Cryptopia Hacked. Will BTC Crash?

[target]

I've read this an hour ago but they were not telling about hacked, they were just having a maintenance. But that explains why its not more than 48 hours, I'm not sure if its true but 48 hours is definitely long.

I don't think there will be an effect in the price of Bitcoin because of this crash. Cryptopia's trading volume is not that big enough to cause panic. May if the site that was hack is among the top 5 exchange sites, maybe there will be an effect. Just look at coinmarketcap, Cryptopia is not even in the top 10 based on volume.

They are not that big but its still a good exchange knowing they are airdropping coins to old accounts.

[Kayum10029]

Very sad news that cryptopia hacked .it can create a bad impact on bitcoin market and reputation. bitcoin market now dumping and after hacking cryptopia it would be more worser  .

[candra raditya]

No, cryptopia is not the only exchange so that it doesn't really affect Bitcoin, only those who have assets in cryptopia will suffer losses.

[coinwizard_]

The price of bitcoin is still moving sideways so it is safe to say that it has had little impact. I think they only took ethereum so that might get dumped rather than bitcoin

[Becky666]

The price of bitcoin is still moving sideways so it is safe to say that it has had little impact. I think they only took ethereum so that might get dumped rather than bitcoin

Even with that Ethereum will not be dump because of the range of stolen Ethereum in the Exchange. I have critically viewed the Hack as an attempt to distort the upcoming Ethereum HardFork which will not happen base on ETH amount stolen from the Exchange even at that level Cryptopia Exchange is a small type which haven't such powers to distort the BTC to crash nor even the ETH itself, so, nothing to worry about.

[kkaroul4]

Very sad news that cryptopia hacked .it can create a bad impact on bitcoin market and reputation. bitcoin market now dumping and after hacking cryptopia it would be more worser  .

absolutely right and if that happens then bitcoin will definitely experience a more devastating price decline than yesterday. so it must have a big impact if cryptopia gets cracked

[Bitkocha]

Yes, this is bad news, especially for those traders who trade on this exchange. This is another lesson for all, never keep your cryptocurrency on the stock exchanges.

[The Sceptical Chymist]

Let's see if they're going to pay everybody back...

I haven't read this whole thread yet and never used them, but they're out of New Zealand, right?  That would seemingly be a good thing, since I'm pretty sure NZ has laws governing how exchanges have to conduct themselves.  What I'm thinking about is some kind of insurance policy that an exchange would have to buy in order to handle people's money or some sort of plan in place in case of a hacking.  
Am I way off base here?  I'm not sure what would happen if an exchange like Coinbase got hacked like this, but I'm fairly certain the US government wouldn't let them just not pay people their money.  Having said that, I don't know what the laws are exactly for this kind of situation, either in the US or in NZ.

Yikes.  So this is either an exit scam or a real hacking.  Something tells me it's the latter, but we'll see.  As far as this event's effect on bitcoin (or ETH), I doubt it'll be anything that lasts.  It's not like this is a unique incident in the history of crypto.

never keep your cryptocurrency on the stock exchanges.

Oh, so you're saying I shouldn't store all of my bitcoin on the NYSE?  OK, I'll think about your great advice. 

[Royal Jelly]

Sad news, Cryptopia is a good exchange but still hacked. The beginning of the year is bad news and hopes not to make Bitcoin destroyed, what's with Eth and why should Eth?

[izanagi narukami]

I think it's right to saying crypto will crash because exchange got hacked because we must see for the first, what type of exchange that being hacked.
If it's big exchange, I think in this second, the value begin crashing !
Of course I hope that it will not happen but I won't be surprise if more people become untrust with crypto anymore in the future

[figa]

Just read it today, wonder how many people have suffered

[Harlot]

Cryptopia isn't even in the top 10 crypto exchanges in terms of daily traded volume why would you think that the stolen amount would be considerable to sway the overall market? The only thing that will make the market go down more is FUD rather than the stolen cryptocurrencies itself. I even doubt that the hackers would liquidate the money in this early stages as they know that they will be easier to track when they liquidate it to fiat. So remember its FUD that brings down the market so if the market is falling it would help that you won't be a part of the panic selling when it happens.

[carlisle1]

Damn. Another chaos begins.

https://www.coindesk.com/new-zealand-crypto-exchange-cryptopia-goes-offline-citing-major-hack

WEll seems like theres no bad effect in market because the movement is still the same as what yesterday’s circulations,anyway this is a bad news for cryptopias users and we cant take from them thinking that this is just a graceful exit and not really a hacking issue.in the end people will always think about them being scammed if this hacking will be their reason for closure

[semobo]

Cryptopia Hacked. Will BTC Crash?
I think they eat people money and than they say their Exchange hacked.

I don't see any dump in the market because of this news,we may face the consequence once there is an official announcement about the losses but still it is not going to make any further damage to the cryptocurrencies.

[Bennix]

To be more direct,btc will not crash due to cryptopia exchange that is hacked recently. We have seen centralize exchanges hacked in the past but btc price never respond vigorously to the hack.on the other hand,it may not be btc that is hacked on cryptopia exchange. However, the amount of coins/tokens hacked may be trivial to pose threat on the crypto market.
We should also know that cryptopia is not the largest crypto exchange in the world.So,there is high possibility that the entire  crypto market won't witnessed  huge dump due to the hack.

[c_atlas]

Why would bitcoin crash? Cryptopia isn't bitcoin, every exchange can and will be hacked.

This changes nothing, maybe the people who lost money will take this as a wake-up call and store their funds in addresses they actually own the keys to.

[squatter]

Cryptopia Hacked. Will BTC Crash?
I think they eat people money and than they say their Exchange hacked.

They're too small to have a drastic effect on prices. If a major exchange like Binance or Bitfinex had a big hack, it would be a different story. I remember the day Bitfinex got hacked in 2016 -- the price fell 20-30% within a day. By comparison, today's price just had a normal 3% fluctuation.

[kalstarzz]

the destruction or failure of Bitcoin depends on how many assets of Bitcoin are successful in hacking, and depends on how bad the influence of hacking is on buying interest of traders and investors.

[susila_bai]

Cryptopia Hacked. Will BTC Crash?
I think they eat people money and than they say their Exchange hacked.

They're too small to have a drastic effect on prices. If a major exchange like Binance or Bitfinex had a big hack, it would be a different story. I remember the day Bitfinex got hacked in 2016 -- the price fell 20-30% within a day. By comparison, today's price just had a normal 3% fluctuation.

Ya it is true but that time their were not much exchanges to trade only few so any hack will create panic in market, but today their are so many exchanges and cryptopia is on last rank and already that exchanges have so many scam accusations so i dont think their will be any affect. in the market.

[@Hakermania@]

I agree, it can not influence the hacking of a small exchange on the price of bitcoins.
I would like to understand if they have stolen private keys directly or have stolen funds indirectly by acting on the exchange database