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Author Topic: BTC38 hot wallet got hacked and lost 1.5 million  (Read 15459 times)
Sithara007
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January 02, 2017, 06:57:59 AM
 #101

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.

In that case, this is a very disappointing news. And now since their reputation is lost, a lot of the users are going to dump the exchange as well. Their long-term survival prospect looks bleak.

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January 02, 2017, 07:46:19 AM
 #102

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.

In that case, this is a very disappointing news. And now since their reputation is lost, a lot of the users are going to dump the exchange as well. Their long-term survival prospect looks bleak.

Just like another exchange, i doubt they can restore their reputation and services unless they trying very hard. People simply will forget BTC38 and move to another exchange which has better reputation OR they learned not to keep their money on exchange.

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January 02, 2017, 09:14:19 AM
 #103

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.

In that case, this is a very disappointing news. And now since their reputation is lost, a lot of the users are going to dump the exchange as well. Their long-term survival prospect looks bleak.

Just like another exchange, i doubt they can restore their reputation and services unless they trying very hard. People simply will forget BTC38 and move to another exchange which has better reputation OR they learned not to keep their money on exchange.

Thats true. It will simply fade away just like the other Chinese exchange called BTER. Thats another exchange that kept on getting hacked and the altcoin NXT over there kept getting stolen. The last time I checked, the exchange had almost zero volume. So it shows that the community do listen to the negaive reviews given to a service.


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February 03, 2017, 07:03:51 AM
 #104

One thing with btc38 that I have always been wondering, is that they don't use https-traffic... I asked them a year ago about this, but don't remember the answer. They said something like "no worries, we are a safe exchange"

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March 27, 2017, 07:02:47 PM
 #105

is there anyone able to login btc38 ??

or just me!  Sad  Cry


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March 27, 2017, 11:45:16 PM
 #106

is there anyone able to login btc38 ??

or just me!  Sad  Cry

I don't this is the thread to ask that question. Make a new thread if you must.
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May 13, 2017, 01:00:00 PM
 #107

there seems to be some withdraw delays again unless this is still going on, and we just did not notice because none of my friends were withdrawing bitcoins. anyone know if there are others having similar problems pulling out dash, bitcoin, or litecoin? and if so is this due to this hack still, or is this something new caused by all the discussion about chinese policy over KYC laws? I had read they expect people in china to not only tell where they got their money from before moving it into an exchange to buy bitcoin, *(fiat in bank)* but also what they actually intend to do with their bitcoins. and its like 4 forms they have to fill out for this. just wondering if the hack is responsible or the new policy or maybe both are coming together to really screw everyone up?
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June 01, 2017, 12:26:34 AM
 #108

 Today I tried to withdraw some of my bitcoin from btc38 exchange.  They said I have to wait a week because of new Chinese laws. So hopefully by next week I'll get my coins. But in the past I've never had a problem getting my coins. Whenever something has happen with a transaction from coin to coin, they've responded timely when I posted a ticket with them. So I have faith that things will turn out, hopefully.
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June 01, 2017, 01:14:20 AM
 #109

Today I tried to withdraw some of my bitcoin from btc38 exchange.  They said I have to wait a week because of new Chinese laws. So hopefully by next week I'll get my coins. But in the past I've never had a problem getting my coins. Whenever something has happen with a transaction from coin to coin, they've responded timely when I posted a ticket with them. So I have faith that things will turn out, hopefully.
Surprising that there are still people using it but not that too surprised. But for me, I would've withdrawn my money there as it has been hacked and I feel that the security is not that tight. Though as they say "lesson learned" and they have surely done a multiple fold of security upgrades done what it had in the past. I might try to look up what this BTC38 is like what it offers for people to stay with it.

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