$31 million in the hand of hackers

[Gileadorji12]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

[airdagon]

we need to protect the cryptocurrency from hackers, by putting crypto in cold storage and locking it in the bank safe or other secure location. This takes it from an exchange and out of the cloud, so it cannot be hacked online.

[babanana]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

$31M that he can't touch. Less in circulation but retained in capital. Means higher price per whatever token the hacker holds.
There's always a positive side.

[First77]

$31 million in the hand of hackers.....Bithumb Why? When will all these crypto hacking Stop for the sake of mooning?

Blockchain technology can be trusted. Is it safe ??

[babanana]

$31 million in the hand of hackers.....Bithumb Why? When will all these crypto hacking Stop for the sake of mooning?

Blockchain technology can be trusted. Is it safe ??

Blockchain technology itself is very secure. Exchanges and others using it need to up their game.

[First77]

Blockchain technology itself is very secure. Exchanges and others using it need to up their game.

But Bitcoin runs from blockchain technology.

Now world economy is worth some $50,000,000,000,000. Have you ever heard of $100 billion got hacked from banks (present technology) ??

[cellard]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

$31M that he can't touch. Less in circulation but retained in capital. Means higher price per whatever token the hacker holds.
There's always a positive side.

So why can't he touch if? If he stolen it then it means he owns the private keys (well or they, im not sure if it is a group or a one man job). It could also be the usual insider job in which exchanges scam people by claiming a robbery but in reality it's just them getting the money and running.

Most hackers attempt to money launder their millions in order to live a lavish life, this means that they will attempt to sell for $ in unregulated OTC markets. This shouldn't have an impact on the market since the market follows exchange rates and not OTC rates. I just doubt they will hold it all. But even if $31 million were to be dumped in an exchange it would do nothing, it's a tiny amount for Bitcoin nowadays.

[babanana]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

$31M that he can't touch. Less in circulation but retained in capital. Means higher price per whatever token the hacker holds.
There's always a positive side.

So why can't he touch if? If he stolen it then it means he owns the private keys (well or they, im not sure if it is a group or a one man job). It could also be the usual insider job in which exchanges scam people by claiming a robbery but in reality it's just them getting the money and running.

Most hackers attempt to money launder their millions in order to live a lavish life, this means that they will attempt to sell for $ in unregulated OTC markets. This shouldn't have an impact on the market since the market follows exchange rates and not OTC rates. I just doubt they will hold it all. But even if $31 million were to be dumped in an exchange it would do nothing, it's a tiny amount for Bitcoin nowadays.

On the assumption that the hackers wallet is tagged. Like previous instances of exchange hackings. Once it reaches exchange platform, coins are frozen.
If its indeed 'rob me please' then that's another story.

[alyssa85]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

The exchanges need to a) beef up their security and b) get some insurance against hacking, so that if they're hacked neither they or their customers suffer.

[Febo]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

When did Wild west stopped?  It took some time but eventually stopped. Regulators needs to start doing their business just they did on Wild West.

[Fuhre]

$31 million in the hand of hackers.....Bithumb Why? When will all these crypto hacking Stop for the sake of mooning?

Blockchain technology can be trusted. Is it safe ??

since applied to blockchain technology, decentralization ensures that one actor has the authority to change or censor the transaction and that the network cannot be closed without tracking every node that runs the network and turns it off, while the blockchain itself ensures that, there is no doubling. proof work and postage mining evidence act as an act of Sybil that makes blockchain unmanageable by actors who create multiple signatures or accounts. that's where we should still believe in blockchain because this technology is very safe.

[cellard]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

$31M that he can't touch. Less in circulation but retained in capital. Means higher price per whatever token the hacker holds.
There's always a positive side.

So why can't he touch if? If he stolen it then it means he owns the private keys (well or they, im not sure if it is a group or a one man job). It could also be the usual insider job in which exchanges scam people by claiming a robbery but in reality it's just them getting the money and running.

Most hackers attempt to money launder their millions in order to live a lavish life, this means that they will attempt to sell for $ in unregulated OTC markets. This shouldn't have an impact on the market since the market follows exchange rates and not OTC rates. I just doubt they will hold it all. But even if $31 million were to be dumped in an exchange it would do nothing, it's a tiny amount for Bitcoin nowadays.

On the assumption that the hackers wallet is tagged. Like previous instances of exchange hackings. Once it reaches exchange platform, coins are frozen.
If its indeed 'rob me please' then that's another story.

Coins can easily be mixed these days, so an exchange that has tagged certain coins wouldn't be able to to tell if these coins come from a thief or not. I did some testing of mixing myself out of curiosity and mixers are really advanced these days, it's a waste of time trying to trace transactions after mixing, you just can't. Unfortunately im afraid that these mixed coins I used for testing I will never be able to sell now (I want to buy a house eventually once BTC is worth a lot) so I can't really spend these, since I wouldn't be able to prove the origin of the coins being legal..


But anyway, point is, mixing really works, and unfortunately criminals can get away with it if they mix and sell OTC to someone that doesn't care were coins come from.

[dothebeats]

Things like this happen all the time, especially since it involves money in the process. There's no real way to combat hacks, just upgrade the systems responsible on keeping an exchange/service safe. It will keep on happening as long as bitcoin has value and because it's easier to get away with it compared to when you hack a bank. The money can be tossed around and moved around without anyone noticing. Bad times for Bithumb, though they manage to keep their heads up and reimburse what's lost with their clients, so all in all not a Mt. Gox 2.0 looming and possibly causing a negative impression towards bitcoin in general.

[shulio]

Hackers always be around and they will always try to hack crypto exchanges. Crypto exchanges should elevate their security to prevent hacks.

[liamnorthcoins]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

This is very crucial for sure this will hit another negative impact on the struggling price of bitcoin. People wont be encourage to invest in something they cant make sure if their money is safe. Their has been a lot of hacking already and this has to stop the inventor, promoter of cryptocurrency must make a better and safer ways. if not this industry will just be full scammers amd hackers and in not time this platform will really fade away.

[bobo012]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

I dont believe any of those hacks, today it is easy to secure funds, and there is no reason to have everything in hot wallets. I simply dont get it how they manage that, if it is not an inside job

[giantrobot]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

That is why we should not keep all our money on the exchange. because it is very dangerous. To be safe, we should divide it into parts and store it in multiple places, and preferably, we should store it on the hardware wallet.

[bocyaj]

$31 million in the hand of hackers.....Bithumb Why?
When will all these crypto hacking Stop for the sake of
mooning?

Actually hacking is seems to be one of the drawback of Bitcoin and crypto currency.At first hacking is took place in Coinbase,then Localbitcoin and now Bithumb.This will reduce the bitcoin traders.To avoid hacking,we must sink any of the security systems with your mobile phone.Two factor authentication is one of the best security.

[BitMaxz]

There are many hackers out there and the advantage of hacking in cryptocurrency they can easily mix it and receive a clean bitcoin and then they couldn't trace it easily. Just like the hacker from darkweb movie, it's a real-life story, but until now he still not caught by NBI or by the Police because he is always using cryptocurrency to hide all his money and mix them slowly. I think hackers right now is different compared before if exchanges and website improving their security hackers also improving their tools to hack their target.

Anyway, if this is true it can affect the bitcoin price in the future if the hacker is planning to sell them all.

[flashbit]

Hackers always be around and they will always try to hack crypto exchanges. Crypto exchanges should elevate their security to prevent hacks.

As physical banks does.

I just google quickly : http://www.dailymail.co.uk/news/article-2954705/Hackers-steal-1-billion-banks.html

Did someone said us dollar is not safe after that? security from crypto exchanges is the key as you said, nothing else.