Billions stolen from South Korean Bitcoin exchange

[BillyBobZorton]

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

This. Anyone can dump 330 BTC at any time, this is a non issue. Back in the day this could have been a problem causing a dump. As far as the hack goes, im sure is yet another inside job where a guy working  takes the bitcoin from people and runs with the money. We really need decentralized exchanges to replace all this bullshit asap.

[NJB18]

Bitcoin is really something that attracts thieves considering its present value and its future value as well. That being said a safety wallet to all our bitcoins is of tantamount importance.

A huge amount of bitcoin should not be left in unsafe wallets and in trading platforms if not used for trading. Offline wallet is a great choice.

[Vishnu.Reang]

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

This. Anyone can dump 330 BTC at any time, this is a non issue. Back in the day this could have been a problem causing a dump. As far as the hack goes, im sure is yet another inside job where a guy working  takes the bitcoin from people and runs with the money. We really need decentralized exchanges to replace all this bullshit asap.

The amount is not BTC330. It is much more than that, and most probably in four digits. The article says several billion. Then how can you assume a figure of 1 billion Won (i.e. BTC330)?

[skyline247]

BitHumb definitely isn't the 4th largest exchange in the world. Maybe in South Korea, but there are plenty of other, much larger exchanges than that one.

[naughty1]

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/

This has happened for some time, as some trading floors are attacked when bitcoin's value is normal, but I am disappointed that it is the largest trading platform in Korea.

[epitome]

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.

The article says that they will be compensation the users for the loss and they will be giving $870 as a compensation for the loss of personal information, it is a good step from the exchange and not like the exchanges in the past where the users were searching in the dark because of their incapability .I hate hearing these hacking news as most of the time it will have an impact on the price of bitcoin.

[giveen]

No man you got this wrong even i have heard about this news but there is a very few number of bitcoins stolen. What happened was one of the employee's computer was hacked and not the official computer. Plus only the emails and personal information was leaked if this was a hack by now the price would have crashed super hard.

[Netnox]

No man you got this wrong even i have heard about this news but there is a very few number of bitcoins stolen. What happened was one of the employee's computer was hacked and not the official computer. Plus only the emails and personal information was leaked if this was a hack by now the price would have crashed super hard.

That's not what I heard. If I am not wrong, the funds were stolen along with personal information of thousands of users. But still, it is the second part (theft of personal data) which is the most worrying aspect of this hacking.

[qiwoman2]

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

[northstarh]

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

No, their government does not allow that to happen, they strictly forbid their people to use bitcoin, even the internet. Everything is monitored very closely.

[gentlemand]

How old and well established is this exchange?

This is what I wonder about with all this legalisation talk. Are the legalised exchanges up to the task or are they in a hurry? There's no coming back from a successful hack.

It's all very well being backed by big companies but I don't know if that makes you any less vulnerable.

[SvenBomvolen]

I expected such great hack will drop the price for bitcoin and other crypto at the same time, but i don't see the price has changed. In the past such hackings affected exactly like that. What's the difference now?

[BitHodler]

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

No, their government does not allow that to happen, they strictly forbid their people to use bitcoin, even the internet. Everything is monitored very closely.

You didn't properly read/understand his statement. If you're part of the extreme elite minority (which are closely affiliated with the government) you'll enjoy a wider bit of freedom and luxury.

I personally don't think it's North Korea at all, but just one or more hackers that took advantage of how poor their overall security was. It's pure greed coming from a bunch of thieves with zero moral standards.

[SaShiRaJaVu]

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

No, their government does not allow that to happen, they strictly forbid their people to use bitcoin, even the internet. Everything is monitored very closely.

How about the North Korean dictator supervising this cyber attack and stealing millions of dollars worth of bitcoin,it is possible,the cyber war between these countries are ongoing for a very long time and it is possible that they could perpetuate these sort of attacks.

[eaLiTy]

Yesterday i saw an article that bitcoin will be legalized in Korea and it was a pleasant news but now we have a hacking news coming out which is real bad, i thought the market would go down on hearing these kind of news ,usually in the past we would see a good correction when these kind of news hit the market,what is worrying is that the hackers got the personal information of all the users which is really bad,compensation wont solve the issue because your privacy is being compromised .

[Celsiuss]

lol, I literally just came back home from a vacation in south Korea, and when I read "billions of won", I though that aint much. It's too bad it was hacked, and is one of the downsides of using an online wallet.

[darkangel11]

I remember reading about a Korean exchange being hacked not long ago. They were keeping money on multiple hot wallets and got a number of them (like 5 or 7) emptied at the same time. I also remember being amazed that exchanges decide to sacrifice security to offer instant withdrawals. Looks like they didn't learn anything from that event.

[Variogam]

I expected such great hack will drop the price for bitcoin and other crypto at the same time, but i don't see the price has changed. In the past such hackings affected exactly like that. What's the difference now?

Its small exchange, and the number of Bitcoin lost is not so big.

[Gasotard]

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

This. Anyone can dump 330 BTC at any time, this is a non issue. Back in the day this could have been a problem causing a dump. As far as the hack goes, im sure is yet another inside job where a guy working  takes the bitcoin from people and runs with the money. We really need decentralized exchanges to replace all this bullshit asap.

Not that bad if there was someone willing to purchase that much. If not then that would be pretty bad for the project.

[Raven91]

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.

Maybe this is a some sort of a scamming people when tehy already invest in bitcoin also meaning that it is just a story of the government i guess to stop the people of the north korea to become it looks like a some sort of hacking but it is just a scam.