Upbit hack ...going to Huobi Korea!

[bitcoinguy111]

https://www.huobi.co.kr/en-us/

[MURONDI]

https://www.huobi.co.kr/en-us/

You should describe your thread in detail, not just leaving a link, Upbit hacking is widely discussed on social media, whether it's true hacking or the old way to fool users, the problem was that there were many scam companies with hacking reasons, I'm not an upbit user so I don't know for sure the real problem.

[Kyraishi]

Well, it looks like it's been confirmed by the Upbit team - https://www.coindesk.com/crypto-exchange-upbit-confirms-theft-of-49m-in-ether.

Looks like there are also millions of other dollars in other crypto-currencies that where also hacked and stolen from Upbit, but the exchange is doing well and it looks like they are not going the scammy way and forcing their customers to pay.

The exchange said the loss will be covered by its own assets. Meanwhile, withdrawals and deposits have already been suspended as a precaution. The firm estimated that it will take “at least two weeks" for services to be back to normal.

Good move, it's always nice to see exchanges take action for their own mistakes, this is going to solve a lot of the headaches and stress caused by the hack.

[samuraijin]

okay, so if their site gets hacked what's your problem here? do you think they will succeed in playing the drama this time and make news everywhere, I'm already bored with things like this, the price of bitcoin goes back above $ 7300, I see that the exchange doesn't have high volume so there is no effect for the price of bitcoin to fall again, hopefully succeed with other dramas

[blckhawk]

OP should have at least give a summary of what happened. Nevertheless, the hack does not seem to affect the prices, but could however be used by whales to induce another artificial dump on the price, further increase baseless FUD and panic-sell on investors, which would do nothing but benefit those who manipulate the market. In such case of manipulation, what we can only do is swim together with them. And even though I'm not a user under Upbit, it's nice to see conpanies taking responsibility even without regulation.

[Jating]

We already have this topic on Upbit hacked.

And I don't understand why going to Huobi? Why not what till everything settles down and see how it goes. Are that OP promoting Huobi here? Lol, Don't get tricked by hidden spam on this forum.

[Bitcoin_bullish]

The amount was significant but not something that can cause trouble in the market or the exchange itself.

Upbit is one of the most used exchanges in Korea along with Bithumb. They already stated they can recover from the hack easily.

Price of Bitcoin is already recovering so nothing much here to talk about except that you should own your private keys and don't trust exchanges. The big exchanges can cover 50million hacks but maybe not more, so it will be your money lost.

[int03h]

You may be a huobi follower, but specifically introduce what you want to convey to the community. Not that there is such a coarse-looking link.
Houbi is a good trading platform and has never been hacked by hackers but it is completely an exchange from China. Koreans may not like it because the bithumb, upbit and more exchanges was rejected when they offered to build their market in China.

[Malam90]

https://www.huobi.co.kr/en-us/

I haven't known anything from your short link. A post should minimum precise detail about its pros and cons. Probably you have wanted to say that UpBit exchange has recently been hacked and you are moving from UpBit exchange to Huobi.co Exchange. Right? I believe every exchange should increase its internal security for the safety of the members so that hackers don't do hack and stole the valuable assets of the members.

[The Sceptical Chymist]

You should describe your thread in detail, not just leaving a link, Upbit hacking is widely discussed on social media, whether it's true hacking or the old way to fool users, the problem was that there were many scam companies with hacking reasons, I'm not an upbit user so I don't know for sure the real problem.

I agree with all of what you wrote, starting with how OP lazily created this thread--and there's already another thread about it, too.

The first thing I thought was that this might not really be a hack, but a Cryptsy or Mt. Gox-type exit scam, but I have no idea what the real truth is.  As I said in another thread, I noticed that Upbit was the object of some sort of fraud investigation in 2018 so who knows what's going on with them.  But at this point nothing would surprise me as far as the claim of "we've been hacked!" goes.  Seems like we've heard that so many times before that the first feeling you get upon hearing it again is one of total cynicism.

Regardless of whether the hack was a real one or not, it looks like they lost a lot of money and I don't think this is going to be like Binance's 700BTC hack that they easily recovered from.  My guess is that this is going to put them under for good.

[Raflesia]

You should describe your thread in detail, not just leaving a link, Upbit hacking is widely discussed on social media, whether it's true hacking or the old way to fool users, the problem was that there were many scam companies with hacking reasons, I'm not an upbit user so I don't know for sure the real problem.

I agree with all of what you wrote, starting with how OP lazily created this thread--and there's already another thread about it, too.

The first thing I thought was that this might not really be a hack, but a Cryptsy or Mt. Gox-type exit scam, but I have no idea what the real truth is.  As I said in another thread, I noticed that Upbit was the object of some sort of fraud investigation in 2018 so who knows what's going on with them.  But at this point nothing would surprise me as far as the claim of "we've been hacked!" goes.  Seems like we've heard that so many times before that the first feeling you get upon hearing it again is one of total cynicism.

Regardless of whether the hack was a real one or not, it looks like they lost a lot of money and I don't think this is going to be like Binance's 700BTC hack that they easily recovered from.  My guess is that this is going to put them under for good.

I don't think upbit has the reserves or size to survive this, 49 million is a lot of funds. I'd expect it to die out (probably an exit scam).

But some say that lost user funds will be compensated and that says safe means Upbit is still responsible for this hacking problem.
Yes, the $ 50 million fund is not small and this could be a drama from Upbit that exudes many people who panic.

[White Christmas]

I have already read the news about the incideny of upbit hack in Korea but it doesn't have any effect on the market right now because I've checked the market and it was stable until now and there is no huge impact on the down of the bitcoin and ethereum prices. The news was all about the UpBit hacking in which almost 342,000 ethereum was accidentally sent to an unknown wallet and as UpBit says it is like $51.3 million worth of lossing money. It is a huge amount of money and it is really a problem for them because their users will be able to lose profit and income, but the news doesn't have any effect on the current situation of the bear market and I don't know why it is.

[YuginKadoya]

I have already read the news about the incideny of upbit hack in Korea but it doesn't have any effect on the market right now because I've checked the market and it was stable until now and there is no huge impact on the down of the bitcoin and ethereum prices. The news was all about the UpBit hacking in which almost 342,000 ethereum was accidentally sent to an unknown wallet and as UpBit says it is like $51.3 million worth of lossing money. It is a huge amount of money and it is really a problem for them because their users will be able to lose profit and income, but the news doesn't have any effect on the current situation of the bear market and I don't know why it is.

I have read Cointelegraph and they have said that this might be an inside job and they really lost 342,000 Ether ETH worth $50 million and there is a high possibility that it is really an inside job than an external breach, If this is the case then personnel from an exchange might have a possibility to think of a same way to stole Coins from an exchange, then thinking that our coins from exchange will have a higher threat of an inside job than with a normal run and gun attack from the outside,

This is what so scary about an online exchange you will never know when a person can hit a scenario in taking up his demon to do such things but like you have said I as well didn't see any big drop from the price so far.

[Leonardo7]

A very low-quality post, must we always be pointed to an external source before we can read the news? There are ways you can give a quick summary of your post, without having to just drop link here, I hate to click on the links that refuse to give any meaningful details.

[BitcoinsGreat]

https://www.huobi.co.kr/en-us/

You are probably referring to the Upbit hack which took place today as per the heading of your post. Luckily, the hack did not have bad impact on the prices. Bitcoin did move below 7000$ but recovered quickly and upbit has also announced that they will recover the loss for everyone so practically no upbit user lost the money.

[Pearls Before Swine]

I have already read the news about the incideny of upbit hack in Korea but it doesn't have any effect on the market right now because I've checked the market and it was stable until now and there is no huge impact on the down of the bitcoin and ethereum prices.

No, and there isn't going to be much of an effect on btc, eth, or any other coins.  The market can take exchanges being hacked or going out of business in stride, and that's been proven many times over since at least 2013.  Don't know how big a deal upbit is or was, but I don't think it was as big as mt. gox or some of the other exchanges that got haxxorred.

I have read Cointelegraph and they have said that this might be an inside job

And they might be right, but we'll see.  The temptation for employees or owners or others to embezzle must be too much for them from time to time, which is a great reason why traders shouldn't use smaller, unregulated exchanges and especially ones that aren't transparent as to who they really are.  Don't know if any of that applies to upbit because I've never used them, but this has happened many times before and doubtless will happen again.

[Kyraishi]

okay, so if their site gets hacked what's your problem here? do you think they will succeed in playing the drama this time and make news everywhere, I'm already bored with things like this, the price of bitcoin goes back above $ 7300, I see that the exchange doesn't have high volume so there is no effect for the price of bitcoin to fall again, hopefully succeed with other dramas

"What's the problem with an exchange getting hacked?" I understand that these posts are repetitive, but I don't think you should be so dismissive when millions of other people's money could have been lost on these hacks.

Sure, they are refunding the lost money out of their own money (which is what other exchanges should be going), but it's still quite the fright.

Although, per your post history, and having seen some of the marketing methods a lot of Chinese exchanges use, I would likely assume that you are just trying to scare people onto your own platform.

[xiboothrezi]

~

This is what so scary about an online exchange you will never know when a person can hit a scenario in taking up his demon to do such things but like you have said I as well didn't see any big drop from the price so far.

That is the risk of storing assets in a wallet exchange, it can be hacked at any time, even if a trusted exchange. We must understand the risk. We are lucky if the exchange would be responsible for the hacking.
Related to its influence on the global market, the following figure provides enough information as a comparison with cases of hacking that have happened before.

The funds are quite large if accumulated for hacking cases this year. Although not very significant, enough to influence the market, despite many other factors.

[k@suy]

https://www.huobi.co.kr/en-us/

No more else details?, anyway I see this in my feed this morning, an exchange have been lose too much money, this is a bad news for us, it makes the market affected Im sure of that , a little bit problem makes an exhange affected what more if an exchange like this lose too much. I hope there will be ways to find the culprit and also the security in every exchange will be more stronger than before.

[adaseb]

This hack is proof that the market doesn't care about Bitcoin exchange hacks anymore. This is unlike in 2016 where one of the larger exchanges Bitfinex got hacked and caused a +20% drop within hours following the hack.

It seems that the hack was used nothing more than to trap traders who sold or shorted at the $7000 mark, it quickly reversed and caused a lot of pain when it broke the $7400 area and topped out at $7640 or so.

Maybe if it was a larger exchange like Bitmex or Binance it might have a more negative reaction but so far since the market rallied it means the news was irrelevant.