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Author Topic: Bitcoin under 6700 because of exchange hack !  (Read 121 times)
finblockchain1
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June 10, 2018, 06:42:34 PM
 #1

A Korean crypto exchange Coinrail loses over $40M in tokens following a hack. Coinrail was hit by an apparent attack over the weekend.
source: https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/

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Jundax
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June 10, 2018, 06:44:36 PM
 #2

I wonder, how can $40 mil hack affect a billions of dollars worth Bitcoin that much? Over 10% down for now
and looks like its not going to stop
finblockchain1
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June 10, 2018, 06:48:31 PM
 #3

A Korean crypto exchange Coinrail loses over $40M in tokens following a hack. Coinrail was hit by an apparent attack over the weekend.
source: https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/



More sources:
http://wallstreetpit.com/114667-bitcoin-btc-nosedives-amid-south-korea-exchange-heist/
https://www.fin24.com/Companies/ICT/bitcoin-tumbles-most-in-two-weeks-amid-south-korea-hack-20180610
The Pharmacist
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June 10, 2018, 06:56:34 PM
 #4

Be careful when reading sources like that.  Just like every other financial news source, they try to attribute price swings to various economic events--I can't tell you how many times I've read stuff like "stocks rally after jobs numbers improve" or some such.  Two events might not be related at all, but they use this slick language that would make you think they are.

I never heard of this exchange, nor do I think an exchange hack could cause the kind of drop we're in the midst of.  Lots of exchanges have been hacked and the effects are variable--definitely not reliably correlated.  And I'm sure South Korea is a fairly big bitcoin market, but I don't think it's enormous.  Meh.  I'll keep an eye on the news, and thanks for posting this.

Fatunad
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June 10, 2018, 07:02:16 PM
 #5

Be careful when reading sources like that.  Just like every other financial news source, they try to attribute price swings to various economic events--I can't tell you how many times I've read stuff like "stocks rally after jobs numbers improve" or some such.  Two events might not be related at all, but they use this slick language that would make you think they are.

I never heard of this exchange, nor do I think an exchange hack could cause the kind of drop we're in the midst of.  Lots of exchanges have been hacked and the effects are variable--definitely not reliably correlated.  And I'm sure South Korea is a fairly big bitcoin market, but I don't think it's enormous.  Meh.  I'll keep an eye on the news, and thanks for posting this.
The thing you do said was right they are really trying to attribute price swings connected to those events but having these news doesnt really correlate or might even just a minor factor of such price decrease. $40M overall or total amount hacked isnt really suited to be the reason of 10% nose dive price decrease that we are seeing now.Its one of the factors but not totally the main reason and if you are here for how many years on crypto market these kind of scenarios are quite already anticipated to happen.
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June 10, 2018, 07:22:51 PM
 #6

I dont think a dump that occurred few hours ago has got anything to do with the hack that happened earlier. I can understand that 40 mil stolen and may be dumped today but thats tiny amount to move the bitcoin value all the way down to 6700 USD from 7500 USD.

Last time it moved by the difference of 1000 USD when Mt.Gox dumped their 400 million! I think its vague that the hack has got anything to do with it. I think its just that some whales are commonly dumping or trying to manipulate things here.


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alexjacks771
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June 10, 2018, 07:29:47 PM
 #7

The problem is that the fall of this stock exchange broke the belief in the security and reliability of investments in crypto-currencies. This was a real shock for investors. Although the blockchain technology itself is quite reliable, there are still problematic issues run by amateurs, like on a hacked stock exchange. I've lost almost $ 2,400 because of this situation  Angry.
Let's hope that in the autumn the market will return to growth.
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June 10, 2018, 08:59:32 PM
 #8

I dont think a dump that occurred few hours ago has got anything to do with the hack that happened earlier. I can understand that 40 mil stolen and may be dumped today but thats tiny amount to move the bitcoin value all the way down to 6700 USD from 7500 USD.

Last time it moved by the difference of 1000 USD when Mt.Gox dumped their 400 million! I think its vague that the hack has got anything to do with it. I think its just that some whales are commonly dumping or trying to manipulate things here.

Gox dumping the bitcoin price down caused a downwards trend. I doubt that the latest hack has any real effect on the bitcoin price.

None of the hacked funds are bitcoin. They are all ICO tokens that they got in the hack.

$19.5 million-worth of NPXS tokens. r $13.8 million from Aston X, $5.8 million in tokens for Dent, , and over $1.1 million Tron.

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June 10, 2018, 10:00:32 PM
Last edit: June 10, 2018, 10:11:00 PM by vintages
 #9

I saw the news also, yes , many altcoins, including a huge some amount of Tron was stolen, but I doubt if it is fully the cause. Before the dip, there has been a price fluctuation which has been going forth and back and since then, they have been continuous. Sometimes, the price of altcoins can sometimes dip as the result of people's emotions and actions and nothing might trigger them to do it. Probably the recent hack triggers nothing.

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June 10, 2018, 10:29:00 PM
 #10

I would not assert that the hack have caused dropping of bitcoin and ethereum I consider that there are much more reasons but journalists gave us a simple answer. I am not aware but I get used not to trust journalists although I acknowledge that the fact of the hack has affected on crypto market but I would like to notice that it is not a main factor.

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June 10, 2018, 10:38:36 PM
 #11

It's definitely not because of a small exchange hack, that's nothing spectacular compared to the great news of the past weeks.
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June 11, 2018, 01:37:24 AM
 #12

There is more news than just that out there like big wallets moving funds and such as well
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June 11, 2018, 01:43:53 AM
 #13

The price already decrease at $7600 and I hope it will not decrease more the price because it's not good to us who are working in bitcoin if it's true the exchanges hack and they have millions of dollars lose I hope many exchanger will be warn about this.

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June 11, 2018, 02:04:22 AM
 #14

i can't believe that the price of bitcoin decline because due to a hack. but unfortunately it looks like that.  Sad
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June 11, 2018, 02:08:16 AM
 #15

It's definitely not because of a small exchange hack, that's nothing spectacular compared to the great news of the past weeks.


Agree. Whales or not, the people behind these crash always done this when it is the weekend. Bitcoin will surely recover it's price in the next days. The hack was really disappointing but it was not that big so there's really a manipulation on the market.

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June 11, 2018, 02:18:15 AM
 #16

A Korean crypto exchange Coinrail loses over $40M in tokens following a hack. Coinrail was hit by an apparent attack over the weekend.
source: https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/



I don't know how an exchange affect the price of cryptocurrency or more specifically Bitcoin. When an exchange is hacked, it would not mean that price will drop. And I don't think reading articles like this would help us gain a legitimate information about what is happening in cryptocurrencies.

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June 11, 2018, 02:24:52 AM
 #17

Another negatives news about cryptocurrency and the result is a bear market. Now people are on panic again and think that cryptocurrency is not safe anymore because of this kind of news. I hope that market can recover in short term so we investors will come again and have confidence to invest again.
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June 11, 2018, 02:26:42 AM
 #18

I hope that korean exchanger have lesson learned on there security and let's hope that will not happen again. These happening is just to remind us that crypto exchanger are not much more secured.
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August 09, 2018, 02:07:41 PM
 #19

maybe it's a mistake from the exchange system.
so that it makes the Bitcoin lose in it.
Bitcoin like that is very expensive if the price is stolen.
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August 13, 2018, 10:08:21 AM
 #20

A Korean crypto exchange Coinrail loses over $40M in tokens following a hack. Coinrail was hit by an apparent attack over the weekend.
source: https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/



I don't know how an exchange affect the price of cryptocurrency or more specifically Bitcoin. When an exchange is hacked, it would not mean that price will drop. And I don't think reading articles like this would help us gain a legitimate information about what is happening in cryptocurrencies.
In past we have already faced such situation, which no bout affect the bitcoin price, but I think that the current decrease in bitcoin price is not because exchange has been hacked. I think that it is only because of the affect of ETF
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