Bitcoin Forum

Just saw the news.

https://whale-alert.io/transaction/ethereum/ca4e0aa223e3190ab477efb25617eff3a42af7bdb29cdb7dc9e7935ea88626b4

$51 million has been hacked and this is very bad news for this market. I think upbit will have to stop working for a long time and investors at this exchange will be very worried so please withdraw all assets here to avoid big risks. Today, the market continues to turn red and this news will cause ETH to decline even more in the near future.

After China, Korea is also making the crypto market worse and if the two countries continue to have bad news, crypto will soon collapse in very long time.

An article concerning this: https://www.coindesk.com/crypto-exchange-upbit-confirms-theft-of-49m-in-ether

Well, should we even be surprised nowadays? Exchange hacks have been too common for us to be even shocked. Once again, refrain from leaving funds on exchanges unless completely necessary.

That's why I don't put all my coins on an exchange. I only transfer my coins on it if I am ready to sell or trade it. Once again, you don't own the private key, then its not your coin.

Hacked is different from theft. No wonder.

I mean, being hacked is no connection inside the exchange site. But theft is an inside job.

The hack journey continues even to this day which is ridiculous, $50 million in ETH is moved to an unknown wallet it seems and the exchange is shut for maintenance and the full extend of the hack will be known after they take care of everything and assess the situation, until then we can just speculate on how this happened, one more reason why you should not trust any exchange to hold your coins.

and seems like affected the BTC price, it drops to 400$ after the bad news.

hope the market recovers soon

This days trading seems to very risky and dangerous. If you put money on exchanges there's a greater risk that the exchange might get hack if this continues to happen then its possible that in the near future no one would like to trade crpyto currency with the high risk involve this hacks could the downfall of crypto if no one finds a solution about it.

I wonder why this happens.

Like, you know everything is traceable, you hack and steal people's money then wanting people to not know your transaction activity so you can be free with the money you've stolen.

Isn't that stupid? or actually, this is just a drama and centralized exchanges just want to fool us.

similar to this thread : https://bitcointalk.org/index.php?topic=5204950.0

transaction: https://etherscan.io/address/0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

I don't understand how their hot wallet could be hacked easily if it wasn't for insider involvement? I am reminded of the Zaif exchange case which finally only ended in the investigation.

However, Upbit has claimed to cover losses for this case.

upbit customers no need o worry about their money caused upbit already guarantee it. But all crypto stakes holder like trader and investors need to worry if this eth dumped. It could make investors panic and afraid when negative sentiment coming again. Its important if market has negative sentiment most of them will be panic. Exchange must responsible to their security or in future it will happen again. Slowly investors will leave this market.

This has been very scary, what if you are day trader, it won't be easy to deposit and withdraw your fund that easily, it will took some of your time. Hope all of the exchange will be regulated by the government and will be certified that they are safe and secure, above all hoping that the security of funds of all users should be the first priority of all exchanges, if this continue to happen, investors/traders will be in panic.

Its a shocking news once again the crypto world are facing .I didn't get one thing why Exchange security don't increase their security level even after watching the different exchange been hacked .The market is starting to get down even more .I think this time the market will take more time to recover this situation .Hopefully Upbit has a policy to refund their trader and increase their security level in the next time.

The $49M hack on Upbit is yet another proof that leaving funds in exchanges is not a good idea. Of course, Upbit will cover the losses incurred by affected customers but what id it was a more smaller exchange? I guess it would've been a different story for users of such exchange. We all saw how things ended with Cryptopia exchange after they got hacked. I doubt Upbit will be able to bounce back from this. Well, I hope this was a wake up call for anyone still leaving their funds in exchange care.

Is this a bullish sign?
still remember when binance was reported hacked a week later bitcoin rose sharply
don't believe in news like that, this is FUD so everyone sell bitcoin and alt cheaply.

Was kind of expected. Crypto is growing, well expect the hackers to grow as well. Attacking is a lot easier than defending after all. Can't really blame crypto for being decentralized since that is how we liked it, but you got to admit, it is a pro and a con at the same time. Plus, exchanges have been in general, said, not to be used as a storage for coins since that's basically just a number they are showing. Using a physical wallet ensures 100% safety with your coins, and it doesn't really take much of a hassle when you want to trade with it.

Yep, and all newbies ought to take note of this advice--no doubt there were at least some members of Upbit who got screwed from the hack because they were keeping their coins on it even if it was overnight.

I think I created an account on Upbit a while back because they were one of the only exchanges that sold an obscure shitcoin that I was interested in, but I don't think I ever ended up trading with them.  They're not a huge exchange to my knowledge, and I'm wondering if they can recover from this or if this will be the end of them.  

Where do they operate out of?  Does anyone know?  I haven't read anything about that yet, nor do I know if they were one of the "legit" exchanges that were accountable to government regulators, but I'm thinking they weren't.  Anyways, yikes.  Another big hack.

Edit:  Well, that just took a simple googling to find out that they're a S. Korean exchange.  Looks like they were the subject of a fraud probe last year, something I hadn't read about until just now when I looked at the Wikipedia article on them.  Interesting.

Or... the rest of the world will see how resilient crypto is, despite the big hits it has taken, and recovers every time so people actually gain confidence in crypto...

This is really bad news and that is why the market has had a strong dump in 30 minutes and the bulls have stabilized bitcoin at $ 7250.
It is worth mentioning that exchanges are now increasingly weak in terms of security. Many exchanges in Japan and South Korea have done the same thing, causing a lot of money and dump losses. This is also a warning for large exchanges to be extra careful in their security layer.

Nothing to be shocked about nowadays. I was already wondering when the next exchange would be hacked this year and we have it now. It's super sad for those who are going to be victimized by the exchange.

The only way to prevent this from happening is to not use an exchange as wallet and whenever you are trading, only trade relatively small amounts. In my case I never have more than 1% of my total holding on an exchange.

I used to send like half of my total holdings to an exchange and trade, but these days are over and I'm glad that I didn't have to go through a hack to learn from that mistake.

Is now the top carpentry getting weaker so hackers are able to break into the ETH easily into their wallets?
Maybe a very fatal event for the exchange I am afraid of its users no longer want to use Upbit exchange because it is easily broken by hackers.
What about losses for user funds will be compensated by Upbit? sorry I just heard this news and have not found information about it.

Exchanges were prone to hacking may it be a popular exchange or not so better not put all in one exchange or wallet. I always transfer my trading capital when I already have some earnings back to my hardware wallet and didn't leave any amount if I know I will not trade the next day or a week. Lesson learned dont6ever leave huge amount in an exchange as much as possible. Sorry to all who got victimised by hackers, hope Upbit will find a way to determine who or info of the hacker or they should add more security option soon.

will history really repeat itself? this is the same as in previous years, there will be news about hackers ahead of halving, then prices fall and after halving prices increase.
like the analysis in this thread https://bitcointalk.org/index.php?topic=5043315.msg46478559#msg46478559

This is really sad news that hackers are coming back and targeting big exchanges to steal many traders' money. This is also a sign that there is a slight disregard for exchange coin security.
Upbit is one of the major exchanges and so this can happen at many similar exchanges. We should take care of our own property, don't put all your money on exchanges. It will be risky.

Its a big exchange so how come their security is just this easily got compromised so an inside job could be something to look at. Had they already said anything about it like are they going to refund like how binance did?

This could be the end of their exchange if not handled properly. This is why a decentralized exchange might just win this game soon and the ones I bet could be one that is truely decentralized like blocknet.

To be honest, I was shocked to hear the news that Upbit exchanges have been hacked. Yet as we know Upbit is one of the
best exchanges from South Korea's, should have a good security system. With this news will make the market conditions
worse. But I learned from my mistakes in the past, not keeping all my coins in one exchange. But I save in several exchanges,
to avoid hackers. Which is indeed currently targeting many large exchanges. Before Upbit, cryptopia has been hacked. Even as
large as Binance has been hacked, so be more careful in guarding the coins we have.

Upbit is one of big exchanges in Korea and really this is very bad news for the whole market. I think there is currently no safe exchange and investors will face a lot of great risks if not careful. This year has been a bad year for the big exchanges and hope that they will raise the highest level of protection to protect investors because many people are feeling very scared during this time.

In 2020, there will be other attacks at big exchanges and Okex, Huobi will be the two exchanges need to be careful before this issue.

Coming at a time when the Cryptocurrency market was down, it would have further devastated the market but thanks to Upbit that announced that the funds are SAFU, the news actually boosted the whole market, this is a shinning example of how an exchange should be and Binance also did the same thing in the past when they were hacked of about $42m worth of Bitcoin, this should serve as a lesson why you shouldn't leave your funds in an exchange because if it had happened in another exchange, the story might have ended differently.

Upbit has finished a security upgrade in response to an ETH hack the exchange suffered in late 2019

“It is part of our effort to increase Upbit’s overall security since the Ethereum theft incident last November. Immediately following the incident, we suspended deposit/withdrawal services and transferred all crypto-assets to cold wallets. Since then, we’ve been revamping the wallet system for all crypto-assets traded on Upbit. As of today, new wallet services for Bitcoin, Ethereum, Litecoin, Ripple, and EOS are open.”

https://cointelegraph.com/news/crypto-exchange-upbit-finishes-security-update-in-response-to-2019-hack

This is shame and I really hope they can figure out this horrible attack. This does not look very good for Korea.

Upbit Continues to Freeze Crypto Withdrawals For Foreign Users

South Korean crypto exchange, Upbit, started to block withdrawals for its foreign users back in December 2019. Initially it was thought to be in response to the hack that took place, but now it seems it may have something to do with the company’s outstanding tax fine.

https://bitcoinist.com/foreign-traders-cannot-withdraw-crypto-funds-from-upbit/