South Korea Exchange: Yapizon is the latest victim of hackers (2017)

[the rise]

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

[sportis]

All of these hacking incidents are not good not only for bitcoin but for any has trust them to put his money I'm waiting to learn the security leak in the measures of this exchange if they will publicize it. I don't know how many exchanges are operating worldwide but it seems to me that the rate of hacking them is increased. I wonder if the abilities of hackers have excelled or if the security measures of many exchanges are obsolete.

[merelcoin]

All of these hacking incidents are not good not only for bitcoin but for any has trust them to put his money I'm waiting to learn the security leak in the measures of this exchange if they will publicize it. I don't know how many exchanges are operating worldwide but it seems to me that the rate of hacking them is increased. I wonder if the abilities of hackers have excelled or if the security measures of many exchanges are obsolete.

I can only imagine that the price rise of bitcoin also encouraged hackers to start hacking exchanges. When 1 BTC was only worth $100 there was less incentive to steal them than when the price is $1300 like it is now.

Next to this, i guess chances that you're right about the security measures are great... Since there are so many unregulated exchanges popping up, there is a big chance that some of them weren't coded with the latest security standards in mind.

[dihari]

Of course with all news about any bitcoin companies hacked will make peoples trust on bitcoin drop down. How people will store their money on bitcoin if it's not secure, they will think bank is the best place to save and grow their money.

[Kemarit]

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

Those hackers stole 3,800 BTC in customer funds!!! It's a huge amount. But it looks like Yapizon is already putting plans to payback their customers similar to Bitfinex but I don't know how long will it take them to pay their customers. Effect is that South Koreans will loss trust in this exchanges and I don't think they will deposit their btc their. I don't know what percentage is Yapizon captured in the global exchanges market. I can only speculate that its only has minimal effect on the bitcoin ecosystem as their are a lot of exchanges around that is more trusted. So just be careful guys. I have btc in other exchanges but its only a small amount, I just used exchanges just to convert bitcoin-fiat only.

[Dorky]

The actual BTC stolen depends on the leverage used for trading in the exchange.

Say if the leverage is 20x, then the actual BTC stolen is 190 BTC. Everything else is just phantom BTC.

[Xester]

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

It will really affect the overall price of bitcoin and we cannot deny that. Though it does not mean a massive decrease in bitcoins value since the effect will not cause any price deflation rather it will hinder the increase of bitcoins price due to the incident. Bitcoin growth in korea is going to be slow this time since the hacking incidence will cause fear to bitcoin users and to the potential users.

[davis196]

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

Are the hackers from North Corea?
I`m not sure is this a hack or yapizon scammed their customers?We need more info about this case.
Why only 37.08% of the assets are stolen?

[the rise]

I think this doesn't affect global price because yapizon is trying to be responsible for returning the existing funds "fei" but looking at this news I'm just surprised that bitcoin prices are now likely to rise, meaning there are other issues that affect price increases such as increased volume in localbitcoin.

[Kakmakr]

Anyone else out there that are of the opinion that these hacks are government sanctioned? The Cyber war will fund many missiles in the conventional wars and we know Swift stopped transfers between North Korea and other countries lately? ^hmmmmm^

We always see more of these hacks when the price reach new record highs. As if this is perfectly timed to push down the price.

[QuestionAuthority]

The higher the exchange rate the more likely someone will want to take it away from you. I'm surprised there aren't more wallet hacking scripts floating around than there are.

[iram3130]

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

Are the hackers from North Corea?
I`m not sure is this a hack or yapizon scammed their customers?We need more info about this case.
Why only 37.08% of the assets are stolen?

Does North Korea even know what Bitcoin is?? I mean does Kim Jong Un gave his permission for this??
These incidents are not good for the Bitcoin universe. People will loose trust on exchange companies and will hesitate to invest. The report is not fully clear yet.

[electronicash]

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

Are the hackers from North Corea?
I`m not sure is this a hack or yapizon scammed their customers?We need more info about this case.
Why only 37.08% of the assets are stolen?

Does North Korea even know what Bitcoin is?? I mean does Kim Jong Un gave his permission for this??
These incidents are not good for the Bitcoin universe. People will loose trust on exchange companies and will hesitate to invest. The report is not fully clear yet.

its not bitcoin's fault though.  the exchange perhaps didn't give much attention to security which could be the reason why theyre hacked. with huge btc value, its no surprising havkers are doing the attempt. like they said money is a great motivation.

[27QVUTZj8rgZP1]

Another "hacking" case... Seriously, or hackers are too good; or the so called IT security experts are too incompetents; or there is no actual hacking at all.

Seriously.  Am I the only one who finds all this strange?

[erikalui]

All these bitcoin exchange websites are commonly targetted by hackers. Earlier bitfinnex and now another one. Do they not have any sort of insurance that protects them from such hacks? I heard many exchanges have acquired insurance that helps them recover some funds and pay back the users. It's wrong to make users suffer because their website is so insecure.

[hardtime]

This is horrid for Bitcoin and is just going to lead to people putting falsehoods over the entire currency itself saying things along the lines of that it is all a scam and so on and so forth. Exchanges are going to have to become more reputable and such because at this level the amount of "hackers" is a bit high and people are probably just thinking that the owners are doing this in a way to make a ton of money and just run off.

I think this doesn't affect global price because yapizon is trying to be responsible for returning the existing funds "fei" but looking at this news I'm just surprised that bitcoin prices are now likely to rise, meaning there are other issues that affect price increases such as increased volume in localbitcoin.

Or maybe just that this hack really doesn't mean much to everyday traders that are just seeing tons of buy demands and making a ton of money at the moment.

Looking at this news I'm reminded of bitfinnex case that had tear down the bitcoin price globally, with loss of 37.08% of assets stolen by hackers (yapizon) I am afraid this will affect the overall bitcoin price. What is your response about this considering yapizon is one of big trading market in south korea, and What is the impact globally?

https://cointelegraph.com/news/korean-bitcoin-exchange-yapizon-confirms-5-mln-hack-all-customers-to-pay-with-balances

OP, I don't think this is going to affect the price though even if its 5 mil it will just be looked right over without issue.

[Denker]

Of course with all news about any bitcoin companies hacked will make peoples trust on bitcoin drop down. How people will store their money on bitcoin if it's not secure, they will think bank is the best place to save and grow their money.

How often do we have to tell people not to leave their coins on exchanges!!
Make your trades, and then get out!! I never left coins on exchanges.Not even for a day! A few hours trading and then withdraw!
That's it!
People are often too lazy or too greedy! This is the reason!
You store your coins on wallets by the way!Never heard that a wallet got hacked so far.Use cold storage and you will be good and safe.

[Shiroslullaby]

Poor security and management for one exchange shouldn't have impact on the price of Bitcoin.  
Bitcoin is secure. The weak point is with users and exchanges.

Still something that needs to be worked on if there will ever be mass adoption.  
Credit Card users would not be happy if they were responsible to pay charges if Visa/ Mastercard was hacked.

[TravelMug]

Anyone else out there that are of the opinion that these hacks are government sanctioned? The Cyber war will fund many missiles in the conventional wars and we know Swift stopped transfers between North Korea and other countries lately? ^hmmmmm^

We always see more of these hacks when the price reach new record highs. As if this is perfectly timed to push down the price.

You got me thinking there. It's possible that this is a state sponsored attack on South Korea. I say its possible because we don't have any proof yet. And since the war is looming between USA lead ally against North Korea. It makes sense that the North Korea will possible hack their South Korean's counterpart to have money to support them in case war break outs.

Note: This is just purely speculation on my end.

[Rinder]

Well hackers had found a way to make money, and those way is exploring some exchange issue, bitfinex, now this one, i dont know if they are tyring to attack poloniex, a lot time it get ddos over it, but well btc and crypto in general are bringing those person to get more interested into btc since they can use it as well hold and hide from anybody. Exchanges must take care and always improve their security otherwise hackers will kill and damage crypto always.