Bitcoin Forum

Cryptopia Hacked. Will BTC Crash?
I think they eat people money and than they say their Exchange hacked.

Oh god, I never knew that one of the first exchanges I used and trusted would also make a final exit in this hard times. Cryptopia is not a huge exchange so I doubt that they will leave a negative impact on the marketcap but it's really good on pumping several altcoins.

Damn. Another chaos begins.

https://www.coindesk.com/new-zealand-crypto-exchange-cryptopia-goes-offline-citing-major-hack

if this is true, then this is the first bad news I heard at the beginning of the year. well, i don't know whether this is true or not. however, if this is true, I think this is really something bad. I think Cryptopia is a good exhcanger. I have done transactions there. well, but maybe this will affect the price of bitcoin again.

If  Cryptopia can come with such a sad news that their  system is been  attack by hacker then i don't know what exchange to trust now .. When its come to digital  world the most important thing to notice is security  .. If such a big Exchange platform like cryptopia is been  hacked how come the small exchange ..  I really  agree with  you .. they have mistake used poeple crypto  asset and Now  they claim that , their system  is under attack  ..

I don't think BTC will crash just for this hack, hacks are happening almost every week, BTC is stronger to sustain that, but I am wondering if the members will get back their investment of not.

What. Just when the market is recovering. How are they're supported altcoins going to secure their tokens now?

A big security breach at the start of 2019.

Holy moly.

How many times that exchanges got hacked? is there something new that we can think of? there's almost no effect with the said hack. The price of the crypto market didn't even crashed.

It's still stabilizing and why it should crash? unless the hackers start to dump all of the coins that they bought. And these hacks can't be also be said as real penetration because on the history, there were some hacks done as inside job.

It's very regrettable, cryptopia has a lot of fans and also a lot of coins and tokens that list there

First Crypto Hack Of 2019
https://www.newsbtc.com/2019/01/15/breaking-crypto-exchange-cryptopia-hacked-police-starts-investigation/

It's sad, but it won't affect BTC.

First of all, the news are out so whatever effect it would have, it's priced in now... and there wasn't any movement.
As for the stolen coins, it seems they are Ethereum and ERC20 tokens only (https://etherscan.io/tx/0x8a7c2b34f23eee02401e7c3fa1ea2ce8d3132e7ca3811d673ca35898c9535aae)

And this is why you do not keep your coins in exchanges, ladies and gentlemen.
I know you kind of have to, if you're actively trading, but I hope most people are smart enough not to keep their entire stash on a web-wallet/exchange.

Let's see if they're going to pay everybody back...

This kind of news about exchange hacking is have big impact to all people who have account in that exchange because there are tendency that their fund will lose or their entire token will be gone. Talking about the bitcoin it will not crash so we do not need to worry.

Of course not.

It seems like $2.5 million of ETH went missing plus a few other bits and bobs. That's a drip in the ocean. Cryptopia has been a piece of shit since it was stampeded during the bubble and never recovered. No one other than the small number of people left on there will miss it.

Early 2018 exchange hack would've sent prices tumbling; near bottom bear market shows you that the news is ultimately irrelevant, and all previous dumps were whales playing whale games.

Well, there are $13M lost, i don't think this will affect bitcoin because the hack was for ETH, CENNZ and DAPS. At end $13M will not move the markets, last time when we see the crash (from $6500 to $4000) it was because of 200k btc. So, don't spect a hard crash this time.

Source: https://www.reddit.com/r/Cryptopia/comments/ag75rs/cryptopia_hack_analysis_min_13000000_stolen/

if this is purely a cryptopia security system error, all investor losses must be paid, if the market does not pay, the cryptopia will be left by all investors immediately

What another hack for real? I will have to search for this one on google if it is real and then if it does then a huge possibility that it will going to bring down bitcoin market price. The bear market has gotten long enough now since last July of the year 2017. It was being recorded at that moment for 10K USD for btc and that was also relatively good but seeing now the 3.6K and the possibility to bring down for more then it would be a disgrace for BTC and crypto market.

I don't think there will be an effect in the price of Bitcoin because of this crash. Cryptopia's trading volume is not that big enough to cause panic. May if the site that was hack is among the top 5 exchange sites, maybe there will be an effect. Just look at coinmarketcap, Cryptopia is not even in the top 10 based on volume.

Dont think that the fact that Cryptopia was hacked can somehow affect Bitcoin price.
Just take a look on this exchange on coinmarketcap:

• More than 800 trading pair
  
• Volumes are not high
• 210 place out of 233 among all the exchanges
  

For me looks like an exchange where people trade their shit and scam coins mostly.

first of all, for an exchange hack to affect bitcoin price it first needs to be a major exchange with a high volume. something in at least top 10 exchanges. Cryptopia has been such a tiny exchange. i believe it had a rank above 100 among other exchanges. such exchange getting hacked is not going to change anything at all.

second of all, Cryptopia has been acting shady for a while now and being hacked was one of the possibilities that was expected out of such exchanges. most people cashed out of it a very long time ago.

I've read this an hour ago but they were not telling about hacked, they were just having a maintenance. But that explains why its not more than 48 hours, I'm not sure if its true but 48 hours is definitely long.


They are not that big but its still a good exchange knowing they are airdropping coins to old accounts.

Very sad news that cryptopia hacked .it can create a bad impact on bitcoin market and reputation. bitcoin market now dumping and after hacking cryptopia it would be more worser  .

No, cryptopia is not the only exchange so that it doesn't really affect Bitcoin, only those who have assets in cryptopia will suffer losses.

The price of bitcoin is still moving sideways so it is safe to say that it has had little impact. I think they only took ethereum so that might get dumped rather than bitcoin

Even with that Ethereum will not be dump because of the range of stolen Ethereum in the Exchange. I have critically viewed the Hack as an attempt to distort the upcoming Ethereum HardFork which will not happen base on ETH amount stolen from the Exchange even at that level Cryptopia Exchange is a small type which haven't such powers to distort the BTC to crash nor even the ETH itself, so, nothing to worry about.

absolutely right and if that happens then bitcoin will definitely experience a more devastating price decline than yesterday. so it must have a big impact if cryptopia gets cracked

Yes, this is bad news, especially for those traders who trade on this exchange. This is another lesson for all, never keep your cryptocurrency on the stock exchanges.

I haven't read this whole thread yet and never used them, but they're out of New Zealand, right?  That would seemingly be a good thing, since I'm pretty sure NZ has laws governing how exchanges have to conduct themselves.  What I'm thinking about is some kind of insurance policy that an exchange would have to buy in order to handle people's money or some sort of plan in place in case of a hacking.  
Am I way off base here?  I'm not sure what would happen if an exchange like Coinbase got hacked like this, but I'm fairly certain the US government wouldn't let them just not pay people their money.  Having said that, I don't know what the laws are exactly for this kind of situation, either in the US or in NZ.

Yikes.  So this is either an exit scam or a real hacking.  Something tells me it's the latter, but we'll see.  As far as this event's effect on bitcoin (or ETH), I doubt it'll be anything that lasts.  It's not like this is a unique incident in the history of crypto.

Oh, so you're saying I shouldn't store all of my bitcoin on the NYSE?  OK, I'll think about your great advice.  ::)

Sad news, Cryptopia is a good exchange but still hacked. The beginning of the year is bad news and hopes not to make Bitcoin destroyed, what's with Eth and why should Eth?

I think it's right to saying crypto will crash because exchange got hacked because we must see for the first, what type of exchange that being hacked.
If it's big exchange, I think in this second, the value begin crashing !
Of course I hope that it will not happen but I won't be surprise if more people become untrust with crypto anymore in the future

Just read it today, wonder how many people have suffered

Cryptopia isn't even in the top 10 crypto exchanges in terms of daily traded volume why would you think that the stolen amount would be considerable to sway the overall market? The only thing that will make the market go down more is FUD rather than the stolen cryptocurrencies itself. I even doubt that the hackers would liquidate the money in this early stages as they know that they will be easier to track when they liquidate it to fiat. So remember its FUD that brings down the market so if the market is falling it would help that you won't be a part of the panic selling when it happens.

WEll seems like theres no bad effect in market because the movement is still the same as what yesterday’s circulations,anyway this is a bad news for cryptopias users and we cant take from them thinking that this is just a graceful exit and not really a hacking issue.in the end people will always think about them being scammed if this hacking will be their reason for closure

I don't see any dump in the market because of this news,we may face the consequence once there is an official announcement about the losses but still it is not going to make any further damage to the cryptocurrencies.

To be more direct,btc will not crash due to cryptopia exchange that is hacked recently. We have seen centralize exchanges hacked in the past but btc price never respond vigorously to the hack.on the other hand,it may not be btc that is hacked on cryptopia exchange. However, the amount of coins/tokens hacked may be trivial to pose threat on the crypto market.
We should also know that cryptopia is not the largest crypto exchange in the world.So,there is high possibility that the entire  crypto market won't witnessed  huge dump due to the hack.

Why would bitcoin crash? Cryptopia isn't bitcoin, every exchange can and will be hacked.

This changes nothing, maybe the people who lost money will take this as a wake-up call and store their funds in addresses they actually own the keys to.

They're too small to have a drastic effect on prices. If a major exchange like Binance or Bitfinex had a big hack, it would be a different story. I remember the day Bitfinex got hacked in 2016 -- the price fell 20-30% within a day. By comparison, today's price just had a normal 3% fluctuation.

the destruction or failure of Bitcoin depends on how many assets of Bitcoin are successful in hacking, and depends on how bad the influence of hacking is on buying interest of traders and investors.

Ya it is true but that time their were not much exchanges to trade only few so any hack will create panic in market, but today their are so many exchanges and cryptopia is on last rank and already that exchanges have so many scam accusations so i dont think their will be any affect. in the market.

I agree, it can not influence the hacking of a small exchange on the price of bitcoins.
I would like to understand if they have stolen private keys directly or have stolen funds indirectly by acting on the exchange database

I don't think the crypto market will crash for this fake, scam exchange! I stopped even visiting cryptopia since November 2017! My first experience was horrible in cryptopia exchange and I never wanted to trade there! And this is the main exchange to manipulate the price and every signal group used this exchange to make people fool and at the end, they are claiming it is hacked! Oh, I don't believe it, and I think the owner of cryptopia is involved in this hacking.

no the market wont crash due to hacks. only the bad news can affect the price for short term.

the bitcoins which were stolen are still in the blockchain pool, they are not gone, also they are tracable which makes the anonym cashout at such large sums very hard. they cant spam the bitcoins in exchanges in large amounts to affect the prices.

also such amounts of stolen bitcoins to cashout its common to do it by cash in person, so its no big buy or sell order which get logged on the exchange sites to dump or pump the prices as the trade is under the radar.


so no the only reason the prices gets dumped while the bad news of hacked exchanges are displayed, is only the fear of the ppl

Don't be buttered just be calm wait for the nitice update of cryptopia the management promise to give update to theirs user if the the problem fixed by the team management, yes it's possible havenegative impact for the crypto currency market.

From what i read all over in the internet news in google when i search only eth and erc20 tokens is affected with this hack but in the police new zealand website i only got this info http://www.police.govt.nz/news/release/investigation-involving-crypto-currency-company

Usually a news like this could create panic situation for the investors and traders, but let's keep calm and try to wait for the update news, the price of BTC will surely affected by this news, but a crash like this could be recover soon, still wait for the official news, hopefully the damage is not too severe

First bad news for 2019. Lets wait for the official press news.


So does this mean they are still in business?

I just read this news. Its quiet sad to read such news about exchange sites. It is high time exchange sites improve on their security and avoid the chances of hackers from getting into their system. I just hope Cryptopia will recover from this hack as soon as possible.  

I heard it was erc20 token coins that are affected. I'm sad my btc is in there. It's sad my bank wasn't hacked but my crypto is hacked. So much for storing money into crypto.

Stop storing your money on exchanges. People storing crypto in their own wallets were unaffected by this hack.


Honestly, they should just be shut down. They slowly devolved from a decent exchange to providing Yobit-level service over the course of 2018. But I say that as someone with no skin this game. Whatever compensates depositors best, I'm all for it.....

I don't think the 3% price decline yesterday was a result of the Crytopia hack. I think the ETH fork delay caused a greater panic than the exchange hack.

I think people these days are used to services and exchanges getting hacked. Crytopia is a medium type of exchange and doesn't seem to have an effect.

IF a larger exchange like Coinbase, Bitfinex or Bitmex gets hacked then it might cause chaos like the MtGox hack. However not as severe since there are many exchanges these days instead of the one.

well, in general, if cryptopia gets hacked, it will definitely have an effect on bitcoin, or other altcoins. however, so far, there has been no significant decline. I only hope that cryptopia will immediately solve this as soon as possible. well, maybe other exchangers need to increase their defenses because of this.

What kind of effect can have cryptopia hack on cryptocurrencies? Exchanges gets hacked, banks get robbed, its what happens all the time. This is not a first exchange that gets hacked, and its not the biggest hack. What is $3,600,000 compared with $120B market cap? How big effect this couple millions can have?

Too bad this has to be happen and this is another attempts to makes crypto price fall again because i'm sure some people will utilize this news to dump crypto price and i heard it yesterday and i was thought it was only a rumour but apparently this news were true and in the beginning of this year we have seen more exchange got hack it is very sad indeed

Thanks for sharing the news; it's so sad about this hacking incident that somehow many of crypto investors and traders have been the victims with this incident. I just hope that cryptopia management will reimburse those affected and make a thorough analysis to improve their system if they want to get live again.  Lessons learn to this incident that we don’t let our coins or token stay longer in the exchanges as they are prone to hacking.

No. Why would btc be affected by cryptopia hack? I mean cryptopia is a good exchange at its level and all that but they are not really that big and even if the hacker got all the money in hot wallet it would probably not end up worth that much.

Bitcoin managed to get 5 thousand bitcoin sold all at once and dropped only 8% at one point, which means bitcoin can take some damage and still continue to fight the bull side instead. We are waiting for the SEC decision now and the BAKKT deal going through so right now wouldn't be the right time to sell anyway and thats why even hackers won't be selling their coins right now.

Maybe wait until that two thing goes by and if the price goes higher than they can sell their coins for a profit on the hack job but until that time it seems like crash is impossible.

Cryptopia was a shitty exchange from the beginning

And they didn't do anything to change things for the better. So it was only a matter of time till they were hacked. They had plenty of stupid issues in the past that was a very clear writing on the wall showing that their management was very unprofessional if not to say outright amateurish and incompetent. I tried trading doges there some time ago but later moved away since trades were lagging as hell and it was almost impossible to trade there in any meaningful way (unless you made only a couple trades a day, of course)

Exchange hacks were common with cryptocurrency. Likewise now it has happened with cryptopia, it isn't a big volume tradeable exchange. Upon this bitcoin won't crash after these hacks. In the past when top volume exchanges get hacked the price used to crash for a while and after a short the price recovery happens. Surely the price of bitcoin will slightly crash and will recover gradually.

The hack of Cryptopia exchange didn't bother the price of bitcoin or any other crypto currencies yet.Is they have released any information about their have like what coins they have lost and they are going to make any refund or something?

nah at this point price is at the bottom of the market and only a major hack of a major exchange would drop the price significantly.

I am hearing about this for first time and I have some coins with them! I think there are ligitmate and may there are really suffering from hackers attacks. Because of volume of coins with them I think this is going to really affect the market.

This coin doesn't need many crashes or my heart can't afford it, btw cryptopia was sometimes mentioned here, luckily this exchange isn't top one, also if you see their trading volume and etc in past few days, you'll easily understand that they can't have any important impact on price. Top exchangers have so much profit, why to make play "exchange hack" scene? Always use trusted exchanges.

Yeah,hacking high profile exchanges can be game changer security issue. Price is looking for excuses for getting more volume,impulse but reflection instantly spreads around of traders. Btw this is not the bottom and dip price is far from this levels..

hacking is one of the factors that makes bitcoin prices fall, if hacking continues bitcoin can become extinct in an instant. I really hate hackers, he is very detrimental to the community or individuals.

There is a profitable airdrop coin that I received in the past wherein Crytopia is the only better exchange on the list. Already know the risks as usual in any exchanges so I used them as I have no other choice. Already received decent profits doing trades here with an unverified account. Withdrawal is smooth.

The exchange is running for a long time now and quiet established a name. Way better compare Nova, Coinexchange, Tidex (these are some "medium" exchanges in the past that making names when I used Cryptopia).

Well then will just follow the progress I have some coins there and already accept the worst thing can happen but Im not seeing it yet.

It does not have the scale to somehow affect the market. In addition, according to recent reports, part of the funds blocked by Binance, according to tweets. https://twitter.com/cz_binance/status/1085511601665368065
I hope they will return at least some of the funds.

Hi Guys, I've got a thread over yonder: Cryptopia - ONLINE ARTICLES related to hack & theft of funds 2019 - https://bitcointalk.org/index.php?topic=5097916.0 where I'm trying to track all online news articles about the hack and theft of funds (as well as links to all other Cryptopia related threads (https://bitcointalk.org/index.php?topic=5097916.msg49253291#msg49253291)) and am trying to compile a list of funds stolen and track where they have ended up.  If you can provide any links I'd appreciate it (It's not a discussion thread as such, the main Cryptopia thread is here: Cryptopia Cryptocurrency Platform Services and Development (https://bitcointalk.org/index.php?topic=1669443.0). Thanks for reading.

well, I think since this news circulated, there are no signs of bitcoin declining. well, I think right now it won't have a strong effect on the current price of bitcoin. well, but this is also one of the bad news, because after all cryptopia is a good exchanger.

Well, that in fact remains to be seen

For example, in August 2016 one of the largest Bitcoin exchanges, Bitfinex, had been hacked (or it might in fact had been an inside job) with over 120k bitcoins stolen. The price at the time of the hack had been trading around 600 dollars and after the hack it expectedly crashed. But not by much really (less than 20%), and in a month or so it had already been making new highs

It is noteworthy that a couple days before the hack the price suddenly dropped like 10%, and there is a good solid reason to think that it was the hackers themselves (or whoever did the job) short selling bitcoins. This basically allowed them to double their profits, first time by short selling and second time by selling the coins stolen. But if they didn't get rid of the coins immediately, their profits would be completely outlandish

previously cryptopia did experience several problems. but come back to live again. if they can recover all customer losses (if any).
then it will not adversely affect the market. lets see what news will come.

The security features of some these crypto exchanges particularly cryptopia  has not been adequately addressed thus this story wouldn't come as a surprise to many traders I once use that exchange and I was not satisfied with their security features be as it may the stolen coin wouldn't have any impact on the price of bitcoin because those coins will still be on blockchain.

Didn't seem to move the market that much though. Yeah cryptopia is quite a big exchange and one of the first as well since it's one of the exchanges i've practiced trading on around 4 yeats ago, and i think they have contingencies for issues like this.

If you look at the cryptocurrency market now there are no negative price changes that occur due to cryptopia. in fact prices experienced a rise of several percent right now. but if you see a history like bitfinex, mtgox, of course it's very traumatic. I hope cryptopia can return to live again.

It didn't crash but actually did have some pullback but as we all know this is just an ordinary day with bitcoins price movement.So, I don't see any effects but no one knows if it would happen later on or not.
We cant judge if Cryptopia is totally hacked or just simply giving out some false news but actually have an inside job but if they do able to give some compensation or totally recovered then
its good for them but their reputation is already tainted.

I don't think that this will affect the price of bitcoin so much. I'm sorry that this exchange was hacked or if is an inside job. What is my concern: all exchange hold coins on cold wallets as i know, so how exchanges got hacked and coins stolen?

Hey there’s no correlation between cryptopia being hacked and bitcoins prices coming down, as hacks in exchanges have become so common that the market has stopped reacting to these news. I have always suspected it to be an insider hand, but there has never been any conclusive proof of such. That’s a valid concern, but some funds are kept in hot wallets to pay out users on a daily basis, I believe those are the funds that are usually targeted.

cryptopia hack btc is unaffected with the news at the other end market is recovering and cryptopia hack investigation also happening so we can expect recovery of hacked coins

I don't know the truth of this news. however, the founder of binance compiles that hackers transfer it to binary exchanges, and that will be immediately blocked by the binance  party. I think it is very necessary in these conditions that each exchange provides security for every trader

There's almost no effect to the prices after the report that cryptopia was hacked. And I think it because of the quick tracking of where the funds went.

Good thing that Binance was able to freeze those funds that were transferred to them.

The cryptopia hacked issues will definitely affect the price of the market and can't be sure cryptopia planned it all in other to stole from their users but the authority will be involve. However, I believed all cryptonier, investors and traders should know before now that keeping their holding on exchange site is not advisable.

No, why the hell did you think about this?


 ;D

Hack or Exit Scam? Cryptopia Users’ Millions of Dollars at Risk of Loss (https://coingape.com/cryptopia-exchange-hack-exit-scam/)

Cryptopia Alleged Hack: Police Are on the Case While Community Tracks Down Stolen Funds (https://cointelegraph.com/news/cryptopia-alleged-hack-police-are-on-the-case-while-community-tracks-down-stolen-funds)

Binance Freezes Hacked Cryptopia Funds, Raises Questions Around Cryptocurrency Fungibility (https://cryptoslate.com/binance-freezes-hacked-cryptopia-funds-cryptocurrency-fungibility/)

That depends on the amount of coins stolen and on the situation  . let say hackers stole a large quantity of cryptos and then they sell it imediately to other online exchanges . its obvious that it can have a major effect to the entire crypto market but if they only stole small time , that wont cause any noticeable movements even they  if hodl or sell their stolen coins .

It's  under maintance as of this moment and it's almost a week. Well, you know guys what that means. It means bye bye to your precious btc and altcoins there if you stored it there because the exchanges are surely  finalizing their magical exit.

i highly doubt this was a exit scam. cryptopia went straight to the police; that was publicized rather quickly. and as crappy as cryptopia was, it definitely had company equity worth more than the few million bucks the hacker got away with. an exit scam just seems illogical.

it might have been an inside job though (one or more employees trying to make it look like a hack). that's the perpetual fear with exchanges---there's a whole company of staff and directors who have much easier access to customer funds than outside hackers do.

the hacked amount appears low enough that a bailout by an angel investor is still possible.

Historically, we've seen Bitcoin ignoring much bigger exchange hacks, so there's no reason why Cryptopia should have any influence on Bitcoin's price. And you can see how Bitcoin's price barely changed since Cryptopia's hack. We're no longer in 2014, people got used to the fact that exchanges suck, no one confuses exchange hack with network hacks anymore.

I don't think that bitcoin will crash because of the cryptopia hacked, I think it will not affect the price of bitcoin because cryptopia is not a big exchange. Too bad their exchange still not yet resolve.

Hopefully it will be an inside job, this has the highest chances of catching the thief. They can check logs, cameras, interrogate people, someone might know or might have seen something, someone might try something suspicious as flying to another country or buy a new house. Catching a hacker from the outside will be much harder... the best we could hope is that the funds are frozen the moment they enter another exchange and transferred back to Cryptopia/police.

And.... let's keep the conversation here: https://bitcointalk.org/index.php?topic=1669443.msg49345067#msg49345067  :P
This thread's subject is about the effect of BTC's price and after so many days I'd consider it finite.

it won't make bitcoin die, but that will make bitcoin almost die. if the exchange hacked is Binance or Bittrex, that might be the end of bitcoin. it looks like we won't see a bull anytime soon  :'(

I don't think there have been any significant changes to the marketcap. so maybe it's just a rumor, I don't know for sure.
or maybe every bitcoin transaction on another exchange has been anticipated as said by the founder of binance

It is bad because what if they sell their bitcoin. Those hackers maybe sell their bitcoin that get from the cryptopia unless they invested it to other project for sure don't have effect on that. But if the bitcoin funds of cryptopia is onlu hundred pieces of the bitcoin maybe still have effect but only a little because that is not big like what the other have.

Great articles, do you change the paradigm, now i{m not sure if they really get scammed or make this as a wise move to play the victim roll.

Some people think they are just smarter and they can do any nasty move, but at the end always the truth comes by it self.

No price decline yet so which means is that really bitcoins were stolen from that exchange?

Or they already moved their funds long time before now act like they got hacked.

it seems like they can only take a little bitcoin or they still don't sell their bitcoin, I'm not sure how many bitcoins they have managed to take, but my feeling says there are a lot of bitcoins they take.

Yes and bitcoin doesn’t move negatively because of this news. It looks like an internal crash with that exchange and maybe they will be having a hard time to resolve the issue. The market now are not making any reactions on this kind of news, maybe investors are already over come the fear and that’s they keep on buying and holding.

It didn't occur that much since the funds were found already and the hacker tries to use it on Binance while CZ is being alarmed by the social media people, they just froze the account immediately.

cryptopia-hack-binance-freeze (https://bitcoinist.com/cryptopia-hack-binance-freeze/)

Prior to that hacking incident but it did not affect the market since it is not BTC that they stole if you look at the news.

I do not think hack cryptopia would affect the price of bitcoin. With cryptopia, i was extremely satisfied, so i hope it will be reopened.
Fortunately, i do not leave cryptos on exchange wallets. Whether or not there was a hidden intention, we may find it in the future.
Now i would not evaluate it - is still early.

I do not know how long people, which write in this thread, are interested in the cryptocurrency market, but I am sure that no one has any idea what a catastrophe on the cryptocurrency market is. This accident that happened to Cryptopia does not matter. At this moment, it is less than 0.1% of the market.
If you want to express yourself here, then first analyze the real catastrophe which was the fall of Mt.Gox. Then you will see that this is just small accident, some news, and nothing more.

When exchanges get hacked, it actually is pretty catastrophic to the markets. When Bitstamp got hacked in Jan 2015, it caused BTC to crash to new yearly lows when it broke below $200 briefely.

Then there is the Bitfinex hack which was in Aug 2016 and caused price to crash while correcting a few days afterwards.

So it does impact the markets however Crytopia is a smaller exchange and there are almost 100 exchanges these days so each and every hack out there has less of an impact than it did during the MtGox days.

I guess most of the exchanges that are being hacked were having huge amount will be stolen. Just take the ETC coin as an example where it was being told that the hackers has bag to almost 200K USD of amount of ETC being stolen. THis is really made an influence to bitcoin market price. The problem is that many were getting some worries that other exchanges may undergone hacking also.

This will continue to be a threat to bitcoin for a longer period of time for two reasons.

First one is that we don't know how much of the hackers accounts got frozen so we don't know how much bitcoin they got away with and how much they cashed out. So, there could be some hackers with a lot of money going about their day until one day they decide to sell it all and cash it to fiat currency making bitcoin less valuable and drop the price. We will never know if that will happen or not, its a constant threat, hell we don't even know if the mt.gox hackers still hold any coins or not.

Second is that crypto got hacked and they are a pretty big exchange, not the biggest of course but they are up there and any trader who has traded there knows that they are a fine exchange, if they got hacked that means some others could get hacked too, that is a threat for all exchanges and all traders that we need to live with constant fear of happening.

Cryptopia was tiny. It's not a threat in terms of supply. This guy did some sleuthing on their Bitcoin wallets (https://bitcointalk.org/index.php?topic=5097601.msg49381965#msg49381965) and it looks like they had less than 400 BTC on deposit.

Plus, hacked coins aren't very fungible. After police and blockchain analytics companies get involved, thieves can't easily cash out.

The interesting aspect of these hacks, while they are horrible events for those who are affected, is that they make sure that a lot of coins are taken out of circulation, because as you also pointed out, there is very little incentive to have them be sent to a centralized exchange with the risks of losing these coins.

Of course, it doesn't mean these coins won't eventually find their way to an exchange, but hey, it will be a very time consuming process, and it requires the hackers to properly distribute coins in a way that if an exchange happens to notice shady activity, they only lose a small percentage instead of all "their" coins.

Outside of the initial market shock, it reinforces demand too. People who lose bitcoins in an exchange hack will want to reaccumulate their coins. So not only are the hacked coins being removed from circulation, but new demand (from old buyers) is being created too.

is it really though?
the hackers will eventually mix the coins and "clean" them for selling so they are not really out of circulation as you mentioned. additionally the people who get hacked and lose money have more tendency towards being disappointed and stay away from investing back in bitcoin at least for a while so they may not come back to the market for some time.

I think Cryptopia is still a small exchange compared to Mt Gox, aJapan-based exchange which handled 70%of all bitcoin transactions worldwide before it is hacked, it is actually the largest exchange in the world at that time. Cryptoia is also my first trading exchange before I switched to another exchange. I think the Cryptopia hacking will only cause a minimal price reaction but it will not in the same level when Mt.Goxis hacked.

Yes! and that has happened ... Bitcoin is down again.
And see the price of cryptocurrency is difficult to recover. again the problem of hacking was the originator of FUD. Even though hack problems often happened I guess

Both cryptopia amd mt goxis are only small time when compared to the giant binance .  if binance will got hacked someday i dont know if there will be a value left with btc  .

 thankfully exchanges like binance are hard to cracked because they have a top notched security  . they cant become the number #1  if they are crappy tho  .

Now back to cryptopia . cryptopia hacking incedent is already done and the value of btc as well as other cryptos are not affected  . thank goodness

According to me this situation can be completely proportional to the situation. No more trust left now. Who knows how long this situation will continue.

What do you mean down again? The price seems to be stable even after the news of the hack surface about a week ago. We can say that there's no effect whatsoever to the price, so that's good news for everyone.


Again, I don't understand what do you mean by trust here. Trading continue to flourish among different exchanges. And there's even a negative news regarding the withdrawal of CBoE ETF proposal, also didn't affect the price, so I guess its either the bears have been exhausted or investors doesn't care about any negative news as of today.

This hack is not a big news, although cryptopia has been operating for many years but they were not one of the top exchanges in the market.

If I want to trade, I would definitely choose an exchange where I can trade with good volume, I will disregard this exchange because I know they have a very low volume. However, there are still people who choose a small exchange, maybe not so familiar with the popular exchanges and also they maybe keep their coins in an exchange and now it seems like it's gone forever.

it depends on the scale of the hack, doesn't it?

has anyone kept track of the 120k bitcoins stolen from bitfinex in 2016? i assume bitcoin mixers don't have nearly enough liquidity to service that effectively. it's like hiding in open sight with chainalysis, elliptic and multiple police agencies staring at you! :D

The exchange is being really unprofessional in the way they are handling things. For one its been almost 2 weeks since the hack and there is no updates on their website and they didn't even send an email alerting people of this hack.

I understand that its an ongoing investigation and they can't release details since the Police are investigating but they should provide more accurate updates on their website and over email.

Most people don't frequent Discord or Twitter and are probably wondering what is happening to their coins.

yes, i'm one of those. Whats the discord adress you are talking about?

it seems that these rumors do not destabilize the market too deeply, because bitcoin remains in the range of 3k. so I don't think there is a swooping movement due to hacking rumors for the Cryptopia exchange.

Yes, there's no major damage that has been done after this reported hack happen with cryptopia, the market still moving the same and there's no
sign of more bearish nor to have any bullish but a flat market that still ongoing, we do have lots of news and unlike before where holders start to
panic from each bad or good news that showed up around.

That's what I'm saying, because cryptopia is not a big exchange and the entire crypto market is about billions, they only have millions.

I'm guessing, it's the first hack of the year, right? It should move the price down ward a little bit but we did not see it.
People does not easy panic now and they also do not allow themselves to get hype and that resulted to a little stable price of BTC, this year might be for recovery.

I don't think that people will not panic for any negative news, they still are and this market is still based on speculations so I wouldn't discount that possibility. Yes, its the first hack of the year and I'm sure there will be more, sad to say. Maybe cryptopia doesn't have a wide audience that's why the damage is just minimal but I'm sure if a exchange is in the top trading volumes, the effect will be catastrophic.

Here is an invite link:
https://discord.gg/279Jcc

However be warned, I don't think there is any actual Crytopia admins who frequent that Discord, and even if they did they certaintly won't be answering any questions since there is still an ongoing investigation.

Its mostly the users of Crytopia who frequent that Discord. However its probably as up to date as it can get since they never update their website or send out any emails of what is the progess with the hack.

Why would cryptopia getting hacked make bitcoin crash more its already crashing so hard
Cryptopia is pretty small potatoes compared to the rest of the ecosystem.

That's true, I don't understand why people would think it will affect BTC, we have had a lot of bigger hacks in the past and bitcoin survives all of them.
Now, this happened but cryptopia is very close to a small exchange only, they only have few traders and people now are smarter not to put their money in an exchange.

It seems like hackers and thieves who steal all the assets from the cryptopia exchange are smarter, they won't sell their assets at very cheap prices like now, they will wait until prices become expensive as they did last year and at that time they will make the price fall again because the assets of the thieves are sold when the price is high.

Of course they're are very smart, just imagine how they bypass and was able to hack and sweep all the money in Cryptopia, so I wouldn't be surprised if they are going to wait as long as they can before dumping and taking home what they have stolen.

There are reports that up to this day though, hackers are still stealing the money so I don't know if Cryptopia is that incompetent and lost access or it's just a inside job and they're trying to exit scam.

Cryptopia was one of the most reliable exchanges that were giving the chance to users to trade rare altcoins.
It had all the fonds to affect the prices of the market if the hackers were able to steal bigger amounts of crypto. Luckily, they managed to steal only Ether and some other ERC20 alts, as far as I know, so their dump or hack didn't cause panic to the market.