Bitcoin under 7000$ because of exchanger hacked

[btj]

South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

And they losses over 40 Millions $ of altcoins.

And this caused Bitcoin price decrease.

Notice that almost all alcoins prices are decreased by 10%, check https://coinmarketcap.com/ please.

Here is the the wallet of the hacker: https://etherscan.io/address/0xdf9191889649c442836ef55de5036a7b694115b6#tokentxns

could it be that the stolen altcoin and btc are being sold off or people are just getting afraid and selling off to avoid stories?

Avoid stories about what, they all made the same decision the same day ?

Your theory in most case will touch one or two cryptocurrencies, not almost all of them.

And some panic selling can be taken in consideration (Purhapse victims of that attack, you must note that there many peoples behind the 40 millions of dollars that were stolen ! and this peoples know many others ... a very big panic between them will cause a panic sell and price go down, adding news readers and peoples who have no patience).

[Phlaser]

It has become a routine. Most times I am forced to believe it's a pattern that whenever hack of exchanger occurs, the next that happens is a bitcoin tank. I just hope regulations to fix such issues.

As usual when an exchange has been hacked. The story repeats again and again, with a drop in the BTC price. Hopefully, it won't get an impact for more than 1-2 weeks. A good thing is this exchange is not popular, the sad thing is the news is published in Forbes, Bloomberg and other major media.

[linesretweetG]

Every single time BTC got a dump it's because of an hacking.
This is unbelievable. I can't find any sense for this.

[Kate_Ngubanga]

Bitcoin will no longer be worth this amount in the near future, so you can only buy them at a small price and wait for a long investment

[Krabat]

I think you should not trust information from the media! Perhaps this is specially created information in order to sow panic among the holders of crypto currency and make them sell what they have!

[tunapa]

How true is this that the present dip is caused by the dip. So many things occur which are not Revelead. Its great to know that Bitcoin manipulations will look be over . prices will be more stable and investors  will be safe.

[Reid]

Yes and it was PundiX who was affected the most by this incident.
It was just a few months ago when they finished their ICO and they did bounty here.
Actually they have grew way much that many investors could have withdrawn too.
But back to the hacking, another glorious day for the hackers for millions of dollars are in there.
I guess exchanges should see this as a lesson for more protection.

Bitcoin affected heavily.

[btj]

I think you should not trust information from the media! Perhaps this is specially created information in order to sow panic among the holders of crypto currency and make them sell what they have!

Purhapse you are right, panic sell will make them purchase Bitoin at low price and save them when it explode again.

[btj]

Yes and it was PundiX who was affected the most by this incident.
It was just a few months ago when they finished their ICO and they did bounty here.
Actually they have grew way much that many investors could have withdrawn too.
But back to the hacking, another glorious day for the hackers for millions of dollars are in there.
I guess exchanges should see this as a lesson for more protection.

Bitcoin affected heavily.

I don't think so, everytime a major event like this occure without taking the necessary measure and plans to prevent this again !

A feature must be implemented on the cryptocurrency itself to protect against this attack in the futur.

[bncbnc]

How true is this that the present dip is caused by the dip. So many things occur which are not Revelead. Its great to know that Bitcoin manipulations will look be over . prices will be more stable and investors  will be safe.

Bitcoin price was already trading undervalue, and such bad news in the market even increase the depth, to me i think that the investors will very soon gain their confident and will once again start investment in bitcoin, because bitcoin is our future currency and it is now the need of the day to use bitcoin for trading, investment and for so many other purposes. 

[HaXX0R1337]

It is really unfortunate to have an exchange hack at this time and the price was about to move higher and this has dented the market further down and it is impossible to know when the market will recover from this situation, it is difficult to know all the coins hacked from the exchange, unless they release further information it is difficult to understand how this hack happened.

[tanjiran]

It is really unfortunate to have an exchange hack at this time and the price was about to move higher and this has dented the market further down and it is impossible to know when the market will recover from this situation, it is difficult to know all the coins hacked from the exchange, unless they release further information it is difficult to understand how this hack happened.

Bad news such as hacking exchange case is very influential on the price movement. It affects most people to secure their assets, so most people will surely sell it. we should anticipate this, then it's better not to keep assets in the wallet exchange.

[Thirdspace]

And they losses over 40 Millions $ of altcoins.
---snip---
Here is the the wallet of the hacker: https://etherscan.io/address/0xdf9191889649c442836ef55de5036a7b694115b6#tokentxns

if they (hacker) sell altcoins for bitcoin then dump bitcoin for fiat, we should see a brief spike of bitcoin price
it would be stupid to dump $40M alts to btc then to fiat in short time and we don't see this price spike recently
and people panicking and selling bitcoin because of this is even dumber than that hacker

Yes and it was PundiX who was affected the most by this incident.

I never like PundiX since the beginning, something's not right about them (that's just my opinion)

[fortnite]

we face this kind of things, hacks once in a three month unfourtunately but I believe that coinrail is not a very big exchange with a huge volume and this effect will pass soon.

[badakjawa]

that is bad information, crypto market will always get threats and attacks from hackers, they are greedy and never satisfied.

hacking will always be fertile in the future, to keep the security of every crypto market, I think every founder and altcoin team should make good solutions and decisions.

if this problem is left unchecked, then the enthusiasm of the world population on crypto will decrease drastically. even things we did not expect will happen.

[Reid]

Yes and it was PundiX who was affected the most by this incident.
It was just a few months ago when they finished their ICO and they did bounty here.
Actually they have grew way much that many investors could have withdrawn too.
But back to the hacking, another glorious day for the hackers for millions of dollars are in there.
I guess exchanges should see this as a lesson for more protection.

Bitcoin affected heavily.

I don't think so, everytime a major event like this occure without taking the necessary measure and plans to prevent this again !

A feature must be implemented on the cryptocurrency itself to protect against this attack in the futur.

Well I visited their telegram group and they have their own precautionary measure at this.
Looks like PundiX team is good and they have said when the investigation is done from the Korean police everything will be back to normal.

I say that is one hell of a team if they can somehow assure their investors that it is still going smoothly.
They should really prevent a panic from this kind of events.

[ahmadakbari]

Coinrail is the 99th biggest exchange. The trade volume is about 2.5 million dollar. I don't think this has significatly affected the market. It's not the reason of current price fall.

[Mozdalifa17]

South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

And they losses over 40 Millions $ of altcoins.

And this caused Bitcoin price decrease.

Notice that almost all alcoins prices are decreased by 10% or above for some of them, check https://coinmarketcap.com/ please.

Here is the the wallet of the hacker: https://etherscan.io/address/0xdf9191889649c442836ef55de5036a7b694115b6#tokentxns

People loosing money not only because of hackers it is a down trend started several months ago and i am afraid BTC return back to 1 k again . imagine how many members at that time will left us here alone in darkness age.

[ladydark]

If this is the true reason behind the price fall,then this fall would be temporary and we could expect market to recover soon.

But since it has been a small exchange,the impact is also less.

[Ishiro5]

I do not really think that is what happened, even if there was a hack of coinrail which I don't think. If you study the charts and the mood of the market, BTC current moves has some logical correlation with that