Bitcoin Forum

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

we need to protect the cryptocurrency from hackers, by putting crypto in cold storage and locking it in the bank safe or other secure location. This takes it from an exchange and out of the cloud, so it cannot be hacked online.

$31M that he can't touch. Less in circulation but retained in capital. Means higher price per whatever token the hacker holds.
There's always a positive side.

Blockchain technology can be trusted. Is it safe ??

Blockchain technology itself is very secure. Exchanges and others using it need to up their game.

But Bitcoin runs from blockchain technology.

Now world economy is worth some $50,000,000,000,000. Have you ever heard of $100 billion got hacked from banks (present technology) ??

So why can't he touch if? If he stolen it then it means he owns the private keys (well or they, im not sure if it is a group or a one man job). It could also be the usual insider job in which exchanges scam people by claiming a robbery but in reality it's just them getting the money and running.

Most hackers attempt to money launder their millions in order to live a lavish life, this means that they will attempt to sell for $ in unregulated OTC markets. This shouldn't have an impact on the market since the market follows exchange rates and not OTC rates. I just doubt they will hold it all. But even if $31 million were to be dumped in an exchange it would do nothing, it's a tiny amount for Bitcoin nowadays.

On the assumption that the hackers wallet is tagged. Like previous instances of exchange hackings. Once it reaches exchange platform, coins are frozen.
If its indeed 'rob me please' then that's another story.

The exchanges need to a) beef up their security and b) get some insurance against hacking, so that if they're hacked neither they or their customers suffer.

When did Wild west stopped?  It took some time but eventually stopped. Regulators needs to start doing their business just they did on Wild West.

since applied to blockchain technology, decentralization ensures that one actor has the authority to change or censor the transaction and that the network cannot be closed without tracking every node that runs the network and turns it off, while the blockchain itself ensures that, there is no doubling. proof work and postage mining evidence act as an act of Sybil that makes blockchain unmanageable by actors who create multiple signatures or accounts. that's where we should still believe in blockchain because this technology is very safe.

Coins can easily be mixed these days, so an exchange that has tagged certain coins wouldn't be able to to tell if these coins come from a thief or not. I did some testing of mixing myself out of curiosity and mixers are really advanced these days, it's a waste of time trying to trace transactions after mixing, you just can't. Unfortunately im afraid that these mixed coins I used for testing I will never be able to sell now (I want to buy a house eventually once BTC is worth a lot) so I can't really spend these, since I wouldn't be able to prove the origin of the coins being legal..


But anyway, point is, mixing really works, and unfortunately criminals can get away with it if they mix and sell OTC to someone that doesn't care were coins come from.

Things like this happen all the time, especially since it involves money in the process. There's no real way to combat hacks, just upgrade the systems responsible on keeping an exchange/service safe. It will keep on happening as long as bitcoin has value and because it's easier to get away with it compared to when you hack a bank. The money can be tossed around and moved around without anyone noticing. Bad times for Bithumb, though they manage to keep their heads up and reimburse what's lost with their clients, so all in all not a Mt. Gox 2.0 looming and possibly causing a negative impression towards bitcoin in general.

Hackers always be around and they will always try to hack crypto exchanges. Crypto exchanges should elevate their security to prevent hacks.

This is very crucial for sure this will hit another negative impact on the struggling price of bitcoin. People wont be encourage to invest in something they cant make sure if their money is safe. Their has been a lot of hacking already and this has to stop the inventor, promoter of cryptocurrency must make a better and safer ways. if not this industry will just be full scammers amd hackers and in not time this platform will really fade away.

I dont believe any of those hacks, today it is easy to secure funds, and there is no reason to have everything in hot wallets. I simply dont get it how they manage that, if it is not an inside job

That is why we should not keep all our money on the exchange. because it is very dangerous. To be safe, we should divide it into parts and store it in multiple places, and preferably, we should store it on the hardware wallet.

Actually hacking is seems to be one of the drawback of Bitcoin and crypto currency.At first hacking is took place in Coinbase,then Localbitcoin and now Bithumb.This will reduce the bitcoin traders.To avoid hacking,we must sink any of the security systems with your mobile phone.Two factor authentication is one of the best security.

There are many hackers out there and the advantage of hacking in cryptocurrency they can easily mix it and receive a clean bitcoin and then they couldn't trace it easily. Just like the hacker from darkweb movie, it's a real-life story, but until now he still not caught by NBI or by the Police because he is always using cryptocurrency to hide all his money and mix them slowly. I think hackers right now is different compared before if exchanges and website improving their security hackers also improving their tools to hack their target.

Anyway, if this is true it can affect the bitcoin price in the future if the hacker is planning to sell them all.

As physical banks does.

I just google quickly : http://www.dailymail.co.uk/news/article-2954705/Hackers-steal-1-billion-banks.html

Did someone said us dollar is not safe after that? security from crypto exchanges is the key as you said, nothing else.

Probably in hand of bithumb. Internal hack?

It won't stop, as long as people find an easy way to get profit easily by stealing or scamming other people. I think developers or exchange sites should start on strengthening their system to avoid being hacked. Others are just using such excuses when they are out of money or bankrupt. Just secure your funds, do not trust online wallets and exchanges.

Your asking bithumb with a very obvious answer. Hackers have no limitations and internet sites or even exchanges are vulnerable to any attacks when huge amount of money is the price. It is even a normal thing in internet and we can’t do things to stop it other than to cut the source.

Are you gonna hope for a internet shutdown? If not then stop being a crying child as it won’t even make a difference.

Technology is advancing and upgrading as well as the criminals, so take a look on your own security first and leave this professional problem to the experts.

Cryptocurrency price in the market is keep on increasing and that is the reason why there are a lot of hackers who are  very tempted to manipulate or steal cryptocurrency on different exchangers today.

Did you read that Bithumb owned $28m in taxes, and that was announced in early June? The question is, can we draw a line between those 2 stories, or it is just weird circumstances. However, that's negative news and bitcoin dropped slightly straight away.

Hackers will always find a way to steal our money.
Exchanges are not 100% safe. The wisest thing to do, is to keep your money in your wallet not in the exchange wallet.
This is not the first time a huge exchange get hacked but the good thing is that it didn't affect the market.

In my own opinion, the reason why they are being hack is due to weak security on the market and that is the reason why you should always ask reliable person before investing or placing your coins in a market.

I read that news too and I think crypto hacking will always happen in the cryptocurrency because of cryptocurrency still legit and I think many hackers will try to hack with many ways. but as long as we can secure our account, we don't need to be worry and afraid and this is why that many people will do everything to make sure their coins is saved.

YES ITS SAFE . Because there are many developers and mining operators are here but no owner. Its upon you how you secure your coins in online wallet.

let me take an example:-
https://blockchain.info/wallet
Security options
 - google auth (each time you login you have to provide code)
 - sms verification (one time login code generated at time of login)
 - email Ip address verification (compulsory for all users)
 - they have mobile app you can access your wallet even on the go
 - there is no username for login instead they provide wallet ID (very hard to crack)
 - in case you lost funds you can still recover funds by your 12 word recovery passphrase



Bithumb hacked due to lack of security in their system may be internal team messed up with hacker Who knows? who is responsible for this
just my reviews.

It suck to see exchanges keep on being hacked, it really make the price fall down really deep and this could make people hesitate to trade again, and the exchanges supposed to be increase their security to prevent this kind of thing happen again, but I don't see any serious step for exchanges to really focus on the security thing

That can't be stopped unless everyone uses decentralized exchanges as they hold coins of their customers they are more vulnerable, decentralized exchanges are safer and there will be no such big hacks, that is why I invest in oax, its prototype just been released check: https://dex.demo.oax.org/

I think even if they decentraized it can be hack we all know hackers are 24/7 awake for the sake of getting information or rob money from us. But as I know it can prevent as long as they update their security daily or weekly.

Judging by the name of the link this is a demo version. How can you use it and even more so offer to use it to other people? I never use new exchanges. This is the easiest way to lose your money. It seems to me that the exchange is really little attention to their safety. This will end with the fact that the most secure and comfortable exchanges will remain.

Decentralized exchanges dont hold coins. You as a seller exchange with me as buyer. Decentralized exchange only provides service we met and probably take some small fee.   Yes. me and you can get hacked, not the exchange. And when I am hacked only I lose not also you. and when you are hacked only you lose not also me.  So yes decentralized exchanges are way to go. Lets hope they will evolve and progress in steady way so we wil be able to use them soon on mass scale.

Unless these exchanges take things seriously and appoint talented people to monitor and protect everything these hacks will keep on continuing unless we have some other system like a dual private key system for the coins we deposit in these exchanges so that the hackers wont be able to run away with the coins. Over all we had over a billions of dollars worth of hack throughout this small window this market is active and the numbers are not that great.

It's inevitable. There are huge amounts of money in exchanges and it will always be a target for hackers. And i think most exchangesndo take security seriously, it's just that there are hackers who are pretty talented to get past some exchange securities.

Look at the bright side, it keeps coins prices low and best time to invest again :)
then again it scares some fresh money from the market

If such large amount of money are in the hand of hackers they can easily dumpany coins price by selling cheap.  I think we need more security projects in other for us to be able to reduce this hacking activities.  I will also advised those big blockchain companies to store the investments of investors in a safe place instead of risky it like what bithumb has done.

You should expect those unexpected things to happen yet you do already make yourself involve into this very speculative market which we wont even know on possible things that do happen later on and hacking incidents is already a part of it.
Talking on how to stop it? No, theres no way that it cant be stopped either it is really an incident or an inside job those hack events would really exist no matter what.

From the second largest stock exchange in South Korea, with a daily trading of more than 330 million US dollars, disappeared cryptocurrencies of approximately 37.2 million USD.
Blockchain is safe but stock exchanges are not always, they can be hacked at any time. I can only recommend: When trading on cryptocurrency exchanges be careful!
It is best to choose crypt-assets immediately after trading - not to leave them in a "hot" wallet - and save them safely.

Decentralized exchanges can prevent it but still I can't understand how such a big exchange bithump can be hacked ??? then most of the money in crypto is not safe now.

Hacker will look for the money source, either it may be money in certain bank account or huge amount of bitcoin in a wallet.Now bitcoin is more valuable than dollars.The only way  to stop hacking is protect your wallet with some advance security system.

Hacking is not going to stop, why it should stop? Hackers get a lot of money out of these kind of hacks, as long as exchanges do not take their security in a more serious way this is going to keep happening but even if the security of exchanges improved hackers will always find a way to get in and steal money, after all if there are hackers talented enough to hack governments there is no way a private institution like an exchange has any chance at all of avoiding getting hacked.

That is the reason why we should always look on how good is the security system of a market or exchanger before we are going to place their coins onto them and start trading.