Billions stolen from South Korean Bitcoin exchange

[mantaxer]

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Read more: https://blog.coinspectator.com/2017/07/04/billions-stolen-from-south-korean-bitcoin-exchange/

[BTCLovingDude]

1,000,000,000 Won = $875,853.23 = ~330BTC

this is not even in the top 20 exchange hacks in the history of bitcoin
this is more like the amount that some whales lose if they have a bad trading day...

[EthBooks]

 With the bitcoin market cap as high as it is now, the market will easily absorb it.

[amacar2]

Billions stolen from South Korean Bitcoin exchange

Billions won only counts around $1 million so actual loss is less than a million which might not cause any panic or dump in market.

Bithumb have promised to compensate its users for loss of personal information amounting to $870 per user

This is quite confusing, they have promised to give only $870 for loss of personal information but haven't mentioned anything about how they gonna refund their users for loss of their bitcoins.  

[Juggy777]

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Read more: https://blog.coinspectator.com/2017/07/04/billions-stolen-from-south-korean-bitcoin-exchange/

Big or small amount theft is a theft and it's sad that it happened and add salts to the wound they are now going to be regulated. I feel people should be careful with their coins as they could be on a risk with their coins lying on a exchange and I again wonder if it will be insider hand involved cause this always happens during a price hike, this once again put the role of exchanges under the scanner.

[DoublerHunter]

This is why storing or putting some of our bitcoins that we cannot afford to lose in some bitcoin exchange is a very risky move for a bitcoin user because it will not help you to secure your bitcoin but to risk it because big amounts of money worth of bitcoin in an exchange is such an attractive for hackers or those people who will do illegal things just for money.

[Ayiranorea]

That's a big amount. Though it's not in the top lists of stolen bitcoins from exchanges, 330btc is big. These kind of activities should never take place. These are the major things that make people stay away without investing into bitcoin. Though the Profiting is high it has got high security issues. A solution needs to be created.

[mk4]

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Hey that's actually not that bad. I'm sure bithumb can compensate for that. When I read that it was the fourth largest bitcoin exchange in the world I expected like Bitfinex levels of loss, not even close. I feel sorry with those who lost some of their bitcoins though.

With that said, with all those recent hacks on exchange sites, I don't know why people still leave their bitcoins and or crypto in exchanges. It makes no sense!

[Netnox]

1,000,000,000 Won = $875,853.23 = ~330BTC

this is not even in the top 20 exchange hacks in the history of bitcoin
this is more like the amount that some whales lose if they have a bad trading day...

According to Coinmarketcap, Bithumb is at 4th place in terms of BTC trade volumes. But it may be a temporary spike due to the news of hacking. Also, in Bithumb, ETH and LTC volumes are much bigger than that of BTC. This news came at the worst possible time. There was speculation that South Korea was going to legalize Bitcoin.

[grermezter]

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Read more: https://blog.coinspectator.com/2017/07/04/billions-stolen-from-south-korean-bitcoin-exchange/

I just don't know but I don't trust these exchangers when they claim that they have been hacked and bitcoins stolen from them, they just stole it from their customers and will go on to use it for their own profits.

[btc_free]

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

[NeuroticFish]

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

330BTC is not a huge amount of money, at least not at the scale the exchanges work with.
I think that if cold storage would have been affected, the number would have been maybe 10x bigger.

[LTU_btc]

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

You're right. We regularly see news about hacked exchanges. This time stolen amount of bitcoins isn't extremely big, but still, it shows that exchanges aren't safest place to keep bitcoins, because risk that exchange can be hacked is big. But many people didn't learn from these stories and using exchanges as their wallet.

[roadbits]

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

You're right. We regularly see news about hacked exchanges. This time stolen amount of bitcoins isn't extremely big, but still, it shows that exchanges aren't safest place to keep bitcoins, because risk that exchange can be hacked is big. But many people didn't learn from these stories and using exchanges as their wallet.

People, why to prefer exchanges to keep their coins, means, for them, it is easy to do trade when the prices increase, and it is easy to sell whenever they want that is why people prefer this exchange sites. Even I also like to be like that before, but a few days back my exchange site suddenly stops working for 2 weeks saying that maintenance problem. I was scared, and I thought my all coins would go. But they came back after 2 weeks I transferred to my main wallet.

[batang_bitcoin]

Too bad something bad happened when SK is now going to declare the legalization of bitcoin. Maybe there is some inside job about this matter? Well who knows but I can't feel the effect of this hack. The price is even getting higher and higher.

This is quite confusing, they have promised to give only $870 for loss of personal information but haven't mentioned anything about how they gonna refund their users for loss of their bitcoins. 

if this what's likely going to happen this will hurt me.

[Denker]

Sad to say this but exchanges are still a very weak point in this space.
All the big exchanges already had problems with hacks and stolen coins.
This is why you never shold have any serious amount of coins on any exchange!
But I doubt this incident will have any effect in terms of price to the market.

[olubams]

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Read more: https://blog.coinspectator.com/2017/07/04/billions-stolen-from-south-korean-bitcoin-exchange/

If this would cause the damage as being proclaimed here then everyone would have felt it because massive stealing will go along way in affecting the price of bitcoin in the market.

1,000,000,000 Won = $875,853.23 = ~330BTC

this is not even in the top 20 exchange hacks in the history of bitcoin
this is more like the amount that some whales lose if they have a bad trading day...

Thank you for this analysis because using Won to judge would mean a lot of money but converting it shows that its a bucket from a pool of water and this actually give credence to the neutral effect it has on price. This amount is close to what failed ICO would raise in a case of crowd funding. But at the same time there is need for sites to be more security conscious of whatever is going around.

[Kprawn]

So I reckon they are going to change their name to Bitdumb now, since they were dumb enough to get hacked. People still store large amounts of

bitcoins on exchanges and they do not learn from past mistakes. How many more MtGox's do we need, before people get it in their heads, that

exchanges are not secure. Trade and move coins to hardware wallets.... do not store them on the exchange. 

[1Referee]

With the bitcoin market cap as high as it is now, the market will easily absorb it.

The market cap plays no role of importance here. It all depends on how much buy support there is available on-exchange. Judging purely on that fact, these coins will result in a $50-$60 decrease if dumped at once on Bitstamp. In other words, it's peanuts. Bitcoin is booming, and thus you'll see a lot exchanges pop up trying to take their cut. In most cases these exchanges are pushed online as soon as possible, which mostly isn't a good thing in terms of security. Result is that we are likely going to experience more of these thefts in the coming year(s).

[SONG GEET]

300BTC can easily get eaten up on market but it is true that many of their traders have lost their saving and I don't think they gonna get those back anytime soon. This is one of the reason why you shouldn't use exchange platform as your bitcoin wallet.