$1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018

[Mahanton]

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

For now it do start up to make up some noise knowing that $50 million isnt a small amount of money.Im already expecting for some changes or drop of the price either on BTC or on ETH knowing
that the stolen coins are on ethereum.We are almost on the ending of this year 2019 but it looks that we arent still finished with those surprise news about exchange hacks.
Whats next? Do upbit have the plans on reimbursing those users had been affected?

[1713288847]

1713288847

[1713288847]

1713288847

[1713288847]

1713288847

[Mumbeeptind1963]

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Oh too bad, a lot of bad news will come up few hours from now , it will really affects bitcoin price and surely many people will have a doubt in cryptocurrency. But the thing is, security in every exchange must be updated regularly, I know their part but, they need to invest more in security because when like this happen? They will lose many amount of money, and investors as well.

[Baofeng]

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Funny thing though, after the said hacked, bitcoin goes on a run and touch $7800.

Also, there's some movement already, just a matter of time before this hacker makes a mistake an exposed himself, Upbit Theft Update – $16M in Stolen ETH Were Just Transferred.

[Mahanton]

And to make things worst in the market, another South Korean Exchanges has been reported to be hacked, this time it's Upbit:

In its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.

https://cointelegraph.com/news/signs-point-to-inside-job-in-upbit-crypto-exchange-hack-says-commentator

I really don't know what to say, $50 Million worth of money has been stolen again and I'm sure lots of negative news will come out again to undermine crypto specially from it's detractors.

Funny thing though, after the said hacked, bitcoin goes on a run and touch $7800.

Also, there's some movement already, just a matter of time before this hacker makes a mistake an exposed himself, Upbit Theft Update – $16M in Stolen ETH Were Just Transferred.

For now the price hasnt reacted yet since those stole ETH's cant really be easily disposed off yet its still hot on the eyes of many.Im saying that this one might not heavily affect btc price unless
if those ETH's would be converted fully to btc then slumped down those coins to fiat.It might surely affect the market but only on small margins.

We are almost ending up this year but negative news like this do really pops out randomly.Im aint actually got shocked to these kind of events yet any exchangers would really be a honey pot for all of hackers out there
since they do know that millions of dollars is being stored to these places.

[ihabhamed]

that's why non custodial crypto exchange like Nash exchange will succeed

[oxgroth]

Hackers are getting smarter and smarter. But exchanges are working on security, hopefully

[iv4n]

that's why non custodial crypto exchange like Nash exchange will succeed

We have a long way too there, centralized exchanges are so popular, and they will stay on top for years probably. Some articles about this matter says that centralized exchanges cover more than 95% of the crypto market, and the rest is on decentralized exchanges and local transactions. It's a huge favor for centralized exchanges, they will not be taken down so easily. Why is like that, well people don't like to wait, centralized exchanges with much higher volumes attract more people. Other thing is probably peoples ignorance, many people don't know how to use cex and from dex they are still far away.
Popularity of dex will not come so soon, 5 to 10 years and maybe more. For people first to figure out crypto, and then everything else, that takes time.

[ultrloa]

Does this news still bothering up til now? Well provably we should move on since this is an old news since it cannot effect on what's current happening right now and remember we are almost reaching at year 2020 so most provably we will reach a another milestone for that year since halving is coming anyways so chill up guys and future is great ahead.

[Yaunfitda]

Does this news still bothering up til now? Well provably we should move on since this is an old news since it cannot effect on what's current happening right now and remember we are almost reaching at year 2020 so most provably we will reach a another milestone for that year since halving is coming anyways so chill up guys and future is great ahead.

I wouldn't consider this an old news though, this is an on-going battle, so this has a definite far reaching effect to crypto enthusiast.

Yes, I would agree that we need to be positive and look at 2020 with gusto and enthusiasm, but we can't just move on and forget about money being lost because of hacking and it will continue to increase as time goes on.

[sovie]

Vulnerabilities present in crypto wallets and exchanges are used by hackers to steal crypto coins and irony is that once coin move from one wallet to another there is no way you can return them. This is where fiat is more responsible in handling your money, you can always recover the loss if you face any cyber hack.

[ultrloa]

Does this news still bothering up til now? Well provably we should move on since this is an old news since it cannot effect on what's current happening right now and remember we are almost reaching at year 2020 so most provably we will reach a another milestone for that year since halving is coming anyways so chill up guys and future is great ahead.

I wouldn't consider this an old news though, this is an on-going battle, so this has a definite far reaching effect to crypto enthusiast.

Yes, I would agree that we need to be positive and look at 2020 with gusto and enthusiasm, but we can't just move on and forget about money being lost because of hacking and it will continue to increase as time goes on.

I think differently since if we base the bitconnect scam where they scam about I think multi millions or even billions(if I am not wrong in my figure) it  doesn't give any fuck on the market that's why we see the price became good even if the thieves dumping it. That's why we need to relax since the support is risen up and people for sure starting to fill their bags which help to maximize the Bitcoin support.

[Captain Corporate]

 I think we are getting used to the fact nowadays, I mean it says "one billion dollars" but think about the early days of bitcoin and compared to how much was tolen today in bitcoin terms instead of dollar terms and there used to be a lot more bitcoins stolen back in the day.

 Just mt.gox alone is enough bitcoins gone for probably 3-4 years of todays bitcoin gone, sure it worth a lot less back in the day and worths a lot more now so when you steal 1000 bitcoins today the dollar equal is probably 100k bitcoins back in the day but those were still bitcoins gone, maybe some people would hold it? Maybe some would sell it for a profit, all of those possibilities are gone now.

 In 2020 there will be a lot of bitcoins stolen as well and in 2021 as well, its not going to stop, there are a lot of dollars stolen every year as well so if we are talking about money there will be some people who will try to steal it, some will be small like pick pocketing level, some will be murdoff but eventually there will be a lot of money stolen no matter if its bitcoin or dollar or euro or any other currency

[Lizzylove1]

This is sad, but it's still small compared to fiat been stolen. Exchanges must spend more on cyber-security and never toy with security issues. Equally, individuals must must keep a good practice of using exchanges and their wallet  by avoiding little security lapses. Traders must avoid new exchanges of shady character and stick to good existing ones.

[cute nmp]

That is one of the biggest issues affecting crypto-currency since it's invention.Billions and millions worth of dollars is been stolen within short periods of time making most investors to shy away from investing in any crypto-based program.I think the issue of theft in crypto-currency should be taken care of as it is affecting the market negatively.

[Forbiddenone]

Majority of crypto are stolen from exchange so its exchange fault as they couldn't protect the fund and they give their excuse whether it is hacker or insider job. As for those who are new to crypto are easy target to scammers and mainly phishing site which take their private key or phrase, so crypto awareness is more needed. In my opinion crypto exchange should move to dex with speed comparable to regular exchange.

[cryptoshirtsinfo]

Hackers are getting smarter and smarter. But exchanges are working on security, hopefully

Hackers will always win.

[Jating]

I don't know if you guys heard another CEX hacked in the last couple of days:

Dear users,
Unfortunately we have to notify you with the fact that  our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen.
A small part of the funds are safe on cold wallets.

https://twitter.com/altsbit/status/1225319347687653377?

Might be small amount, but a lost is a still a lost form this cyber criminals.

[Dmasked]

Bitcoin and cryptocurrencies have controversial beginnings to begin with and these events make investors big or small insecure about their assets. If popular exchanges which are trusted by people are vulnerable to such threats then trading in cryptocurrencies will be less trusted.

[btc_angela]

Bitcoin and cryptocurrencies have controversial beginnings to begin with and these events make investors big or small insecure about their assets. If popular exchanges which are trusted by people are vulnerable to such threats then trading in cryptocurrencies will be less trusted.

What do you mean? I would agree that no one is safe specially if you leave your most of the funds in an exchange, but I doubt that people feel less trusted. If you know what you are doing, and you have the knowledge, then unlikely that you will lose in this game and stop trading completely, just saying. Everyone should do their due diligence and learn how to protect your assets at all costs.

[Kemarit]

Bitcoin and cryptocurrencies have controversial beginnings to begin with and these events make investors big or small insecure about their assets. If popular exchanges which are trusted by people are vulnerable to such threats then trading in cryptocurrencies will be less trusted.

I wouldn't say it's controversial, there is no controversy, the media just spun bitcoin or crypto that's why it attracted a lot of attentions from governments.

If they became insecure then why the number of Bitcoin transactions are going up? and the number of crypto traders are also growing exponentially? "Trust" is a strong word in crypto world and I don't think that traders really do trade on exchanges because they trust them, but just because they can earn money, the same as exchanges are making money out of us traders.

And as far as hacking goes, it won't simply just as what @Jating as posted, we have hacks are early as this time, but at least it is not in millions of dollars.