BTC38 hot wallet got hacked and lost 1.5 million

[Youresioure]

Look out, the legendary price's coming and hacking attempts become more serious. Hacking attempt could be insider job, too. I'd say, it's USUALLY an insider job. Not in all cases are the whole Staff with the attackers, but usually there's an inside contact. If a similar case happens at an exchange, I become more curious about the developer team, too. Do you know their names? Are they legit people? Important questions.

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[UGMZ]

The reason behind all the hacking when the price starts to rise is down to the value nothing more..

Why would a hacking group spend months, working on a site or trying to gain access to the admin accounts by what ever method if the reward is low. or there is no demand for what they plan to steal..

I think when price rises people should be very careful leaving funds in exchanges or casinos or games, because they all become targets for hackers when the price gets high.

Withdraw your funds if you have them tucked away on ANY site. get them in your wallet take control!

If you need to trade or play put only what you need into the accounts!!

Don't let 2017 be a repeat of previous years. We all know the MTgox and other high profile hacks happened when the price went up!

[Wind_FURY]

Some of these "hacks" are really inside jobs done with the knowledge of the owners and might also be exit scams. There are some people who say that most of the Bitcoin and altcoin exchanges do not make enough money to maintain their operations if they intend to be up for a very long time. This is not the New York Stock Exchange here people. These are mom and pop operations with little capital.

[MarcoPoloniex]

another hot wallet bites the dust

[lottery248]

i don't think this post is in the "bitcoin duscussion" session but the "press release" instead.
anyway, the reason of wallet being hacked, IMO is because China, if that site is from that region, is regulating their data excessively strict or harsh, most of the unnecessary data gone exposed, or their datacentre link was stolen during the Chinese monitoring.

[pinkflower]

i don't think this post is in the "bitcoin duscussion" session but the "press release" instead.
anyway, the reason of wallet being hacked, IMO is because China, if that site is from that region, is regulating their data excessively strict or harsh, most of the unnecessary data gone exposed, or their datacentre link was stolen during the Chinese monitoring.

But this is not just a press release. This is actual news that needs to be discussed given the serious nature of it. If there are any BTC38 users here, how are they taking this news? Is there a massive exit from their exchange?

[Herbert2020]

i don't think this post is in the "bitcoin duscussion" session but the "press release" instead.
anyway, the reason of wallet being hacked, IMO is because China, if that site is from that region, is regulating their data excessively strict or harsh, most of the unnecessary data gone exposed, or their datacentre link was stolen during the Chinese monitoring.

But this is not just a press release. This is actual news that needs to be discussed given the serious nature of it. If there are any BTC38 users here, how are they taking this news? Is there a massive exit from their exchange?

as far as i know BTC38 is a Chinese exchange and to find out more you either have to check out the site itself to read the news in Chinese or you can visit http://news.8btc.com which is the Chinese bitcoin community, you may find more information there regarding this.

[TastyChillySauce00]

The reason behind all the hacking when the price starts to rise is down to the value nothing more..

Why would a hacking group spend months, working on a site or trying to gain access to the admin accounts by what ever method if the reward is low. or there is no demand for what they plan to steal..

I think when price rises people should be very careful leaving funds in exchanges or casinos or games, because they all become targets for hackers when the price gets high.

Withdraw your funds if you have them tucked away on ANY site. get them in your wallet take control!

If you need to trade or play put only what you need into the accounts!!

Don't let 2017 be a repeat of previous years. We all know the MTgox and other high profile hacks happened when the price went up!

When hackers are trying to hack some popular exchanger site with purpose to steal the bitcoin then they can just do it, it doesn't matter whether the price is at its highest point or whatever because after they steal those bitcoins then they're actually owning it and no one could take over its access unless the private key were stolen or  the hackers getting compromised by someone else. So, the current rate doesn't really affect to the hackers

[tusziget]

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 am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.I hope Btc38 will cover the losses and the people will get their coins back.

[warwar]

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 am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.I hope Btc38 will cover the losses and the people will get their coins back.

Im glad too that i havent store any BTC in that exchange and also im so sorry for those looses their btc. Well i do agree sort of you will store not all your btc in exchanges just put some of it and put on other so that your btc is distributed properly and we could say that if on of it been hacked then you do have extra btc save from other exchange or wallet.

[Amph]

the fact that all these exchange can not learn anything from the mistake of the other and still leave a great amount of coin in a hot wallet, is telling me that the hacker is an insider

really they can't be that stupid, it must be on purpose...

[Script3d]

I am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.

i never heard about btc38 and i dont trade but giving warnings to people it will not stop them or they just trading daily and doesnt keep their coins in exchange.

[subvolatil]

yet another example why you should not keep bits in online wallets or exchanges. Hail to the evil hackers community.

[Sithara007]

When compared to their overall trade volumes, the stolen amount is significant. But still, it is not that big to disrupt the daily operations. IMO, they must be able to cover up this loss from a few months revenue.

[Red-Apple]

When compared to their overall trade volumes, the stolen amount is significant. But still, it is not that big to disrupt the daily operations. IMO, they must be able to cover up this loss from a few months revenue.

they are not that popular to my knowledge and that means lower volume compared to other exchanges and if they were really hacked and this is not a fake story , it will take they a long time to make it back with fees on exchange with a low volume.

[coolcoinz]

I am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.

i never heard about btc38 and i dont trade but giving warnings to people it will not stop them or they just trading daily and doesnt keep their coins in exchange.

Because it's one of the smaller Chinese exchanges. I bet you haven't heard about many other. If they kept $200k they had to be prepared to cover the losses in case something went wrong. You never keep more in a hot wallet, unless you're dumb like Karpeles 

[Wind_FURY]

the fact that all these exchange can not learn anything from the mistake of the other and still leave a great amount of coin in a hot wallet, is telling me that the hacker is an insider

really they can't be that stupid, it must be on purpose...

Yes, everyone is doing it. There are many people out there that made it their modus operandi to scam Bitcoiners out of their precious Bitcoins. With Bitcoin going above $1000, we better store them all in our wallets with private keys we ourselves control.

[hollandvan]

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

So did the hacker withdraw those huge amount of coins? BTC38 didn't have full security to check such huge withdrawal? I can't believe it happened

[densuj]

yet another example why you should not keep bits in online wallets or exchanges. Hail to the evil hackers community.

Exactly, and slow or soon the hackers will sell the coins and it is mean the price will going down, so we must becareful for anticipate about possibilities the price going down.
If we are careless be ready for lost our money because of buy high price.

[royalfestus]

How do they make all this hacked exchanges to get back easily into the business after a suspicious note of inside job? Anonymity of bitcoin is believed to be limited and there is record to all transfer, in a blockchain there should be a way to trace the stolen bitcoin. The end to price rise of bitcoin may not be near and most hacks are around the spiking price, people should still be careful of this