Bithumb 30 Million Hack

[Sithara007]

Just in time to kill the momentum and take us back to 6500, this hack happened, people panic sold, but the fact that Bithumb inmediatly took charge of the situation, moved resources to cold wallets and assured clients it would cough up the 30 Million to cover losses, is pretty empowering for the industrya and goes to show that a lot of the big players are here for the long term and are willing to build a new reputation not only for themselves but also the industry, trying to make it a more professional space, and not just a parade of endless unresolved scams and hacks.

Bithumb is saying that they will reimburse the losses, but I am not 100% sure about it. Hopefully they will do what they promised, as they have all the necessary licenses from the government and the promoters are well known individuals.

[ask]

this situation means that another dump is on the way.
Hackers will dump as soon as possible and market will crash again.
I wanna do something bad to those hackers.

[kookidun]

This is a very unpleasant situation. The credibility of the cryptocurrency right now is not high, and the news even more worsen the situation. The result is natural - all the coins are red.

[Dasha88fed]

Bithumb is one of the largest exchanges in Asia! Is great to see that Bithumb had their hands on the trigger in case anything went wrong, quickly moving all assets to cold storage to mitigate any further risk.

[cryptohunter]

30M isnt much for them

however SK exchanges need to get their shit together

[Destroyeroff98]

Just in time to kill the momentum and take us back to 6500, this hack happened, people panic sold, but the fact that Bithumb inmediatly took charge of the situation, moved resources to cold wallets and assured clients it would cough up the 30 Million to cover losses, is pretty empowering for the industrya and goes to show that a lot of the big players are here for the long term and are willing to build a new reputation not only for themselves but also the industry, trying to make it a more professional space, and not just a parade of endless unresolved scams and hacks.

Everything will be fine. This will not significantly affect the price of the cryptocurrencies.

[Wasii]

Yet another hack again within a month,  I hope investors money will be refunded by the exchange

[Tapcoinofficial]

Love my Koreans, but this is not a good look for Korean exchanges as of late. Coincheck and now Bitthumb. I hope these exchanges take this as a huge lesson and beef up security.

[shirackjs]

Fortunately Bithumb is paying the hacked $30 millions back to the traders. Otherwise, the poor traders will have to absorb the lost and it is going to decrease investors’ confidence. This show how unsafe it is to store coins in exchanges.

[KJMZNine]

Hacks are always really bad the market and we saw that in the Price history of theBitcoin price in the past. The price always went down after huge hacks happened and I hope that the exchanges will get more security to prevent hacks.

[itrade777]

I heard the news and it is really sad again because the market will panic or being manipulated again. I think developers need more advance securities so that the hacking events will minimize until all centralize exchanges will have blocked all hackers from reaching their gold chest.

[Esterklu]

So many hacks, they were hacked two times during one year (you can correct me if i am wrong), it is bad for market and for traders. They have to do smth with their security.

[doycku]

I heard the news and it is really sad again because the market will panic or being manipulated again. I think developers need more advance securities so that the hacking events will minimize until all centralize exchanges will have blocked all hackers from reaching their gold chest.

I think that before you ask the user to provide personal information when registering, you need to require the introduction of two-factor authentication to protect the user's account. This is how it tries to reduce attacks by hackers.

[Bill205]

These hacks only teach us only one thing, never leave your tokens on exchange unless you are actively trading them. It's better to transfer them in a cold wallet if you are not trading them. Whenever you have to trade transfer your tokens from cold wallet to the exchange wallet. This is the best practice to keep your assets safe.

[simpleholmes]

hacks recently has been occurred very often and it seems that exchanges are not enough prepared for this kind of hacks that happen once in a month, hope the issues would be fixed with better security measures .

[Reid]

Just in time to kill the momentum and take us back to 6500, this hack happened, people panic sold, but the fact that Bithumb inmediatly took charge of the situation, moved resources to cold wallets and assured clients it would cough up the 30 Million to cover losses, is pretty empowering for the industrya and goes to show that a lot of the big players are here for the long term and are willing to build a new reputation not only for themselves but also the industry, trying to make it a more professional space, and not just a parade of endless unresolved scams and hacks.

Okay thumbs up to their fast movement regarding the hack. But still I have this thing about security. What is happening with all of this exchanges having such low security? Or are they going to say the hackers are getting better?
That is not some good reasoning. They must be one step advanced to those kind of attacks. Okay, what is exchange is next? That is why I dont want to leave anything with these exchanges, anything can happen in a blink.

[G14tz87]

We checked that some cryptocurrency worth about $ 30 million was stolen, "Bithumb said on Twitter. "The stolen Cryptocurrency will be covered from Bithumb and all assets are being transferred to the cool wallet.
The theft allegedly occurred as a result of hacking, although the exchange has not officially confirmed this. Given the relatively small size of the theft, it is possible that a hacker managed to gain access to a "hot wallet" connected to the internet for one of the more thinly traded assets listed on the platform.
Bithumb says that the company will bear all losses so users will not be affected, other than by the temporary inability to move their assets. Deposit and withdrawal are suspended at time of writing at 01:58 UTC.
Bithumb is currently ranked sixth as the second largest cryptocurrency exchange in the world and South Korea, with daily trading volume of more than $ 330 million, according to CoinMarketCap.
This incident marks the second time South Korean exchanges have been hacked this month. Less than two weeks ago, little-known Coinrail lost about $ 37.2 million in coins, including various ERC-20 tokens.
The bitcoin price dropped almost $ 200 in the following hours hack, removing much of the recovery that the market had seen over the previous 48 hours.

[gomeZLTC]

Just in time to kill the momentum and take us back to 6500, this hack happened, people panic sold, but the fact that Bithumb inmediatly took charge of the situation, moved resources to cold wallets and assured clients it would cough up the 30 Million to cover losses, is pretty empowering for the industrya and goes to show that a lot of the big players are here for the long term and are willing to build a new reputation not only for themselves but also the industry, trying to make it a more professional space, and not just a parade of endless unresolved scams and hacks.

yes I just read this news at https://www.coindesk.com/bitcoin-retains-short-term-bull-bias-despite-exchange-hack/
Shocked, as in previous cases many hacked market has happened. This cases should be a signal for market developers always to maintain and improve its security

[coupable]

Just in time to kill the momentum and take us back to 6500, this hack happened, people panic sold, but the fact that Bithumb inmediatly took charge of the situation, moved resources to cold wallets and assured clients it would cough up the 30 Million to cover losses, is pretty empowering for the industrya and goes to show that a lot of the big players are here for the long term and are willing to build a new reputation not only for themselves but also the industry, trying to make it a more professional space, and not just a parade of endless unresolved scams and hacks.

Bithumb is saying that they will reimburse the losses, but I am not 100% sure about it. Hopefully they will do what they promised, as they have all the necessary licenses from the government and the promoters are well known individuals.

The warning was made a long time ago. Not about Bithumb, but about how it is unsafe and not recommended at all to store funds in exchanges. We are still not sure that they will do what they supposed to promise about funding losses as i still don't see any official announecement about this. This is a great lesson to learn from:
- Never trust a third part authority.
- Always buy token that you are able to store out of exchanges.
- You are not safe from lost even in Decentralised exchanges (see about last hack attempt of EtherDelta)

[Igromania]

Something while this news did not affect the bitcoin exchange rate, usually after such news the rate falls immediately.