[2018-06-20] BTC to fall after massive $30 million HACK heist in South Korea

[damort]

Just like the Ethereum and Moreno case, huge coins were hacked because of the weakness of the technical guys. Ethereum case is about the 8584 port: https://btcmanager.com/hacker-group-steals-over-20-million-of-ethereum-after-exploiting-port-8584/, the Moreno is about the big hole in Government Websites to mine Monero: https://btcmanager.com/cryptojacking-strikes-again-hackers-target-government-websites-to-mine-monero/
Hackers are smarter and they can earn a fortune with that "invisible" things like coins. What an age of Internet!  

[cryptohunter]

31m is nothing for a hack and will make no difference ... i notice all the sk exchanges are getting hacked lately.

[fulled]

South Korea's exchanger again, this will be a bloody weeks again for crypto world, i think entire stackholder must more aware about exchanger safety for now

[Kprawn]

From what I understand, NO bitcoins was lost and only some Alt coins that were traded there, was taken.  Yes, if this is

true, then the Bitcoin price will still suffer, because most of these Alt coins are traded in pairs with Bitcoin. The problem is

that the media is saying that it was a Bitcoin exchange and they never mention that it is only Alt coins that was stolen. 

Bitcoins are always the scapegoat and the fall guy for these hacks. 

[nonconformist]

If these exchanges keep on missing up like this it will be harder and harder for Bitcoin to have that mass adoption we want to happen. But it's ok if this event will result to some  lesson on making it more secure. But this could be an inside job for all we know? Like that of what happened in Mt. Gox

[magnifirific]

I think accidents like this will keep on happening if they are not learning from their previous mistakes and the mistakes from other exchanges. Or maybe this is an orchestrated move that have a connection to institutions. Who knows. All of these are speculations. These exchanges should learn from their mistakes or else stuff like this will keep on happening.

[bocyaj]

BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.

South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”

The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.

Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.

He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."

Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

It is one of the drawback of bitcoin and crypto currency.Before this act,we have to move to safe cold wallet.In which bitcoin is not possible to hack.Even we can use Google two factor authentication.Still now I had using this,it seems to be one of best security.

[oni4an]

It's terrible that people steal someone else's money. When there is such a brilliant person who will be able to write a security code that will not be able to hack any hackers in the world. True, these are the most common thieves and they must be punished!

[coinwizard_]

This is extremely irritating as bitcoin was starting to pump towards the $7000 mark but now because of this the recovery is delayed again. 2FA should be enforced and not optional

[Faeton]

This is about the same thing that happened a few days ago on the little-known exchanger Coinrail in the same South Korea, where four types of tokens were stolen from private wallets for a total of over $ 40 million. Here the situation is similar. Apparently, it is necessary to look for other ways of buying or selling the crypto currency, if the existing one does not provide adequate security for the participants of these trades. Most likely, you need to think about a way that the crypto currency itself does not fall on the exchanger or exchange. If the exchanger or the stock exchange needs to make sure that the seller has available a certain amount of coins or tokens for sale, you can provide a form similar to the etherscan.io function in the MyEtherWallet wallet that allows you to view the contents of the wallet at its public address without entering the wallet itself. This will be very safe for the owner of this crypto currency and for all bidders. At the same time, hackers will also have no way to steal the crypto currency.

[posi]

I'm amazed that we only dropped like 200$ and nearly immediatly bounced back from it. Seems like we really hit rock bottom =)

that is what i was also thinking and that is why i am taking this as a good sign that we are at the bottom. despite this news which has been spread like wildfire in the past 10-12 hours the market is still pretty solid and price has even risen to $6841 which is a record in the past 8 days.

Yes but the market have been strong like that since the day the market was flooded and this why I told people that the price will never go below $6000. However, I respect the effort of Bithumb in planning to compensate their customer which account was affected.

[BitHodler]

This is extremely irritating as bitcoin was starting to pump towards the $7000 mark but now because of this the recovery is delayed again.

Just open your eyes and see how the market actually performs, we weren't pumping towards $7000 at all. It's just the usual whale manipulation that bounces the price up and down these days, not the regular people.

Most of the regular people are either hodling their expensive coins or are waiting for the market to keep dropping. $6000-$7000 is an accumulation range for the more knowledge individuals.

Regular people always need to see a continuous increase in order to pull the trigger. The higher the price pumps the more confident they become and the more likely it will be for them to finally start buying.

We're not at that stage yet.

[kotajikikox]

Oh sad to heard on that very bad news my worry is how to refund the investment of the investor's  holder's in bithumb exchange huge of amount stolen got of bad people in their industry.

My question is not fault of the inventors of bithumb exchange to lose of their investment so i think need to get back to the investor's atleast 50% of their invest as insurance.

[vnck25]

This is one example that will negatively affect Bitcoin prices, the lax nature of exchange security may have caused this hack. Any ways as some have said in earlier posts, I also support the gradual transfer from centralized exchanges to decentralized exchanges. I think especially with Asian exchanges they really don't   focus on security issues otherwise this would not happen at the first place!

[btccashacc]

Nowadays we could see such news about exchanges being hacked regularly which was a very rare news in earlier times when Mt.Gox got hacked.Such incidents strongly affect bitcoin price but this time,the impact is not much bigger.

Exactly, when mtgox or cryptsy got hacked the market and the price was collapse so bad but today seems like bithumb incident doesn't make any impact at all which is good, maybe people are not scared anymore or they already bought at the high price and impossible to sell those coina at the current price so whatever happens out there people will HODL.

[CASTIEL05]

BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.

South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”

The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.

Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.

He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."

Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

This is just like a scenario in mtgox. For sure, because of this hacked event, BTC price will fall up to 5K USD. Imagine how does the total amount that the thieves got from Bithumb? It will inflict large casualties in bitcoin. Moving on, it is normal nowadays that exchange were seized by desperate hackers. We already experienced in ED so I think, it is usual it to all of us.

Hackers are unstoppable, they can do what they want because they control technology and the internet.

[mktpromp]

Actually such things happen due to weaker form of security .This is awful for every one of us this will make freeze the financial specialists and the cost will go down. If trade is hack may their security isn't so much better perhaps its opportunity to select the developer in their nation.

[Kronos21]

Frankly, I do not understand what is the connection between the hacking of the exchange and the fall in bitcoin prices. All stolen coins leave the market and do not get into exchange for a long time. On the contrary, this should lead to a decrease in the number of offers and an increase in prices. It seems to me that this is artificial manipulation. The owners of these exchanges are involved.

[GaryGadoot]

This news really make people harass because this news is real or not still there is no trustable news based on this yes it may cause of fall because lots of money in there also few days ago the price of btc increased but it may affect on the price again.

[milewilda]

BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.

South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”

The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.

Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.

He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."

Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

This is just like a scenario in mtgox. For sure, because of this hacked event, BTC price will fall up to 5K USD. Imagine how does the total amount that the thieves got from Bithumb? It will inflict large casualties in bitcoin. Moving on, it is normal nowadays that exchange were seized by desperate hackers. We already experienced in ED so I think, it is usual it to all of us.

Hackers are unstoppable, they can do what they want because they control technology and the internet.

Hackers are just really lurking just waiting up for things to be stolen and waiting up the opportunity but i fully disagree on the things you are trying to say up on here. I dont even believe the amounts stolen is just enough to make this market dump specially on bitcoins price. Do you know the current marketcap of bitcoin? You will able to take it back on the words you had said. $30M isnt too massive to be considered as the main reason of price decline.It might be an including factor but not totally the main reason.