Bitcoin Forum

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

Of course it will. Until we get more fiat/altcoin pairings, the whole market generally follows Bitcoin - if Bitcoin gets hacked, everything dips. You can already see red across the board if you go to coinmarketcap right now.

Uhmmm, the thing is bitcoin is always going to be at the top as it is the main cryptocurrency. In order to get into other cryptos you need to buy bitcoins first thus raising it's dominance, in order to get out you need to sell alts for btc. Thus bitcoin price will always affect crypto price

of course because bitcoin fell altcoin prices also fell many altcoin/token is red going dip now so patience and buy back in dip is good

Of course this will hit very hard on altcoins as well as bitcoin, because many projects repeat the bitcoin schedule and many respected traders say about it, nothing needs to be invented, everything is already on the surface.

Of course it will. After the hacker steals the BTC, he will sell it as soon as possible. So it will depress prices and scare more people! There have been so many hacking attacks recently, it's really worrying!

It will.
So, another korea-based exchange has been hacked again. Correct me if I'm wrong but weeks ago, another korean exchange has been hacked, too, right? That was the reason why the market fall that low and now, another hacking news from the same base country.

Certainly, this will affect prices or has already affected! Nevertheless, it is quite possible to say that there will be a new stronger growth. It remains only to watch!

Bithumb hack effort whole cryptocurrency market a whole this month alone we saw 2 to 3 major hack happening which is very unfortunate in cryptocurrency industry

Here is a good link for the OP didn't post one just to back up the recent hack of Bithumb. Next time please do.
I questioned the authenticity of your posts and just googled it to be verified.
If you did post a link then it will be easy for users to answer questions and believe your post.

https://www.coindesk.com/bithumb-exchanges-31-million-hack-know-dont-know/ (https://www.coindesk.com/bithumb-exchanges-31-million-hack-know-dont-know/)

XRP is the target. But it can affect the whole crypto world.
That is still a lot of money we are talking about. Also the trust issues will be scarred. There could be traders here that will go to other ones which could make them fall a little.
Withdrawals could also happen just so traders could make sure their invested money wont be affected.

absolutely yes
on my opinion
people will think
altcoin sucks
rating just a fake, i mean on exchanges sites
because we know bithumb is a huge big market.
naturally they have high security
but in the facts ?
and the last
how much they lossed the coin or money

Very sad news that will have a bad effect on the whole crypto market. It seems to me that the market has already fallen because of this news. People will be even more afraid to trade on crypto exchanges.

Tagging or putting up link according on what things being posted would always be suggested so that community will able to check it out on the authenticity of such news. Im not really surprised for these exchanged hacks to happen but the thing question on my mind is why do thing happen now where bitcoins price or the entire market is on reds because usually exchange hacks do occur when market is rising or booming up because they can really benefit on the money that they can able to get. Affect altcoin? As usual it do happens even though it is just really on small percentage amount overall but panic will really add up such decrease.

Yes definitely it will have an impact on Altcoins. Once bitcoin goes into the red 99.9% of all the other coins take a dive. But 30mil is not that big of a deal though and even the hack itself should not be such a big deal really. Where I live they rob the banks/cash in transit vehicles daily.  ???

News of hacks would certainly adversely effect the price of all coins.
However small or large the extent of hack maybe, each hack signifies how vulnerable the crypto currency actually are.

This is frustrating. We are all waiting and expecting the recovery in value of bitcoin. We see rise recently but this hack could really affect the price. This is one of the reasons that investors are pulling out because they are afraid of things like this happening. I hope these major exchanges increase their security to rid off these hackers.

As it affects bitcoin's price, altcoins will be affected too but I think there is not a crash considering bitcoin's price. It has not been affected too much by bithumb hack maybe we need to wait a little bit more.

as long as altcoin is still connected to bitcoin then whatever happens with the bitcoin market will affect the altcoin market including bithumb that causes people panic to sell their crypto. We have seen this fenomena before there were so many exchanges had been hacked in the past and caused the price colapses.

To tell the truth I don't belive in this news. I think it's fake again. It's a new manipulation of market.

The news has now become official and cointelegraph have posted it on their website too. The prices have fallen down since the market cap have fallen down to $284 bln from $294 bln . BTC with all the other top coins have fallen down which has decreased BTC's price by 2%, ETH by 2.5% and so on. Though the market has fallen down we can see a slight recovery in the price as the marketcap has gone from $284 bln to $290 bln . This shows us that BTC still has better chances to recover its initial price fall and cross $20k soon.

the first greatest effect on bitcoin as the primary reference of cryptocurrency , for altcoin itself is highly dependent on bitcoin when bitcoin moves then altcoin also they are like a domino that touch each other, I think news like burglary on the exchanger is quite common, but it does not really make a big efect on the market because it does not integrate with the law of the market directly. but reduces the level of trust by crypto users against the use of crypto user

I do not think Bithumb is not attacked by hackers. Maybe they will try to make the bitcoin price fall again, and they will have the opportunity to buy bitcoin at low prices.

I think yes. Almost always the reason why bitcoin prices fall due to large exchanges is attacked. Bitcoins and the crypto market are likely to be affected by the bad news

Yes, because when a big exchange is getting hacked we see the entire crypto market cap dipping. The reaction is mostly that people are exiting all crypto markets including altcoins.

Just like after breaking the wallets a few days ago on the little-known exchanger Coinrail in South Korea, where four types of tokens were stolen for a total of more than $ 40 million, the crypto-currency market may drop slightly for a short time, but then it will continue to rise again. Here the situation is similar. For the time being, I even see that bitcoin and another crypto currency are slowly rising. I would not be surprised if the market does not react at all to this unfortunate event.

It will affect for sure, we  all are desperately waiting for bull run and when everything was looking positive, we all were about to see the bull run.  Lot of youtubers and famous crypto currency related sites were also speculating that the bull run is near. You know what, after this positive news we got big negative news about coinrails hack which again turned market into bear run. Now the bithumb is also got victim of hacking, this will obviously lead to bitcoins price drop which will ultimately affect altcoins too but not all and take away all market into bearish trend again.

While this is true at the moment, it won't always be the case. With more exchanges like Binance and COSS starting to introduce buying alts directly with fiat, you won't always have to buy Bitcoin first.

bithumb has removed their tweets about hacking they are experiencing, what is it?
I do not see any decline in the market after this exchange is hacked and I'm sure this issue does not affect the crypto market situation, because everyone is fed up and upset with all this.

Altcoin price most of the time follows the lead of bitcoin price. If bitcoin goes green, the altcoins go green too. If it falls, we see the price of altcoin falling more badly. So yes, the hack will affect the price of altcoin if the price of bitcoin is affected. But weirdly, the price of bitcoin have turned blind eye and is still going up. The hack just caused a small price change which has been  recovered soon and we are about the see the price hit $7,000 soon enough.

Thanks for sharing your view on the Bithumb hack. As at this morning Bitcoin abd Ethereum are gaining their strength back in the crypto market with 1.79% and 3.37% respectively. This shows that there is no major effect of the hack on bitcoin. Bitcoin is still doing fine.

So far that particular incident is not been felt from the current momentum that the crypto market are doing right now, unlike with bitgrail we really seen the impact with the market value, looking forward for more investors to hold on and traders to keep buying and hold every crypto that they are holding, Bithumb is taking the responsibility and good thing to freeze transactions to avoid more damage, more pushed so we will attract newbies to invest with
crypto business.

No it won't,bithump already said they will bear the loss and move the other holdings to cold storage.

I think this will effect as this kind of news sread very fast and people feel really insecure with their coin and is found to sell their coin at the prevailing price for the fear of being theft.

I believe confidence is everything in a market that relies on nothing but confidence on the technology and adoption. So any hack that affects confidence is drastic for any cryptocurrency, not only bitcoin.

I think it will have affect on altcoins as it is affecting bitcoin as well. But the effect will be temporary. It will recover soon.

Even it not much big like another case before but it will have impact with the market because it make people worry about security in crypto and of course it can make market down again.  :'(

This has already happened. Today, according to CoinMarketCap, the rate of bitcoin fell to 6,162 dollars, and ethereum - to 473 cL. Similarly, all the altcoys fell in price. Everyone associates this fall with the breaking of the South Korean Bithumb stock exchange. If so, then I do not think that such a fall will be long. In a week, everything should be restored.

hacking the exchange is always at least a correction. if some coin is stolen more than the other - it is also a bad sign, because it is this coin then the scammers will sell and push the market. Therefore, for such news, you still need to follow

Yes, because stolen exchange will affect people's confidence, then there will be a lot of people choose to sell BTC at this time.
When the price of BTC falls, then all altcoin will fall.

It doesn't matter, in fact there is correction about that, this time we are facing another big problem with mtgox. Remember kobayashi as mtgox trustee was dumping their bitcoin time to the time. And in this time he still hold a lot of bitcoin but another good news has come to the market about that.

the terrible news if the site could be up to Exchange stolen as easily as that. of course this will affect altcoin also remembers bitcoin has always been a reference for almost all altcoin. whether it will impact big or small but certainly hoping only the best.

Unambiguously affect, and so will be as long as there is one pair of bitcoins / altcoin, as soon as there is a pair of fiat / altcoin, everything will be fine!)

As they see, it affects bitcoin at 2%.  Of course when the bitcoin fell, there are many exchange of altcoin to bitcoin affect the price.  When you see the price that bitcoin get the highest price then when it falls, almost all altcoins fall too.

How they hacked it? the transaction can be tracked when the hackers hacked some crypto?

Depends what you invested in. Majority of altcoins will fall, but if you went all in with ethereum classic then you would not have been affected. After the news about being listed on coinbase it has been immune to the bearish dumps in the market

whether bithumb has been hacked, is it correct?
but why bithumb has removed a tweet about the hack they have been experiencing?
I think there's something awkward and wrong, is incident a conspiracy to manipulate the market?

Yes, the exchange was stolen and hackers dumped all the COINS, causing all altcoins on the market to fall.

With the news that the market has fallen, people will be more afraid to trade on the password exchanges.

Basically this news is really disappointing for crypto users I don’t know how valid this news is if it is true then the people of the investor will be broke because they have investment there also this types of things affect the whole market also price so we should always careful about it.

Mainly Crypto market is now fully secured because this market is fully decentralized so there is less chances of hack this system but few years ago this incident happened but this incident is fully uncertain because it was impossible but they recover this loss soon because crypto market is popular now.

No, there's no direct effect on the altcoins to dump but for whole yes like what happened bitcoin falls down and panic starts altcoins followed the dump. Bitcoin doesn't fell down 2% it continues until now we are lying on the bottom.

All of the alternative coins in the market are independent to each other since they have each of them juridical personality;
therefore the existence will not affect but there are some factor might be, like demand.

As we saw that we did not feel any effect from this, now the most important thing is how manipulators skillfully work with the market, and most likely it is made by a quantum computer that is already very quickly gaining power.

could happen if Bitcoin continues to decline will certainly affect the price of all atlcoin and tokens would come downhill, very in pity the huge exchange in stolen

If bithumb hack was to have an effect on the whole market generally, it would have gone lower than this by now out of panic, but bithumb was quick to douse the tension in the market immediately with their response. However, that does not change the fact that we are in a downtrend and for now, the market is not actually relying on any news to move as it is right now, but simply being directed however the whales want it which makes fundamental useless in a way.

Yes it affected the price bitcoin because many users who hold their coin on bithumb exchange began to sell their coin very at low price. Sometimes I find it difficult to understand those people that love panic sell. That day of the incidence, bithumb exchange made it know that it will refund the affected users so I don't know why people still went ahead to panic sell.

Of course you will be in panic with that but i think its just useless if they sold it in cheap price as if they can withdraw the funds while its on hack? I don't think they will do it so its best to hold their position and wait for the exchange advice what to do or take action.

This is one of the reasons why investors withdraw because they fear things like this happen. I hope this major exchange improves their security to get rid of this hacker because it's frustrating. We all wait and expect the recovery of bitcoin values. We noticed a recent increase but this hack can really affect the price

This market is very dependent on news so even such news will affect this market and then we will see a fall in the market so think of fmi see

I think hacking Bithumb had no impact on the cryptocurrency. Yes, there will always be people who panic and dump assets at the first bad news. But fortunately, such people don't form a market, such people help to earn "smart" people , whales. ;D  Now, we are seeing a period of depression, although today specifically all my coins have grown by about 30%, but I'm sure this is a deceptive move. Not yet! We didn't have the right news, which would have forced the market to turn around.

in the last time over time, Bithumb is the main reason for the price drop. I hope that in the future the exchange will be better security to avoid the hacker attacks

As we can now see, the hacking of the stock exchange has already affected the market and we started moving on, this year there were a lot of different attacks and if you notice how seriously now people are doing security then you will realize that such hacking is not done by people.

The best way to find the best answer is to look at the 24-hour bithump volume on the coinmarketcap website and compare it to the market cap of the market. They cannot trade on the exchange, they cannot trade so the risk that they sell BTC cause BTC decline is not high

Of course,because if theres a FUD or negative news the investors are going to be crazy asf.Fundamentals in our market is stronger than technical analysis which is why the mindsent of these people will always based on the news,which really affects our community badly.

Yes, it really affected the price because there was panic on the exchange and people began to sell all their tokens on bithumb exchange. Any crypto exchange hack will surely affect market price negatively.

Mainly Crypto market is now fully secured because this market is fully decentralized so there is less chances of hack this system but few years ago this incident happened but this incident is fully uncertain because it was impossible but they recover this loss soon because crypto market is popular now.

I feel that this particular hack has affected the market since this piece of negative news has simply prolonged the bear market according to me. It is sad to see negative news like this pouring in from all directions and affecting the sensitive cryptocurrency market in a bad way. We need a constant stream of good news to see the market rally in a big way again like last year. Hacks like the Bithumb hack just go to show how online exchanges are not the ideal solutions to securing your funds. Desktop wallets and hardware wallets are much better in this scenario.

Every single hack has always affected almost any altcoin in the past. The first big hack caused a long bear market and the one we are in now might also be a consequence of all these hacks. With every new hack the confident in people decreases that their funds are save and they take it elsewhere

Negative news touches the WHOLE market. News background is a significant aspect in such a young market. This situation has led to the great downfall we can see now!

Yes I believe in that, the hacker didn't intend to hold its funds for a long time for the investigating team to determine its true address. So the hacker must dump all the coins hacked from a multiple exchanges, causing for the market right now to really go down hard. I find it the main reason for this bearish market, but it will be over soon.

I think, of course, if After hackers steal BTC, he will sell it as soon as possible. So it will push the price down and frighten more,
people and if Bitcoin gets hacked, it's all dips. You can already see red on the board if you go to Coinmarketcap now.

All things will be affected since the cryptocurrency group is define as a general.
Since the investors will react o that resulting to low demands  that can cause a lower market value in the market.

I think no, because the alternative coins are not really related to the bithumb but also there is a threat somehow that can gives them a thing to be worried about and that thing is a serious matter.

I just heard this, most likely just a rumor that clearly wants to create market chaos. this is clearly visible notif of the news.

It's already been a long time, so now we can only think about it, yes, of course this has affected the altcoins and bitcoin so much money has gone, I think that this is a lot of money they will in any case have a serious impact on prices.

It was the worst news for every crypto member in June. But we are lucky that Bithumb hack did not affect the market for a long time. The crypto market already recovered and it's increasing gradually. In my opinion, Exchange hacks is like a curse for the crypto. Almost every year, several exchanges are getting hack. Hope bithumb will recover their losses.

Such situations definitely have an impact on the entire crypto market. Every hacker attack on the stock exchange or other activity related to cryptocurrencies causes big turmoil on the market. This can not be avoided. The market for such events reacts very rapidly falling prices. In addition, it has a negative impact on the perception of crypto by potential investors.

Yes. Bithumb is the big and leading exchange. If the bithumb exchange has a bad problem occurs. It can affect the entire market. Not anything altcoin

There's not doubt that hacks like this that is happening so recently will affect the over all price of all the coins. It would create a lot of FUD around and the reputation of cryptocurrency would stain. Like for example, if those hackers tried to create their hacked coins, then it would create an impact in the market because it will dumped. Also, people would see this as a bad news for everyone and it would create a lot of panics which will into more coins getting dump.

As we have already been able to verify that nothing has happened and no circumstances of this kind have been able to affect altcoins and btc, everything has long been in the past and today it is better to think about something very positive.

It seems to me will not influence, because from bitkoin there is a whole history and all price its rise and recession. So there's nothing to worry about.

Most times the hack itself don't cause market dips unless it's a huge one, but the news spreads the panic. There are hacks that don't even get hold of the coins of users of an exchange but the mere panic if hearing the ness can cause the dip. Anyways Bithumb is a large exchange and so that was why it dipped BTC a bit but that didn't happen for long, it was transient.

Yes of course! A hack is bad for all the sector since the price of most alts is tied to bitcoin and ethereum mostly, so there is no doubt that will happen.

Any hack that happens affects the prices of all of the coins, once anything affects the price of bitcoin then you can be sure that the prices of all of the altcoins would be affected too. Hacks are the biggest enemies of cryptos. Not only do people lose their coins to it, there is always the issue of the FUDs that follow which can lead people to panic selling their coins.

Depends what you put resources into. Greater part of altcoins will fall, however in the event that you bet everything with ethereum exemplary then you would not have been influenced. After the news about being recorded on coinbase it has been invulnerable to the bearish dumps in the market

For the most part Crypto showcase is presently completely anchored on the grounds that this market is completely decentralized so there is less odds of hack this framework however couple of years prior this occurrence happened yet this episode is completely dubious in light of the fact that it was incomprehensible yet they recuperate this misfortune soon on the grounds that crypto advertise is prominent at this point.

I think hacking Bithumb had no effect on the cryptographic money. Truly, there will dependably be individuals who frenzy and dump resources at the principal terrible news. Be that as it may, luckily, such individuals don't shape a market, such individuals help to gain "savvy" individuals , whales. Smile Now, we are seeing a time of misery, albeit today particularly the entirety of my coins have developed by around 30%, yet I'm certain this is a beguiling move. Not yet! We didn't have the correct news, which would have constrained the market to pivot.