Bitcoin Forum

Bitcoin market plunges deep down further as major Korean exchanges loses $31 millions.

South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”

The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.

Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.

He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
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Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

I found that every time the price of bitcoin fell sharply and all transactions, the hacker attack is the same, so now I have put my coins out from the exchange stored in the wallet. I think it's very unsafe for coins to be put on exchanges.

each time such a problem is announced, which was known before, but for some reason it has only now. I see it as news of manipulation.

use waves dex, funds are not on some vulnerable exchange servers, inside jobs, they are stored in the seed code.

waves dex is basically the savest exchange around here never been hacked you have to be careful with the asset IDs though

This is very sad news for the entire cryptocurrency market. But the guys from South Korea are great fellows and are able to correct critical situations. I am sure that they will be able to find a way out and offer the whole world their vision of solution of purses safety.

I heard about this, it's about coinrail which was one of largest cryptocurrency exchange. Hackers are everywhere and are doing their best to attack big companies. The effect is people got panicked and sold most of their wallets in fear of being hacked, the mindset passed through other countries resuting to a very large dump in bitcoin price. This is one of the most tragic thing happened as it connects with all the users of BTC.

All this news seems to me to be created to divert my eyes from other problems. In fact, exchanges themselves can arrange a decline in the crypto-currency market bad news, so that after its fall, buy more crypto currency.

Exchanges have always been the headlines in the past but now exchange hacks have been happening so frequently that it's pretty much normal news now. I doubt this would actually affect the price of bitcoin; if it would, it will definitely be minimal.

Thumbs up!

No matter the plunge, bitcoin will always rise. Dips  are not meant to stay forever just as much as price increases are not meant to stay forever. The resistance line of 6K has been good so far. Bitcoin will surely break the 6K resistance line barring any bad news.

This is what the normal notion suddenly exchange hacks don't seem to cause a upset anymore as we all have suddenly become smarter and realised that exchanges hack themselves to make money and now more and more people are avoiding it. Anyway this news happened a while ago and I haven't seen any major update, so I guess this has become old forgotten news.

I think we can say now that this has had very little actual effect on the Bitcoin market. It's actually pretty good that we're in an era that Bitcoin is large enough that relatively major hacks like this don't cause pass panic or otherwise.