Bithumb under attack ?

[kenzawak]

Just got a text and email from Bithumb :

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.

However, due to implementing enhancement as well as undergoing safety check on deposit/withdrawal services, cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and until services are thoroughly reviewed.

Further announcement will be made in due course.

We sincerely apologise for the inconvenience.

Our priority is to secure our customers asset at all time,
and we will continue our best to better serve our customers.

Thank you.

That's about 32 millions stolen.

[valheru]

Yeah, that's true, sorry to hear that. I Hope bithumb will recover as soon as possible and It is very nice that the customers will be compensated for their losses, it is an appreciated behavior.

[Tytanowy Janusz]

they have 400 mil daily volumen what gives us around 0,6 mln daily income from fees. That gives 50 day income. Im not surprised they decided to compensate users loss. 50 day income is not that much cosindering something as syrious as exchange hack. 30 mil is not too much and i think it wont have any long/middle term impact on market.

[trupero_uno]

Excellent response shown by Bithumb to compensate the users loses with big amount of money, perhaps this responsibility of Bithumb drive the effect to Bitcoin price increasing recently.

[Aleister Crowley]

Excellent response shown by Bithumb to compensate the users loses with big amount of money, perhaps this responsibility of Bithumb drive the effect to Bitcoin price increasing recently.

it is fitting that a large company is responsible for any problems that occur, as it could be a positive feedback from users who have received compensation from bithumb

[vibingpositively]

They were but for a big time exchange such as them, this will hardly effect anybody's confidence or their customer base. Look at NiceHash after that 70m hack, they are already back and buzzing again and Bithumb will do the same.

[Rubel23]

I also heard that it got hacked and 35 billion were stolen.Has the hack affected the price of bitcoin?.can anyone explain me this?

[kryptqnick]

Just got a text and email from Bithumb :

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.
Thank you.

That's about 32 millions stolen.

It is very sad that the money was stolen, but the exchange's rate will probably increase a lot now, as they compensated the full amount to their users from their pocket. That's a huge amount of money for them, you know. It's about 10% of the total amount of money circulating on the market. This exchange is very successful, it is good to know they are reliable people.

they have 400 mil daily volumen what gives us around 0,6 mln daily income from fees. That gives 50 day income. Im not surprised they decided to compensate users loss. 50 day income is not that much cosindering something as syrious as exchange hack. 30 mil is not too much and i think it wont have any long/middle term impact on market.

Well, it is pretty much. They surely made the rights choice, but from I remember from exchange hacks, owners usually don't do anything like that.

[MainIbem]

When I hear about a hack of exchange, it disturbs. I have the belief that an exchange should be the most difficult to hack. It is similar to a Central Bank being robbed.

However, it is sad it happened, and they are going to compensate any user who is affected.

[Altcoins enthusiast]

Another reason for bitcoin and others cryptocurrencies price to fall.  I pray this issues of attacks be rectified and more security be inputed into some of this platforms that are easy to attack.  Investing into cryptocurrencies come with it own risk and this is one of those risk.

[danherbias07]

True. It did happen.
XRP is the target. Now this should be a lesson to other exchanges. First it was Coinrail and now this "Bithumb".
Both are Korean exchange but that doesnt mean others cannot be attacked. Maybe they just found out a weaker side with this two.
They should really upgrade their defenses or else this could happen again. 2 in one month is not a good sign. This could affect the value of our coins.

[carlfebz2]

When I hear about a hack of exchange, it disturbs. I have the belief that an exchange should be the most difficult to hack. It is similar to a Central Bank being robbed.

However, it is sad it happened, and they are going to compensate any user who is affected.

Nice comparison but central banks is way more secure than on those things who are built online which they are really more prone to attacks at any angles which is entirely different on Central banks but well the idea or concept is just the same. hearing about compensation is somehow surprising thing for me because most hacked exchange wont really take any actions just like what happen on BTC-e.

they have 400 mil daily volumen what gives us around 0,6 mln daily income from fees. That gives 50 day income. Im not surprised they decided to compensate users loss. 50 day income is not that much cosindering something as syrious as exchange hack. 30 mil is not too much and i think it wont have any long/middle term impact on market.

They would really risk or sacrifice that amount to be patch up on the compensation since they do know their reputation is at risk.

[pey]

The hack is really bad for the market but bithumb announced that they will cover the stolen funds of customers so it is just bad as for the reputation of the exchange and the market.

[Nick Abimanyu]

Hacking of course is very disturbing and provoked the attention of every user cryptocurrency, especially the disadvantaged side of Bithumb, besides that of course the impact will be felt by some market players though only for a moment. I hope this news is not being used by FUD to manipulate news content in the media.  

Another reason for bitcoin and others cryptocurrencies price to fall.  I pray this issues of attacks be rectified and more security be inputed into some of this platforms that are easy to attack.  Investing into cryptocurrencies come with it own risk and this is one of those risk. 

Not only that, the credibility of Bithumb will surely increase in the eyes of the world as the best exchange.

[vv181]

I'm starting to think the rapid developments of decentralized exchange need to start to happen. Lately, we usually see an exchange getting hacked days by day. I believe it could reasonably be solved with the help of decentralized exchanges. The problems are there is lack of promising and potential of decentralized exchange being developed. The problem is either lack of liquidity and bad UX.

[kotajikikox]

Just got a text and email from Bithumb :

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.

However, due to implementing enhancement as well as undergoing safety check on deposit/withdrawal services, cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and until services are thoroughly reviewed.

Further announcement will be made in due course.

We sincerely apologise for the inconvenience.

Our priority is to secure our customers asset at all time,
and we will continue our best to better serve our customers.

Thank you.

That's about 32 millions stolen.

Awts sorry for those people have an investment in bithumb, hoping bithumb get into the normal operation and for the people have an investment hoping bithumb managment get also to the customers their loses, i understand is that not fault of bithumb but its a responsibility of the bithumb management.

[just_Alice]

Yeah, I've heard of these news. But taking into account that it's been third cyber attack already for the last year for Bithumb something seems suspicious here to me. Isn't it possible that they're just simulating all those attacks in order to stay in the public eye?

[deadsilent]

$32 million stolen funds is not that seriously affect the Bitcoin price despite of this recent hacking. But it is quite alarming because even the best exchange can be hacked. But the good thing is they are going to cover the stolen funds. Unlike other exchange that just disappeared. All exchanges should do this also so people who are using their service are insured. Anyway, the error was at their side. So people should not suffer from that loss.

I also heard that it got hacked and 35 billion were stolen.Has the hack affected the price of bitcoin?.can anyone explain me this?

Where'd you get this news? All i know is only $32 million of funds worth of crypto were stolen from Bithumb. 35 billion i think the value of money in korean currency. But good thing Bitcoin is not seriously affected from the recent hack. https://www.coindesk.com/bitcoin-retains-short-term-bull-bias-despite-exchange-hack/

[ralle14]

thats Sad , im dissapointed , i though that this exchange is too "big" for a hack , but as we can see that happend ;/

There's no such thing as too big for a hack. Few years ago Bitfinex was also hacked.

The hack is really bad for the market but bithumb announced that they will cover the stolen funds of customers so it is just bad as for the reputation of the exchange and the market.

Doesn't seem that bad prices are still up despite of the recent hack. I don't think it'll ruin their reputation i've seen other exchanges get hacked and people still uses them regularly even though they know that these exchanges could be hacked again that's the risk you have to take when your funds are in an exchange.

I also heard that it got hacked and 35 billion were stolen.Has the hack affected the price of bitcoin?.can anyone explain me this?

It didn't affect the price of Bitcoin.

[alfs75]

Just got a text and email from Bithumb :

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.

However, due to implementing enhancement as well as undergoing safety check on deposit/withdrawal services, cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and until services are thoroughly reviewed.

Further announcement will be made in due course.

We sincerely apologise for the inconvenience.

Our priority is to secure our customers asset at all time,
and we will continue our best to better serve our customers.

Thank you.

That's about 32 millions stolen.

This is a good movement and wise decision of the bithumb  group in order to protect the asset of there customer and maintain there honor to the public,they secure there website and those remaining fund in there exchanges theu put in another bithumb cold wallet to protect from harmful hackers,actualy this hacking situation is not my first time i heard this kind of story,its happen also in binance,etherdelta and even in parity wallet thats why,if we entrust our crypto coins its better that we have an exchange trading secured and low market caps  in order to protect our portfolio.