Bitcoin Forum

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

YES
BUY THE DIP
 ;D ;D ;D

But seriously there's just no way Bitcoin can drop. Some say this is like a triple bottom. But anyone who knows about blockchain knows that it's here to stay. Maybe one day Bitcoin will become dead, but it HAS to be replaced.
If there is no replacement on the horizon, you can bet your socks that Bitcoin can only go up... Barring any more market manipulation and any other panic selling

On that note, I would bet that the whales pumped and dumped all they could during the rise and fall from 20K. And the recent hacks being inconsequential as you say, have emptied the pockets of all the spineless panicked people.

Only the real folk are left

there is also a lot of activity on-chain in the past ~8 hours. the mempool size currently is 27-28 MB which shows people are moving their bitcoins around so there must be a panic going on BUT the price is not showing it at all which makes it even more interesting!
just for the record current price is $6761

https://jochen-hoenicke.de/queue/#0,24h

I've read elsewhere that most of that was Bithumb themselves shaking up their cold storage just in case.

The fact that a nothing exchange hack was correlated to last week's fall yet a major exchange being hacked for a similar amount this week did nothing much tells me that people shouldn't be attributing this stuff to exchange hacks as long as it's a minor amount.

Centralized exchanges should be a thing of the past already.

We need blockchained exchanges, that we can store in our computers in a P2P format. This way, nobody will hack it. Although I doubt there are hackings in these exchanges, it always looks like a inside job.

Also, KYC is the cancer of centralized exchanges. Sooner or later, only bankers will be able to deal in these exchanges. And there's a thing I noted, about KYC: the more strict the exchange is, the higher is the probability of being "hacked".

Actually ive been waiting for the price to drop since yesterday after the news but it turns out the price havent moved down inspite of that exchange hacking.
We do usually seen price drop when theres an incident related to this but it turns out that it doesnt being affected which is quite surprising and we dont even know whats actually behind why it isnt been affected or just a bait?

what exchange hack was last week? i missed that.
Bithumb thing happened today. and although i agree that people shouldn't really pay attention to these stuff but they do.
and this was a big amount. it is $31 million dollar which is nearly half what was stolen from Bitfinex in 2016 and by then price dropped 30% and the drop started before the news came out then continued down to $465



as i said in OP maybe because we have hit the absolute bottom?!
but it can not be a bait because the way these things work is that first the insiders dump and price goes down even before the news comes out. then the news comes out and the panic starts because people hear the news and see the price drop so they decide to sell so drop becomes bigger.
in case of bitfinxe first price dropped from $657 down to $600 and then the news came out and the big  drop happened down to $500ish then bitfinex approved the suspicious and said they have been actually hacked and price dropped hard down to $465

Somewhere named Coinrail.

https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck

Which I've never heard of and no one else has either and there's no way for foreign money to get in and out of Korea anyway. Yet it was blamed for last week's falls which tells me it's all a load of hogwash.

It might not continue to rise now but that's really good sign because it hasn't decreased much after the news are spread. Bithumb is also very big exchange that should have affected bitcoin  :D

The massive on-chain activity doesn't promise much.
People are just waiting for their funds to confirm on exchanges and then the panic selling can begin.
Here comes the dump!

As i predicted before, we will see 3500 before the end of the month.

this was so insignificant in my head that i totally forgot about it LOL

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i was expecting someone to say this. but that is where you are wrong. there are always a lot of funds on exchanges belonging to a lot of traders. if there really was a panic then price would have dropped because those traders would have sold.
besides all these transactions aren't waiting for 20 hours to confirm at the same time. they ARE being confirmed so even if people were panicking to dump then we should have seen a slow drop as their transactions confirmed in each block every ~10 minutes.

price is pretty much the same if not risen! we even set a new ATH for the week

did your main account (kuwkduck ) get banned or something?

It happened during a proper fall which goes to show that these hacks are meaningless unless they're properly large.



It hasn't posted since Feb so something happened to it. This is very much not a loss to the rest of us.

$3500? This is too much, duck. It will go to $450, according to Elliot Wave Theory, the favorite TA of the permabears.

Bithumb got hacked, made the announcement and the price went down.
Today Tether published an half backed audit to claim that all is fine, and the price went up.
So for these 2 days price action was totally news driven.
If you don't believe me, check the time of Tether's announcement via twitter and the BTC price getting pumped.
Today's price rise has nothing to do with yesterday's hack. Two different events.

Bitcoin price is volatile one. So you can buy at dip and sell at the peak.If you want to get more profit , holding and patience is the best option.When the price reach the mountain,you can sell at the best price.We have to take care for our asset with some security.Then our bitcoin will safe.

People will never understand there is no relation between hackings and btc price. If any exchange hack coincided with a price fall everybody connects them but a lot of times price rised while a hacking news was hot.If hacking is not on your exchange you dont have to cry, no affect to your money, you dont have to sell.

It's hard to believe this was a real hack, if it were, being a notable exchange should have caused a ruckus, as people would have been afraid of repeating the fate of Mt. Gox. This is the presumption each time an exchange gets hacked. However, there may be more to the story since the price was not so much affected in a negative way and even recovered 'too quickly'. Although, the storm is yet to pass, and the thing to fear the most is the aftermath of this hack, especially with the G20 review of cryptocurrencies coming up in July and SEC breathing down the industry's neck; calling $30 million USD a small amount may have been a wrong choice of words.

Most people already realize that it's not Bitcoin's fault that exchanges get hacked, only clueless nocoiners say that "Bitcoin can be hacked". So, that's the first reason for why the price is ignoring this latest hack. Also, people are looking at past performance, and what they see is the tendency for the price drop after the hack to decrease - we went from the crash and bear market after Gox to just minor drops with the last few incidents.

One hack or even frequent hacks does not justify of not having a centralized exchange. It just means that this cryptocurrency exchanges must improve their security as this emerging market is getting a lot of attention from criminals. In order for cryptocurrencies to be successful the government needs our full cooperation with their decision and so far majority of the countries are pro-cryptocurrency. And can we just be real for a moment? We cannot exactly have a world where cryptocurrency can have a feature of anonymity.

Market prices are hard to predict. Sometimes there is a lot of good news for crypto, but the price of the market will drop. And today when there is bad news such as exchanging Bithumb attacked, but prices have not dropped and are trending up.

I do agree though that it is a good sign the market had no significant reaction to this hack. But I wonder if the Tether news canceled out any negative price movement since both news came out at relatively the same time, I believe.


As much as I truly hate to say this, I think it is still too early to call in the bottom. It does look like a triple bottom has formed, but we haven't had any real significant breaks above the down-trend line or past resistance levels really. I hope that this red market is over, but I personally don't think it is. we very likely will see the $4k - $5k price ranges.

I think that exchange is not a bigger one and not much people care if they are hacked because most of the users of crypto are having their money on binance, bittrex and other bigger exchanges etc. Other point is that this is the good time of bitcoin and crypto and people know that from now the price will go better that is why they are not selling their coins just like when the price was rising and in that time a few years ago Russia banned (now it is unbanned there) it then nothing happened and the price continued to rise.

That's correct, I remember when the bitcoin halving happened for example, the price didn't move much until many weeks later. It is the same now, the price will not be affected so much until a large amount of coins will be dropped in the market later.

Seems like Bithumb has noticed hack act since 4 days ago when they were transferring all of the assets to cold storage, or maybe it just lucky move.  https://twitter.com/BithumbOfficial/status/1007873716758327296?s=19
However, what we do know is; hackers stole XRP worth $31 Million, two facts: it's not bitcoin and the amount isn't so big to bring Bithumb down, they assure to cover all the losses. So, why bitcoin would be affected if the stolen coin was XRP? it's a minor loss.
Bitcoin price is $6750 atm

That is kind a drama by korean. They just do frozen all deposit and withdrawal, stopped to make sure thesecurity. Then did you see tweet owe bithumbs has deleted.

A lot of exchanges are getting hacked these last couple of weeks/months and after every hack we have a correction. But for the moment, bitcoin already bounced back from the little correction, which is a good sign. Hopefully the price can break the 7000$ mark soon.

What you ignore is the fact that increases happen in advance of the event that's going to take place, and there was an impressive increase before the previous block halving. From there you can't realistically expect much to happen shortly afterwards. It might work both ways and the $6000 level could be the lowest (ever?) point, but it's too soon to say. I don't rule out another test if we don't go up in a confident manner. The volumes should increase and the network activity will follow. Positive aspect is that the blocks are full consistently, and that points at more network activity. Let's see how long we can keep this up.

Prices didn't really go up. It sort of just stayed put.

I think it's a positive sign that the markets have not responded as strongly to exchange hacks as they have before, as it is a sign of a market that is maturing, and the variety of exchanges that is now available to choose from.

However, does it really mean that bitcoin has definitely bottomed? I think not.

While there is a possibility that $6k is the absolute bottom for this bear market, and the recovery will start soon, I feel like that BTC is probably going to head down further before consolidating. But for now, we'll hang around this $6k-7k zone and the market will move predominantly sideways.

i say this is yet another proof that FUD only works if it has a good timing.

we all know that an exchange hack specially when it is a small amount compared to daily volume ($30 million compared to $3000-$4000 million) can not even put a dent in the market not to mention that the hacker will never dump the coins on the market which is centralized exchanges that will record his transactions, IP and bank address and he can be caught!

despite all the FUD and all the media and the dumb kids on bitcointalk saying "price will fall" it never did. which shows it was not time for a fall so it didn't. now the question is why the time was not right for the fall? was it because there is no room left to go down? is there a strong support and have we reached the bottom? i think that is possible.

well there are some differences between news. not all the hacks are the same for instance. for example there is a big difference if Coinbase gets hacked or bleutrade gets hacked. you have possibly never heard the name of the second one! in case of Bithumb it was a big exchange with a large volume. they say it was #6 in ranking.


that is because the rise for halving started about a month before the actual event in both cases (we had only 2 halvings so far and both were the same).
price went up a lot before the halving, halving happened, price dropped for correction, it stayed stable for a while for accumulation then the rally continued. that is why you think it didn't move for weeks.

As an observation of investors reactions after the hacking news is spreading, they already expected such or not shock at all. Maybe the public perspective on this event has lesser impact because the bitcoin community is much matured now and have emotional reservation as a result of continuous criticism left from right.

Good or a better sign of the fundamental assets of cryptocurrency, the people and the investors are now much stronger in facing negative news.

That's because it was XRP that got stolen, not bitcoin.

The only reason for the bitcoin price to go down is if bitcoin is stolen and people are afraid the stolen coins are going to get dumped on the market and they want to sell before the dump.

If it's an alt stolen, it's the alt that is going to get dumped, not bitcoin.

You need to understand that this was quite small crypto robbery.  Coincheck  robbery tat happened half a year ago was 20 times bigger. "0 times is a lot and it puts robberies in totally different perspectives.

You are correct and that's the point. The bitcoin price movement is complex and depends from many variables. Having good news while a correction is about to happens will not prevent the price from dropping and vice versa ;)

This is highly appreciated as many holders refused to sell after hearing this news.  I think we should be happy that maturity has started to come into cryptocurrencies market.  On like before when hacking news do bring the market down to unbearable price.  However Alot still need to be done for cryptocurrencies market to fully developed.

It was a good sign for those long time holders of bitcoins because they are going to earn a huge amount of profit but for those who are just interested to invest today then they will be going to lose a huge amount of profit if they invest today.

The markets have simply not reacted as strongly to Bithumb's hack for some reason. Perhaps it's because of people buying at prices sub-$7000 to accumulate that are keeping the prices up, or perhaps hacks just don't bother traders anymore.

I don't think that prices have bottomed though.

Personally, I think that the bottom is probably somewhere between $3-5k given how past bear markets have performed in relation to the peak of the bull market. It could be lower, it could be higher. But even though $6k is the support for now, I wouldn't be confident in saying that it's going to recover into a bull market from this point on.

A cryptocurrency exchange hacked does not necessary impact the prices on the market until the exchange is big with huge volume.

Are you saying bithumb is not a big exchange and that trading volumes of over a hundred million in 24 hours isn't significant to call it's hack important? IMHO, I think what reduced the impact was clearly a press controlled effect. They promised to repay the stolen funds.

There are many cryptocurrency exchange hack in the past and some are even small exchanges but it has affected the price greatly. Bithumb being a large volume exchange, it is expected too that it will affect the bitcoin price big time but the market is not moving that much since it is still sideways so maybe it is a good sign. We maybe at the bottom already and bears are already exhausted so it is a good time to buy more but do not be too confident and still have a stop loss to manage your risk.

Another expectations to fall for those people who think that way but if you really look for the past situation when bithumb get hack you will see that the market is not much affected and the price of BTC together with alts goes stable and although we are on the dump or bad market situation I still believe that the August onwards we will see some big news of current bull pump coming.