Ukrainian Bitcoin Exchange Reports Hack

[jurij.timofejev]

Ukrainian Bitcoin Exchange BTCTRADE.com.ua recently announced the discontinuation of its services after confirming to have been hacked. 
http://www.newsbtc.com/2015/05/05/ukrainian-bitcoin-exchange-reports-hack/

[Relictus]

It's sad really. Guess we'll have to stick to numerous btc-e to privat middlemen. 

[BitcoinAddicts]

It can crash bitcoin price, I am starting to think they spread fake story of hack to take coins from their customers.

[Relictus]

This exchange has far too low weight to cause a market crash. I can't tell for sure, if it was an inside job or not, but I have no inclination to consider the owner performed an exit scam. Since it's the second time they report hacking.

[Amph]

i don't think a small exchange like that can harm the market too much, they are talking about a loss of 30 btc, which is a joke basically

private estate exchange like this are only more vulnerable, users should just stick with big known exchange, they are usually more secure, besides the incident of bitstamp

[NUFCrichard]

i don't think a small exchange like that can harm the market too much, they are talking about a loss of 30 btc, which is a joke basically

private estate exchange like this are only more vulnerable, users should just stick with big known exchange, they are usually more secure, besides the incident of bitstamp

Bit markets like Ukraine are exactly where good exchanges are required and public confidence in the security of their Bitcoins is also needed.
Look at how badly the currency has performed since the start of the crisis in Ukraine, even with the huge USD drop in BTC price, they could have bought bitcoin and saved a large amount of money.

I also happen to know that there are currency controls in place and that it is difficult to send or receive money in Ukraine now, I hope the exhcnages there get their act together and start to build a market there.

[Relictus]

There's enough liquid middlemen to facilitate instant deposits/withdrawal to btc-e via privatbank and some other institutions. There are limits on how much cash you can withdraw from your bank account, as well as how much money you may send abroad (with or without document-backing) to combat capital flight and subsequent shorting Hryvna for profit.

Few people would venture into bitcoin to safe value, since usd cash is far more trusted so far. You can't put bitcoin under mattress, so to speak. I don't know if there's that much of a demand for national bitcoin exchange. But having it would be nice, I guess.