Bitcoin Forum

Hello, I just woke up and I see another bad news.
Bithumb was hacked and hackers stole coins worth about 30 million USD (100 million USD?). But Bithumb promised that they will cover this loss.

Do you think it will affect the price of Bitcoin (altcoins)?

really what do you say? from where did you get that information? can you provide links from sources of information you get? if it is true I am sure it will adversely affect the bitcoin price and other altcoin prices. we will experience price decline again and again .. :(

Don't spread FUD. $30m is really nothing. It's an unfortunate situation and should spread some fear but it should not be blown out of proportion. The whole market is worth many billions, $30m isn't going to make any difference whatsoever.

here is source of the news scroll down in replies to find out https://twitter.com/BithumbOfficial/status/1009277296211972101?s=19 they deleted the original message from there account.

Or you can read news here: https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/
You are right, 30 million is nothing, but it increases the untrustworthiness of the whole cryptomarket..

This hacking Incidents in Exchanges are unusual but it serves a warning that they must put the platform security more effective to combat this treat its a disturbing news but it was associated with the saying " NO SYSTEM is SAFE so its means every high profile platforms likes Exchanges must put its cyber security more effective. But for the question that it has affect the price of Bitcoin I don't think so as we all know this Hacking incident is not new so it wont affect.

Link: South Korean cryptocurrency exchange Bithumb says it was hacked and $30 million in coins was stolen (https://www.cnbc.com/2018/06/19/south-korea-crypto-exchange-bithumb-says-it-was-hacked-coins-stolen.html)
That's too much, last time coinrail and now bithumb.
It affected a little bitcoin from $6,700 -$6,600 and the rest of altcoins verse are also in negative for today.

It wont affect price of bitcoin but might just affect the prices of those coins which were stolen as hackers will eventually dump those coins and thus the prices will decrease dramatically.

I dont think it will affect bitcoin at all because few hundred millions is nothing as compared to the market cap of total coins and bitcoin itself. It is really a scratch over the global economic cap. So pretty sure about that and also if Bithumb is going to cover the losses then everything seems to me normal here.

When that "FUD NEWS" is everywhere in the media, in the forum, in the group, I said that's just a FUD NEWS to make the fear is bigger. The price is not down much. Up to this point, the notice is taken down. I believe the market will come back soon. HODL :D

I'm really sorry to hear that, These hacking things make me feel sad. When the uninformed people see these hacking events, they are scared to invest in cryptocurrencies.

These hacks have become very common now a days. I don't understand why these big exchanges are not implementing the security it needed to prevent such attacks. Bithumb is sixth largest exchange as per daily volume of trading and reading the news of such a big exchange getting hacked spreads uncertainty in the mind of investors. I understand that they are going to pay entire hacked amount to the wallets but still these things shouldn't be happening at all.

30 millions is not a big loss for an exchange but i hope that someone will implement some good definitive solutions in order to prevent this things!

A lot of hacked has happened with crypto, which makes investors not believe in this market and I think the market will continue to fall much in the coming weeks  :'(

again pumping negative news, we expect that bitcoin will try to support 6000 and fly to 5000

It's impossible to solve this problem once and for all. Whatever protection is developed, it can still be hacked. It's a race without a finish. Therefore, take care of safety yourself, knowing that any door with a lock can be opened

Today, virtual currencies have actually reached the bottom, so they do not face further decline in value, despite hacker attacks and other negative news. Now bitcoin is at a natural minimum of its value. It has only one way - up. I believe that first bitcoin should be fixed above the level of 8500 USD, then go through a serious level of resistance at around 10 thousand dollars. And after overcoming the level of 11300 USD, the cost of bitcoin will start to grow rapidly.

We are in critical stage where a lot of people are scared and any bad news will bring more fear. It will most likely bring down the market as news like this is worse. I just hope that the market holds.

Perhaps not hacked exchange, hacked Twitter account where the tweet was posted. And if this is true 30 million is a trifle for the cryptocurrency market. I don't think it will have much impact on the market.

Exchanges are the prime target of hackers and they need to have the most effective security measures for a website.
There are no other places to steal untraceable money and internet is being crowded by thives and pirates.
Exchanges needs to share their security frameware and infrastructure to counter them.

Bad newses can have bigger impact on bitcoin price that those $30 million lost...

If the hacker dumped the money they stole at the same time then yes, otherwise it will not affect anything as long as bithum recovered their loss or atleast taking the responsibility.
The market capitalization of the whole cryptocurrency is too big for $30 million and it will not affect that much

Bithumb has lock withdraw,  i think they can roll back if the hacker still now withdraw money. It's true that 30 million is not too big, but it makes investors lose confidence in exchange and especially is crypto

$30M is a very small amount for the Bithumb. If this news were released in order to drop the price of Bitcoin, then the price would fall even before the news came out. Therefore, I do not see anything terrible in this news.

Bithumb large exchange and hacking of such exchanges is certainly troubling and  distrust. Exchanges must constantly improve their defense.

Gush! Another seemingly fraud, not a hack! Now the investors and traders will bear the brunt.

Should be fine seeing as they've covering the loss, could of been a lot worse though. These exchanges need to sort their security out, they're huge businesses now.

Or not stole, they deleted their previously tweet. By the way Tether made audit. Results are published recently. BTC up!

After the announcement of the hacking of the exchange, bitcoine prices fell a little, perhaps because the stolen bikkions are now very quickly trying to cash out, probably this is a big problem today and every time I make sure that there is no system that would be 100% safe

this news is able to simply catch up with the fear of people, and they will panic and drop coins, 30 million dollars is really a drop in the sea

Something they need to do with the security of the platform ... And in bitcoin, this is likely to have a negative effect!

is already red and dip in coinmarket if bitcoin prices fell many altcoin/token goes fell too.good for now buy back in dip and wait for recovery

Why do people like making something big out of nothing. The news has not yet been confrmed. Also, the amount is not enough to bring a crack down to the price of bitcoin and other cryptocurrencies. We need not to see every bad news of FUD as reasons to bring about fall in market price.

Yes, this news will definitely negatively affect the crypto market. It seems to me that this is a bad exchange and it broke it not for the first time. People are already afraid to trust the exchanges.

I don't think relatively minor hacks are responsible for the declines in coin prices. The one thing that overshadows everything right now and affects all coins at the same time is the on going debate about what is appropriate regulation. This is currently the main driver of sentiment and consequently coin prices.

     Not really affected the price of bitcoin and altcoin since this is only a small amount compare to whole cryptocurrency , unlike to the coinrail of korea which is really big amount stolen from the coinrail exchange, maybe it will affect a little bit someday, and nothing we can do for this rather to wait .

confusing, why did they delete tweets about hacking they've experienced? what's this, do they have the intention to deceive the public, specifically their users?

this news does not affect the market, everyone is smart and I think everyone is fed up and will not be affected by this useless bad news like this.

I don't know that it will affect or no. But we also doesn't know what cause the market go down in this year. Maybe it's because ICO ban ads, but it's was old news and I also think that it good because no more people will involved with SCAM ICO. Many people say that it because manipulated but it's not certain. Why I'm say that? I think it's because the market fall drastically and there is nothing any reasonable reason for it.

It is not necessarily that market will drop again in conjunction with such negative news. I think that this amount is not so big relative all the market capitalization so I am not wait sufficient dropping.  
It is pity that the similar events occurs but it need to make a conclusion that the security must be improved to escape further hacks.

A lots of investors are tired from this kind of hacks and it gives uncertainty to the whole market. They steal them and nothing happens to the thieves, this is a big bug in the whole crypto world.

Totally agree with you. But on the market, even the smallest offset affects the price.

You were probably right, Bitcoin is stable  8) Don´t you think that it was important? I mean that Bitcoin price didn´t go down, so we found a bottom? And we are going up finally?

if the bithumb bears all the losses that have been in retas then no one is harmed from the incident, they have closed the bug from the hacker and hopefully this incident does not happen again

That does not call for any form of downtrend in the price of bitcoin. Well, if there is another fall, it means we a have more privilege to buy from those who still panic sell as a result of mere news that is nonsignificant.

I doubt it effects Bitcoin and altcoins, this is a tiny hack in the grand scheme of things. Even when the 500m hack happened earlier this year, I don't think it effected Bitcoin much. These events are independent of one another. But if there was a hack of Bitcoin, then yeah Bitcoin would plummet to near nothing.

And i will buy more, haha some whales collecting bitcoin and eth, why we can't??

This will have a negative effect on all crypto currency prices, but I do not think the effect of this will be too serious, maybe this is a warning to all traders to better secure their assets on exchange

This would seem to be the reason of the slight dip earlier but it seems there has been bounce back since, even though price has still been overall stagnant.

Yeah bithumb did actually get hacked and coins were indeed stolen. The affects were immediate but wasn't devastating. The price was going up and reached $6,700 but this hack kinda put a stop to it and the price fell down to $6,550. This is going to be temporary.
These hacks are becoming a common scenario sadly. Hope we develop further more so we don't have to be facing such trouble any more.

Very bad news. It's pity, I was hoping we'd finally start to grow. But I haven't seen a big fall yet.

Yeah i think easily effected. Hack news are very important i think. When they stole , directly effected the market prices.

Maybe %10 effected . But its very hard. Market has a very large scale and include too much altcoins. But , hack news are important for market of course.

may be there will be a little downtrend, but what i see is market growing. one day such news like exchange hacking will not effect prices anymore.

This is quite shocking to know. I hope they will be able to recover somehow. Privacy should be made more strict to get rid of this hackers

When you post something like this you would make sure that it is valid news and provide links with it. Otherwise, it becomes very difficult to understand which one whether its a FUD or not.

Sorry for the news. This may affect the price. But, the effect would be temporary. The situation will get under control anyhow.

I hope it get to recovery the losses soon. Otherwise, many people may lose their interest over crypto currency.

I think it's a FUD. I haven't heard of this sort of news before. Links would be much preferable in this sort of posts.

Is this news real or just a rumours around the internet. I would like to know more information regarding the theft of Bitcoins and how did they planed all those things. But i don't think theft of 30 million USD is going to affect the crypto market or it is going to affect the people. Crypto market is really a big one and here there will not be any affect on the prices due to theft until the theft is a big one something around 10 billion USD or more and i hope this is never gonna happen in lifetime and i don't wish to see this kind of theft to happen.

This is very negative news that leaves a mark on the entire cryptoindustry. After such news, more and more investors are leaving this market. They are just afraid of losing their money.

I don't think that it will affect the market a lot. Even you can check the price list right now. You will not get any major fall after the Bithumb hack. It has the capability to cover up the loss. But this kind of FUD is really so serious to hamper the normal movement of the market. So spreading FUD should be avoided by all.

At least the bithumb company has already taken a right step to prevent the majority of traders and investors are feeling panic caused by that hacked case, It looks like the bitcoin and altcoin will be stable or this time it is getting a slightly increase after the downtrend caused by the hacked case of bithumb

It already affects the both price and its not just a small exchange bithumb is a big korean exchange that i know so that is a big issue. If they will cover it i think it is more on FUD in the market that is a very big amount to cover and i don't think they will do it and they gave assurance as fast like the news.

i think this situation will effect on altcoin that have large korean supporter like pundi x, auto/cube etc..last time with hacker pundi x stop trading on idex..

I don’t think such a small amount of theft will bring the bitcoin price down and that too when bithumb has promised to recover the loss. It will be better not to spread such news as this might mmake people panicked. The market is alright and will recover soon.

Try using Google: https://www.coindesk.com/bithumb-exchanges-31-million-hack-know-dont-know/

I just hope that they will cover the losses of all those people who trusted them.
And yes, bitcoin lost around $200 a couple of hours after the publication about the hack attack.
So we can see that security issues indeed affect the market and prices.

I had the news and I was so sad about it and I am happy the Bithumb will be refunding the users that lost their cryptos on the platform, and I don't think it will affect the market though it might discourage some new people seeking to join the space because they will be afraid of their money.

You have the valid points.When any negative news came about bitcoin,it will surely affect the price of bitcoin.Whenever the price of bitcoin is reduced from current market price,it will affect the price of altcoin too.If you have a doubt in this ,you can check now .The price of bitcoin and most of altcoin is reduced.

The good thing about trading on large exchanges is that they have enough funds to cover any losses suffered by their traders. They have indeed promised to refund all affected users and i'm sure they will tighten security after this

They need to take charge, if they still want to continue their business they not to take this responsibilities, this new hack affect the movement,
we seen some rise before this hacked happen but now things fell back and the value is down again, negative news affect those panic seller who
maybe loses bunch of money when bitgrail was hack previously.

The market didn't really suffer after the Bithumb hack. $30 million wasn't a huge loss compared to the total marketcap. We are still holding up.

this news has not greatly affected the market of crypto currency, now bitcoin again wants to grow, will soon again test $ 8000

Nothing happened. Market keep patience. All movings are fluctuations only. And Bithumb delete own tweet about it. What does it mean? Simply manipulations and nothing more

I read the news this morning, This shows that security is extremely important and should be paid more attention, and there were a lot of exchanges that were hacked by hackers. However, Bithumb said that they have timely prevented and taken measures, the money stolen will be returned to Bithumb investors, so that the damage is not too large. I also find that the impact of this to Bitcoin is not too big, even the price of BTC is a bit positive, hoping that the market will soon return.

As the whole system of cryptocurrency is decentralized so the issue of hacking of excanges will remain till the end. So it is our duty to handle these situations by keeping backup plans.

30M usd are a lot for us but are nothing on the market.

Though a huge amount has been lost from bithimb, it has a less impact on the market till now. Price of altcoins has not been affected a lot. However, this is totally unexpected. Traders will loss their interest in the market and to keep their money in exchanges as well.

Is there any valid link to justify this information. However, this is really sad to know about this issue. I hope it won't affect much on the price of crypto market.

In my own opinion, it will really be affecting the price of cryptocurrency because there are a lot of people who are scared for their coins to be stolen in the market so maybe the price might decrease on other markets.

I think this is a big issue here. Such hacking makes people to panic much and they sell their coin out of panic. I think bitcoin price going down can be because of the bitthumb hacking.

This affects the price of bitcoin in the short term.
However, at the moment, bitcoin is still around $6.7k, so I don't think it will have much impact in the medium term.

Its sad reading that news, many hackers trying to steal our crypto in exchanger. Its more safe to store our crypto to our own wallet. Hopely it have no effect on bitcoin price and others crypto.

Hackers have begun to attack the exchange instead of profiting through market speculation, indicating that the market is very bad and they will turn to the use of illegal means to profit. I think it will soon reach a new low. The price will go down. More people will leave. Then it will be winter.

really hard to believe about how much money it is. 30MIL USD. should exchanges not be safer these days?

Yes, it will affect the price of Bitcoin. 30 million dollars is a huge amount and it will definitely affect the price of Bitcoin. Necessary steps must be taken to avoid this kind of activities in future.

The prices are affected a little bit, from $6,700 fell to $6600. But this is a very small drop given bitcons are dealt in billions and only a few million dollars hacked will not result in a major deflation of prices. Hackers will always find holes and the only way to prevent it is by tighten up the security.

If you want to spread the story then it should be shared with links to convince everyone about the news, if that's the case I'm sure the price drop depends on what coin they stole, the platform they control I hope can solve it quickly after it happens, causing an uncertain panic just to add riot after market conditions like this, hopefully not many impacts that occur.

It’s a problem for this crypto market. That's why project needs to improve their security for protecting this problem. If hacking percentage increase peoples will not motivate to invest on this project. So need to high security.

The crypto market is still young so unfortunate events like this affect the price of btc very much. Maybe in the future it wouldn't be so.

I don't know if this has to do with the hack of bithumb. Heard about the cryptocurrency exchange regulation in japan, speculation had it that that was the reason of the down trend. Letso be on the watch though

Yes, the market will be affected by the hacking attack. I am pretty sure thats why the price of the market as of now is very low. I believe it is the work of the hacker selling the tokens he hacked from the bithumb. I am terribly sorry for those traders and also in bithumb who lost a lot of tokens.

Right, its really sad to hear this kind of news because (1) the market price will definitely affected, (2) sad to hear our fellow traders losing money because of the hacked. Imagine working hard for that money and the hackers will simply take that away. But I heard that Bithumb is going to compensate those who have lost so its a good news for all of us.

Again, this would be a new fact that storing assets in an exchanger is not very secure.
I suspect there is a big scandal lurking every asset stored in major exchanges.
save on wallet hardware it is a good solution nowadays. >:(

Is this true? any link of the news? shit were thats a lot of money they going to dump thaht coins. any link or article that this true?

     These two Hacking incident was really affect the price of bitcoin and altcoin, one hacking incident was happened in south korea namely coinrail exchange and second is Bithum that is why we have a price crash of cryptocurrency as of now , but many crypto analyst are very positive to their thoughts that bitcoin will reach $25000 before year end, so we hope that market will recover soon .

I hope they promise to refund all affected users and I am sure they will tighten security after this and the good thing about trading in big bourses is that they have enough funds to cover the losses suffered by their traders

On the bithumb side they have confirmed they will compensate investors, that is the prestige that the large floor should do so to investors not be confused, then there will be many good signals for btc.

It won't make much of a difference in the market. $30-$100 million is nothing compared to the billions of dollars under the market circulation. If it news happened to be legit, it is the bithumb's fault and it shouldn't affect the crypto world. It is an unfortunate event but we have heard worst. We should be worried if there are multiple events like this in a short amount of time.

I question it impacts Bitcoin and altcoins, this is a little hack in the fantastic plan of things. Notwithstanding when the 500m hack happened not long ago, I don't think it affected Bitcoin much. These occasions are free of each other. In any case, if there was a hack of Bitcoin, at that point definitely Bitcoin would fall to close nothing.

I read the news toward the beginning of today, This demonstrates security is critical and ought to be given careful consideration, and there were a ton of trades that were hacked by programmers. Nonetheless, Bithumb said that they have auspicious forestalled and taken measures, the cash stolen will be come back to Bithumb financial specialists, so the harm isn't too extensive. I likewise find that the effect of this to Bitcoin isn't too enormous, even the cost of BTC is somewhat positive, trusting that the market will before long return.