting hacked, if this continues i fear people will stop trading on these exchanges or atleast will not store any coins there.

I saw the new on some channel, i will check bithum news channels to see if this is just to make people panic in other for newbie to dump their coins on them at loss,this space needs sanitization from bad actors.

Yes you are right, today almost all crypto currency is experiencing price decline, maybe this is the effect of crypto exchange that hit the hack. I hope the price will soon getting better and make a profit for all of us

It is even possible by some allege that the hack was an inside job by Bithumb to generate funds or to avoid taxes. Read about Developing Bithumb Hack Story (https://bitcoinexchangeguide.com/developing-bithumb-hack-story-fake-news-insider-job-or-back-tax-bill-ploy/) as based on official tweets announecements of the hack has been deleted. Furthermore, the stolen funds has been moving to Bitblender mixer (https://bitblender.io) which is number one bitcoin mixer in the DarkNet with a single public presence at bitblender.io.
The connection between the hack and the DarkWeb mixer reveal a suspecious possible scenario that has been already predicted by Attorney Jonathan Levy (http://www.clblaw.net/jonathan.html) explained in this article (https://nulltx.com/suspicious-bithumb-hack-connected-to-bitblender-dark-web-service/).

This hack from Bithumb and Korean exchange have brought down the crypto currency market from bad to worse I think. There are risk involved in any field but hacking an exchange itself is something we and the concerned authority need to think of a secured one in future. May be they step into rescue but not all the time it will be favor to us.

Honestly am sick of hearing news about exchanges getting hacked on daily basis, it puts investors at a difficult situation because most of them are now scared of leaving their assets on exchanges. we need more of decentralized exchanges.

This is not a good news at all. It is rather disturbing that Bithumb is being hacked this way. Strict measures are to be taken against this.

This is indeed a bad news for the cryptocurrency exchanges, since the South Korean Exchange bithumb has released that 30 million US dollars have been hacked from their system. Until then all sorts of transactions are paused, and will be resumed after the matter has been investigated thoroughly. In the meantime the resources have been transferred to cold wallets and their clients are being reassured that the losses will be covered up.

I've been a long time here in the crypto world and have seen many exchanges dies through such a thing. Now we have 2018 and exchanges are still got hacked. That is somehow sad. Why have the operators of such sites still not learned how important security is? How many exchanges still have to be hacked until they are finally safe? Is it just me, or are real banks not hacked so often? But at least I do not think that the current price decline of cryptocoins have come through this hack.  ::)

Do you think there's an insider job in that exchanges? I do believe that market makers will do their best to make a lot of fuds, to attract new investors. This year would be a year of regulation and many countries  focusing on adopting the technology of blockchain.

It’s not a great news for this crypto market and as far as i know bithumb is not a good project. In recent times bitcoin also facing some problems. But i believe in near future situation will change.

Remember that hackers are very intelligent, its just sad that they used to their advantage to become a criminal. They usually study an exploited the vulnerabilities of most exchanges that's why exchanges really needs to learn and try to improve as well and not wait till the next hack on them. Banks are also been hacked but maybe we haven't heard it that very often though. There was even a hack that I read 2 years ago that hackers exploited using the network printer of a bank (with the IP address thingy) and stole millions if not billions of dollars.

All these news are bad for the market which is already in a fever! Whales are satisfied cause they will manage to purchase Bitcoin at a veeeery good price! A new minimum of the price of 2018 has been reached today((

Is there are a time that bad news helped the market? all these hacks gave everyone an headache. And when there's a news like these expect that a dump will follow.

They won't buy at the all time highs so they are pushing the price backwards so they will manage to get it somehow at cheaper rates.

$5,900 today but it was $5,850 earlier.