Bithumb Got Hacked Stolen 30 Million dollars worth of crypto (June 20, 2018)

[rommelzkie]

Hello guys,

Recently BitHumb got hacked and the total amount is more than 30 million dollars worth of crypto.

Bithumb suspended all of the withdrawal from their exchange and notified the affected users that they will shoulder the stolen amount.

Bithumb is No.6 Crypto Exchange based on volume https://coinmarketcap.com/exchanges/volume/24-hour/

Here is the reference of news : https://bithumb.cafe/archives/33189

[manismanja]

this seems bad news because it will make the price destroyed because it will make a lot of traders to panic, hopefully bithumb can have a solution to solve this problem.

[Maestro75]

Why do we hear of exchange hacks now every time? This is not good for cryptos. Bithumb must shoulder the damage. It is their fault and I blame an in-house staff that could do that. I hope this will not suffer bitcoin price to crash again.

[VentureHero]

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

[eminemcookie]

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

Yep, it's a drop in the ocean. Although some of the FUD is relevant it will be blown out of proportion. It is alarming that these hacks are occurring more and more often and it should really be a wake up call to exchanges to improve on their security measures. But this hack should not really influence prices across the whole market.

[Lucius]

For exchange and for total market 30 million $ is not too much money since billions are traded on this market every day. It seems that this news is not too affected current price so far, it is only some 100$ down from yesterday. Some money is stolen, but customers will be compensated and only negative effect will be less confidence in that exchange on the other hand to the overall picture when it comes to crypto exchange security.

This is second Korean exchange that is hacked in short time, they need to make same measures as Japan and force exchanges to invest more in security.

[Fredomago]

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

Yep, it's a drop in the ocean. Although some of the FUD is relevant it will be blown out of proportion. It is alarming that these hacks are occurring more and more often and it should really be a wake up call to exchanges to improve on their security measures. But this hack should not really influence prices across the whole market.

As of now, after the small rise happen a day ago still not being felt too much from any exchange, the value of those coins that being hacked is not really big compared to other exchange that being hacked, bithumb already suspend transactions and will announce whatever it takes to reclaimed the money without any harmed to their business, hackers really waiting for such opportunities it's really need to have more extra security in order to protect their business.

[adaseb]

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

These days is does seem small and irrelevant but back in 2016, Bitfinex got hacked for around twice that amount and what followed was pretty catastropic.

Basically the price ended up crashing a large amount before correcting itself a few days later.

Jugdging by todays price action, seems that market ignored this news because it had a small % dip.

[Glory90]

Hello guys,

Recently BitHumb got hacked and the total amount is more than 30 million dollars worth of crypto.

Bithumb suspended all of the withdrawal from their exchange and notified the affected users that they will shoulder the stolen amount.

Bithumb is No.6 Crypto Exchange based on volume https://coinmarketcap.com/exchanges/volume/24-hour/

Here is the reference of news : https://bithumb.cafe/archives/33189

is this coincidence? two Korean crypto exchanges hacked in a month  

this seems bad news because it will make the price destroyed because it will make a lot of traders to panic, hopefully bithumb can have a solution to solve this problem.

no need to panic with this news because the stolen amount will be covered by Bithumb

 

[panjay]

man why this always happens, the good thing is it's only 30m$ it's a lot tbh, but for bithumb who have an almost 300m$ earning last years they can still handle it, but it always sucks this always happening.

[Akiko]

man why this always happens, the good thing is it's only 30m$ it's a lot tbh, but for bithumb who have an almost 300m$ earning last years they can still handle it, but it always sucks this always happening.

Hopefully it will not cause of crashing the price in market, 30 million are not huge amount compared to the last attack in bitfinex.

[tomahawk9]

this seems bad news because it will make the price destroyed because it will make a lot of traders to panic, hopefully bithumb can have a solution to solve this problem.

No, it's not bad news. The market didn't even react to this news (-2% is nothing), and $30m is an irrelevant amount in the cryptosphere. Also, Bithumb already said they will cover the funds...it's all good now.

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

I mean, even though Bithumb will cover the losses, it doesn't change the fact that they got hacked...for the third time in a year. And it's the second korean exchange to get hacked in less than a month (Coinrail is the other one). There'll be a lot of FUD in South Korea, but tbh, people in that country should be worried about how incompetent the exchanges are.

[Script3d]

man why this always happens, the good thing is it's only 30m$ it's a lot tbh, but for bithumb who have an almost 300m$ earning last years they can still handle it, but it always sucks this always happening.

its inevitable no matter how strong the security is it can still be hacked this is why we need decentralized exchange no storing bullshit it still can be hacked but not much worse than losing 30 Million.

[wantjokull]

Why do we hear of exchange hacks now every time? This is not good for cryptos. Bithumb must shoulder the damage. It is their fault and I blame an in-house staff that could do that. I hope this will not suffer bitcoin price to crash again.

Indeed. I am also hearing more or less same news over an dover again. I dont know why exchangers are such weak points and what makes the hackers so easy to hack into them.

At one point we talk about the most safeties are taken in an exchanger to lock the funds and here we are, getting news after each week that an exchanger is hacked and money stolen. Thats a big shame on the exchanger if they cant keep up the security protocols upto the mark.

There is something fishy going on in the crypto space.  

[naidray]

Why do we hear of exchange hacks now every time? This is not good for cryptos. Bithumb must shoulder the damage. It is their fault and I blame an in-house staff that could do that. I hope this will not suffer bitcoin price to crash again.

Most of the things that happen like this are somehow linked to an in-house activity and that I must say is a huge amount of funds. Relying totally on exchanges for the security of one's fund is something no one should ever do. What is important is to trade only the things you can afford to let go.

No exchange is above being hacked, as there could be some loopholes that hackers can utilize to do just that. Hopefully, they are going to be fixing the damages as mentioned by the team.

[justdimin]

this seems bad news because it will make the price destroyed because it will make a lot of traders to panic, hopefully bithumb can have a solution to solve this problem.

I am sure you did not read the article that he added to his post. There is no reason to panic, bithumb has been in operation for a very long time and I am sure they really would not want that reputation to go down the drain. However, it is not a good thing to experience and this move was done in KRW token which makes me wonder, why the token ?

At least, since they are using the reservoir to give back what was stolen to the users, it would make matters calm down.

[upsidedown75]

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

It is normal to see FUD being spread from this. It is the cryptocurrency market, and these days, FUD is becoming the order of the day.

$30M is not irrelevant though, but for an exchange, we may say it is for sure. The good part is that they are going to be refunding all the affected users, so I do not see any reason why anyone should be using this as a means to generate FUD in the market. Let's see how they end up playing out this part of reimbursement soon.

[okala]

This is a bad omen to cryptocurrencies market as governments are looking for reasons to criminalized cryptocurrencies market.  I really sympathize with the investors in the unfortunate incident.  However we should also appreciate bitcoin holders for not dumping the market because of this news.

[dunfida]

30M$ is such an irrelevant amount.
The problem is that, again, some FUD will be spread for nothing.

It is normal to see FUD being spread from this. It is the cryptocurrency market, and these days, FUD is becoming the order of the day.

$30M is not irrelevant though, but for an exchange, we may say it is for sure. The good part is that they are going to be refunding all the affected users, so I do not see any reason why anyone should be using this as a means to generate FUD in the market. Let's see how they end up playing out this part of reimbursement soon.

About reimbursement then they would really mean it because they do know on what is the thing would be at stake if they would break such words. Compensation is somehow a normal thing to be done any exchange that had been hacked due that its on their side why those funds was being stolen or being hacked by others which it do matters on security itself.If they wont make any actions then for sure lots of complaints or rage words will definitely be heard out specially for those people who lose up money.

[audaciousbeing]

Hello guys,

Recently BitHumb got hacked and the total amount is more than 30 million dollars worth of crypto.

Bithumb suspended all of the withdrawal from their exchange and notified the affected users that they will shoulder the stolen amount.

Bithumb is No.6 Crypto Exchange based on volume https://coinmarketcap.com/exchanges/volume/24-hour/

Here is the reference of news : https://bithumb.cafe/archives/33189

When I saw the notification of this, I only sigh "not again" because its not just the right time that things like this should be happening at. The market does not need any more bad news to react to, giving one more means the worst is already knocking oon our doors. On the bright side though, I would take it as a test on the market because for $30million dollars to be stolen with no significant change in price compared to base price prior the attack means bitcoin is actually getting stronger and the market is currently calm for anyone who wants to make an investment decision.

The good thing again is to commend Bitthumb for managing the situation very well by quickly contacting the affected users who might be in the know and at the same time ensuring the safety of their funds which might be the reason for the maintenance of existing confidence in the market configuration.