Bitcoin Forum

More negative NEWS: Let’s hope the market does not over react!

https://www.newsbtc.com/2018/06/20/breaking-news-bithumb-hacked-for-30-million-in-cryptocurrencies-market-drops/

A heard that news, sad to hear they loss 30m$ worth of funds. These make the marker panic selling. Just a sign to not hold money in exchnage too long. Just do deposit and withdraw after trasaction. Why so many hacker with evil personality, they cant leave without getting someone disadvantage,  hopefully everyone will safe

Yes, it is terrible.
The news might fuel more negative sentiment!

this news came out about 8-9 hours ago and so far we have had no real reaction to it which can mean two things:
1. people didn't care at all about this news otherwise we would have seen a drop begin at the very least. so far price is basically what it was before.
2. the bitcoin is over-dumped so there is no more room left to go any lower than this even with a big hack news like this!

what's wrong with korea? it seems like korean exchanges are the main target of hackers. I'm confused, why do not they learn from the problems experienced by coinrail? the exchange should start raising their level of security to anticipate this problem.

You say BTC is overdumped! Many say 5K BTC is not far away!

The market will be stable for a little bit. The good thing bithumb has already stated that the team will be covered all of the lost amounts use the company's fund. That makes a lot of people are not giving any fear about that. Bithumb was acting just like a proffesional exchange and i like that.

AGREE!

This possibly may create some FUD in the market, and I really hope the market will not over-react as you have said. Although, things are still a bit stable, and if we are to see some reaction, we could have seen it already by now, so let's still be hopeful.

The thing though is that the market is still in a bear trend anyway and things like this can actual fuel it the more as a little drop in price can actually make people to start dumping while attaching this news as a fundamental to the possibility of seeing huge drop in price.

However, Bithumb is doing well to adjust pretty fast in fixing things as well as the stolen funds being refunded back to the users, and I hope that would subdue any possibility of over reaction in the market.

Doesn't matter at all. Market last time reacted too much when Gox dumped their 400 billion dollars in the market. I dont think 30 million is sufficient enough to move the market in that way. The 30 million +++ is daily volume of the bitcoin and XRP together and thus it did not affect the market at all.

Also if there would have been any chance of fall of the market then I am pretty sure we would have seen the big down surges by this time but market looks completely stable here and no effect of that dump at all.

That is very unfortunate for bithumb and will definitely give a bad impression with their service. I have high hope with that exchange platform and I am pretty sure that they will be able to cover that huge loss and will pay those traders who are a victim of hack. Even a well known and biggest exchange have security vulnerabilities so Charlie Lee was right. It is not advisable to leave your funds to an exchange platform and better to keep it instead to a hard wallet.

Bithumb is being professional pretty fast about this since they are working the means of giving what has been stolen back to users from their reserve. It is not really something too much for an exchange of that capacity anyway, so let's hope this will be sorted out.

In the case of the news creating huge FUD, it is going to be hard to tell even though we go down now since the market is forming a bear flag anyway and technically, there is a huge chance of going down the more even without this news coming into play in the first place.

I am not even sure fundamental is something to really pay attention to in the market any more since it is just a way for us sometimes to attach some movement in the market to it.

The market may react to it in the case where we see some downward movement pretty fast and could actually sky rocket it pretty fast, but we would not really know since the market in itself has been in a downtrend anyway and it is just a pity that things like this gets to happen sometimes which makes the idea of not leaving funds in an exchange something everyone should always pay attention to.

This news of theft on hacker exchanges has become more frequent in recent months, and this is also contributing to the negative phase of the market. The exchanges must increase their levels of security to protect investors and the entire market, because there is a risk of losing confidence in this sector

Negative as it is and you always want to report news like this, don't you? Why not also give the good news about them?

Bithumb Hack: $30M Lost, But Investors will be Compensated (https://cryptocurrencynews.com/bithumb-hack-investors-repaid/)

This is really sad news for investors also people who invest because they invested their valuable money but I don’t know this news is fake of not but as far I know that hacking in crypto market is impossible based on this people should concern about security.

It is reacting negatively now and we don't know for how long, but I read that they will refund those 30 million of cons that were stolen that is what I understand, they just take down that post, I hope they are not refracting their commitment, let's see how it goes in the weeks to come.

This is indeed a bad news. Hackers will do what they want, find vulnerable systems and hack into it. This just shows not to hold the coins in the exchange for long enough. Getting the transaction done as fast as possible in the best way to avoid such misfortune. Hopefully the system will be tightened.

Only a portion of their holdings in hot wallet was stolen and they have issued a statement that they will bear the burden of the hack, even though those tokens were not insured against such hack.They are amazing

Yes heard the news. Don't panic at this news. Bithumb has assured that they will recover the loss. This has certainly affected the market but hopefully the loss will be recovered soon.

I guess that's the issue of using low volume exchanges, they simply don't have the security and authentication systems that more established players have. But then again, it doesn't really affect the market as much when this happens on a small exchange, if it happened on Binance however, you can be the FUD would be insane.

The issue of hacking is becoming too common in the cryptocurrency space lately. I hope all this exchanges get that ass together and fix this problem once and for all cause the whole market suffers for it.

I think once the bitcoin company is being hack by someone then it will be really brings a big problem not just in the company of bitcoin but the entire community since the bitcoin is number one.

This news seems to me not to have a big impact on the capitalization of the crypto-currency market and will not have a negative impact. This news is bad only for Bithumb.