BTC38 hot wallet got hacked and lost 1.5 million

[Shiroslullaby]

jacobmayes94
I like your idea, I have to read it again since I just woke up,
but clearly a lot of these sites are lacking when it comes to security on their coin storage. It seems like a lot of the smaller exchanges aren't doing much in terms of security other than separating coins into two areas- a cold storage and a temporary hot wallet.
As soon as someone gains access to the hot wallet they have been able to drain the funds completely, which means that, yes an additional layer of security is indeed required to have a decently secure setup.

[alphablitzer]

I hope all the people that are affected by it will get what they lost. Thinking about it as a an exchange means they can use your money. So it's not good to put private keys or something because they won't benefit from that.

[Youresioure]

That's why people are advised not to keep much from their funds at exchanges. Such sites are attacked continually and if there's a single flaw, it'll be exploited against them and their users. I understand the difficulties of keeping an exchange flawless though and I can appreciate their quick reaction and honesty about the situation. I hope, they'll resolve it quickly. But people's funds gonna be safe according to their words, aren't they?

[Danimore]

2 hours later, another 8btc thread  gave out the true reason: BTC38 was hit by a hacker with approximate loss of 1.5 million RMB.

“As a result of the server logic problems on 21st Dec, more than 10 million Bitshares, over 10 million NXT and some BTC/LTC were stolen from the exchange’s hot wallet (estimated total loss of  1.5 million RMB). We shut down the server immediately and stayed up all night to fix the problem. We have reviewed our wallet deployment plan and made new adjustments. We will take full responsibility for the total loss of the digital asset (market buyback).” The most important assurance is that all funds are safe in the hands of BTC38.
BTC38 explained the delay to calm down the market:“As we are currently redeploying the wallet, the service for certain coins will be resumed gradually.”

http://news.8btc.com/exclusive-btc38-hot-wallet-got-hacked-and-lost-1-5-million

I'm sure that this reason makes BTC market being down. That 's so boring .
Hacking is always central everytime BTC rises up.

[lumeire]

after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

Price of bitshares and nxt seems to be stable.

Probably not for long. A bitter reminder to not keep your coins in exchanges people.

[hl5460]

after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

Price of bitshares and nxt seems to be stable.

Probably not for long. A bitter reminder to not keep your coins in exchanges people.

btc38 wouldn't reveal the address but claimed the stolen coins were not moving.

[carlfebz2]

2 hours later, another 8btc thread  gave out the true reason: BTC38 was hit by a hacker with approximate loss of 1.5 million RMB.

“As a result of the server logic problems on 21st Dec, more than 10 million Bitshares, over 10 million NXT and some BTC/LTC were stolen from the exchange’s hot wallet (estimated total loss of  1.5 million RMB). We shut down the server immediately and stayed up all night to fix the problem. We have reviewed our wallet deployment plan and made new adjustments. We will take full responsibility for the total loss of the digital asset (market buyback).” The most important assurance is that all funds are safe in the hands of BTC38.
BTC38 explained the delay to calm down the market:“As we are currently redeploying the wallet, the service for certain coins will be resumed gradually.”

http://news.8btc.com/exclusive-btc38-hot-wallet-got-hacked-and-lost-1-5-million

I'm sure that this reason makes BTC market being down. That 's so boring .
Hacking is always central everytime BTC rises up.

Agree with this, i dont know if its a curse or just a normal thing on which when bitcoins price is already rising gradually and we love to see it on its high price and thats the time there are news regarding on hacks or stolen huge amounts of bitcoin.This would definitely affects bitcoins price for sure.

[hl5460]

2 hours later, another 8btc thread  gave out the true reason: BTC38 was hit by a hacker with approximate loss of 1.5 million RMB.

“As a result of the server logic problems on 21st Dec, more than 10 million Bitshares, over 10 million NXT and some BTC/LTC were stolen from the exchange’s hot wallet (estimated total loss of  1.5 million RMB). We shut down the server immediately and stayed up all night to fix the problem. We have reviewed our wallet deployment plan and made new adjustments. We will take full responsibility for the total loss of the digital asset (market buyback).” The most important assurance is that all funds are safe in the hands of BTC38.
BTC38 explained the delay to calm down the market:“As we are currently redeploying the wallet, the service for certain coins will be resumed gradually.”

http://news.8btc.com/exclusive-btc38-hot-wallet-got-hacked-and-lost-1-5-million

I'm sure that this reason makes BTC market being down. That 's so boring .
Hacking is always central everytime BTC rises up.

Agree with this, i dont know if its a curse or just a normal thing on which when bitcoins price is already rising gradually and we love to see it on its high price and thats the time there are news regarding on hacks or stolen huge amounts of bitcoin.This would definitely affects bitcoins price for sure.

Maybe it's just the minor amount. Another thing the keepkey email and twitter are compromised.

https://www.reddit.com/r/Bitcoin/comments/5kcwba/keepkeys_twitter_email_compromised/

[merchantofzeny]

Hi I'm just new to bitcoin, what would this mean for the people who have money in that exchange? I suppose it would be near impossible for them to get their money back since it's not like a bank with government insurance.

I don't have a whole bitcoin yet but what's the best way to store them other than using hardware/paper wallets? Are online wallets good enough if you enable two-step authentication?

I believe these hacking incidents is one of the reasons people are having doubts using bitcoin to store their savings. I know it could be no better at different things but at least banks do have insurance and if they're "too big to fail" the government would step in in case of collapse.

[strasboug]

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

[icqcointokenwallet]

Digital crypto currency is new to all. Many issues and virtues are yet to be explored. First rule of thumb, always be your own bank. Back your wallets passwords and private keys securely.

[TastyChillySauce00]

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

In my opinion, if the online wallet providers such as exchangers want to replace their client's losses because of the hacking it's not going to be a problem. But yeah saving in the offline wallet will be more encouraged but it's still having security risks. Just if you've been installing some sort of cracked programs or even using many pirated software, don't expect perfect security then

[SvenBomvolen]

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

In my opinion, if the online wallet providers such as exchangers want to replace their client's losses because of the hacking it's not going to be a problem. But yeah saving in the offline wallet will be more encouraged but it's still having security risks. Just if you've been installing some sort of cracked programs or even using many pirated software, don't expect perfect security then

   Anyone can become target, hackers can make big problems. Great that this exchanger plans to refund all stolen money, building trust is most important thing, I doubt this will have impact directly on bitcoin. We need to be feel safe, before every installation check twice where its from, dont instal everything on computer. Good antivirus, anti malware, check your computer from time to time and everything will be ok.

[pinkflower]

And again, when bitcoin price spiked then come a bad news
maybe this is staged lol

Its that or the hackers know when the right time is to strike and make the most money. It is funny because if it is staged, what theyre doing is not really working. BTC keeps going up and up.

[hl5460]

Hi I'm just new to bitcoin, what would this mean for the people who have money in that exchange? I suppose it would be near impossible for them to get their money back since it's not like a bank with government insurance.

I don't have a whole bitcoin yet but what's the best way to store them other than using hardware/paper wallets? Are online wallets good enough if you enable two-step authentication?

I believe these hacking incidents is one of the reasons people are having doubts using bitcoin to store their savings. I know it could be no better at different things but at least banks do have insurance and if they're "too big to fail" the government would step in in case of collapse.

btc38 covered all the losses.

[merchantofzeny]

Would those people get their money back? I'm guessing no. When hacks like this happen, do all people with btc in the exchange lose their coins or some accounts remain untouched?

[Monnt]

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

In my opinion, if the online wallet providers such as exchangers want to replace their client's losses because of the hacking it's not going to be a problem. But yeah saving in the offline wallet will be more encouraged but it's still having security risks. Just if you've been installing some sort of cracked programs or even using many pirated software, don't expect perfect security then

   Anyone can become target, hackers can make big problems. Great that this exchanger plans to refund all stolen money, building trust is most important thing, I doubt this will have impact directly on bitcoin. We need to be feel safe, before every installation check twice where its from, dont instal everything on computer. Good antivirus, anti malware, check your computer from time to time and everything will be ok.

It is strange because I thought that bitcoin is very secured , since the bitcoin address changes constantly, and form my personal experience the wallet I use sends you a password to your phone via SMS if your wallet gets logged on from another IP address other than yours , so it is very secure , so as you said the hacker must have put a virus into the PC so he could know the password .

[marseille]

So many hacks, the bitcoin online wallet is very vulnerable. So better to encrypt the wallet and keep it offline for the max safety. This is a real problem and since Mt Gox I have no confidence on the online wallet.

[theothersmith]

Go 100% cold with hardware wallet. Ptoblm solved?

[pinkflower]

Hi I'm just new to bitcoin, what would this mean for the people who have money in that exchange? I suppose it would be near impossible for them to get their money back since it's not like a bank with government insurance.

I don't have a whole bitcoin yet but what's the best way to store them other than using hardware/paper wallets? Are online wallets good enough if you enable two-step authentication?

I believe these hacking incidents is one of the reasons people are having doubts using bitcoin to store their savings. I know it could be no better at different things but at least banks do have insurance and if they're "too big to fail" the government would step in in case of collapse.

btc38 covered all the losses.

If they did then that means they are 1.5 million US dollars in the hole. Sooner or later they would have to look for a way to cover that hole. In the history of all exchanges that came and went in Bitcoin, we have seen them make a run for it with customer funds.