Upbit exchange hacked & 50 millions dollar stolen !

[crypto1998]

hi guys
did u heard about Upbit exchange hack they said that more
then 50 millions$ stolen hackers sent ETH 342,000 (USD 49 million)
i think we gonna see a new dump in BTC & ETH price
more infos here  
https://cryptonews.com/news/hack-worries-as-usd-79m-of-altcoins-transferred-from-upbit-5160.htm
https://upbit.com/service_center/notice?id=1085

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[bounceback]

In my opinion with the upbit exchange hacking incident it is not possible to influence the price of bitcoin down because during that incident and at this time we have not seen the price of bitcoin go down at $ 7,000 anymore .
But I think this thread has been discussed before.
https://bitcointalk.org/index.php?topic=5204964.0

[Kupid002]

In my opinion with the upbit exchange hacking incident it is not possible to influence the price of bitcoin down because during that incident and at this time we have not seen the price of bitcoin go down at $ 7,000 anymore .
But I think this thread has been discussed before.
https://bitcointalk.org/index.php?topic=5204964.0

Yes it will not be affected since the crypto currency that has been hacked is ETH . It will only affect the price of ETH And i dont see any reason why BTC will be affected unless there are also BTC they stole from that exchange.

[Krislaw]

It won't have much effect on the price of ETH because their address has been blacklisted on explorer and there transactions are being monitored by exchanges. The only way they can trade it is by face-to-face deal and the address of whoever buys it from them will also be under the watch list.

[ene1980]

It won't have much effect on the price of ETH because their address has been blacklisted on explorer and there transactions are being monitored by exchanges. The only way they can trade it is by face-to-face deal and the address of whoever buys it from them will also be under the watch list.

There are people monitoring the hack and if the coins are not moving and if the tumbling services can accept those coins and then if they return it back to the exchange it will be a new revolution and the way in which those coins will be returned will be highly unlikely and it all depends upon what move the hackers make and the only solution they have is to move those coins through a tumbler and what happens next gives you the end result with all these monitoring.

[maianh09]

Not stopping there another exchange is that IDAX has paused withdrawals from their exchanges. Sudden withdrawals from their customers due to fraud accusations have led to possible sell-offs.
We are currently preparing for December and welcome the New Year to people around the world. For the Asian community, they will welcome the second new year according to the lunar calendar. They will need a lot of money to cover expenses to prepare for the new year. I suspect that the market will continue to plunge in the near future.

[taufik123]

Upbit calm news burglarized has been completed and the upbit will compensate all losses. The influence of Upbit was broken into the price of Bitcoin and ETH is not too worrying, now prices are back to normal.
News about a hacked exchange seems to have become regular news, a classic drama that is repeated again and is the same as Binance.

[Palider]

In my opinion with the upbit exchange hacking incident it is not possible to influence the price of bitcoin down because during that incident and at this time we have not seen the price of bitcoin go down at $ 7,000 anymore .
But I think this thread has been discussed before.
https://bitcointalk.org/index.php?topic=5204964.0

Yes it will not be affected since the crypto currency that has been hacked is ETH . It will only affect the price of ETH And i dont see any reason why BTC will be affected unless there are also BTC they stole from that exchange.

It is not at this time that the accident will affect the price of Ethereum as the hacker is also having difficulty releasing Ethereum as many people as well as Ethereum developers are aware of all the actions it will take.

Especially when it is released on centralize exchange.

[sovie]

It won't have much effect on the price of ETH because their address has been blacklisted on explorer and there transactions are being monitored by exchanges. The only way they can trade it is by face-to-face deal and the address of whoever buys it from them will also be under the watch list.

That's a good move to blacklist addresses of hackers. But I think there are still many who are willing to buy from them on cheap rates, since we cant keep on monitoring the chain of addresses those ethereum will be going through. Some will buy because of ignorance.

[cosmicrays]

50 million? I hope soon platforms will become much safer, because now across semblance security is close to zero.

[Kupid002]

It won't have much effect on the price of ETH because their address has been blacklisted on explorer and there transactions are being monitored by exchanges. The only way they can trade it is by face-to-face deal and the address of whoever buys it from them will also be under the watch list.

There are people monitoring the hack and if the coins are not moving and if the tumbling services can accept those coins and then if they return it back to the exchange it will be a new revolution and the way in which those coins will be returned will be highly unlikely and it all depends upon what move the hackers make and the only solution they have is to move those coins through a tumbler and what happens next gives you the end result with all these monitoring.

I don't think the hacker would be able to take advantage of that ETH ,as there are many people monitoring the transfer  of that wallet and it is too big to sell on the exchange one time. Even in p2p it will not work the only thing i think the hackers will do is to stay it in that wallet for long time.

[Fappanu]

It won't have much effect on the price of ETH because their address has been blacklisted on explorer and there transactions are being monitored by exchanges. The only way they can trade it is by face-to-face deal and the address of whoever buys it from them will also be under the watch list.

Face to Face deal? I don't think this is a good idea for hackers as no one is buying illegal funds and I'm sure many crypto investors are aware of this news.

And since they bought them, they will also have problems,

[bitbenzhong]

it's so bad.
i have balance in upbit wallet, but i cann't withdrawl now,need to waiting 2 weeks.

[nelson4lov]

The Upbit hack is just another clear indication that storing funds in exchanges is a bad idea. These exchanges are prone to hacks. In 2019 alone, over $100M+ was stolen from exchanges... Yes, Binance too. Upbit has promised to reimburse all the lost funds to their customers. What if the exchange is a more smaller exchange?

Recall: Cryptopia Hack.

[imutlinda]

The Upbit hack is just another clear indication that storing funds in exchanges is a bad idea. These exchanges are prone to hacks. In 2019 alone, over $100M+ was stolen from exchanges... Yes, Binance too. Upbit has promised to reimburse all the lost funds to their customers. What if the exchange is a more smaller exchange?

Recall: Cryptopia Hack.

it's not good to keep funds in an exchange wallet because hacking like this can still happen anywhere. it's good to use a hardware wallet when saving funds. and fortunately the upbit handled it by replacing lost funds, maybe if a small exchange would be difficult to make a refund.

[Olaphash]

It won't have much effect on the price of ETH because their address has been blacklisted on explorer and there transactions are being monitored by exchanges. The only way they can trade it is by face-to-face deal and the address of whoever buys it from them will also be under the watch list.

Face to Face deal? I don't think this is a good idea for hackers as no one is buying illegal funds and I'm sure many crypto investors are aware of this news.

And since they bought them, they will also have problems,

Don't think the hacker isn't smart to find their way. They can create a new wallet or send to a new exchange and then withdraw funds directly to buyers wallet.
This hackers will always find a solution to the crime they have committed

[stomachgrowls]

The Upbit hack is just another clear indication that storing funds in exchanges is a bad idea. These exchanges are prone to hacks. In 2019 alone, over $100M+ was stolen from exchanges... Yes, Binance too. Upbit has promised to reimburse all the lost funds to their customers. What if the exchange is a more smaller exchange?

Recall: Cryptopia Hack.

it's not good to keep funds in an exchange wallet because hacking like this can still happen anywhere. it's good to use a hardware wallet when saving funds. and fortunately the upbit handled it by replacing lost funds, maybe if a small exchange would be difficult to make a refund.

Good thing that they do decide to replace those lost funds.When we do talk about smaller exchange then we would think off directly that compensating such loss would really be impossible.

The thing here is that even they do able to handle such situation, security matters would always be an issue to this exchange or in short its reputation is already been tainted unless if they do
act just like binance where it has been  still trusted by many in spite of the previous hack on which it is involved.

We have keep telling anyone that storing funds on exchangers isnt really advisable but people dont really learn until they do experience problems.

[AltcoinBuilder]

duplicate topic

[alyssa85]

The Upbit hack is just another clear indication that storing funds in exchanges is a bad idea. These exchanges are prone to hacks. In 2019 alone, over $100M+ was stolen from exchanges... Yes, Binance too. Upbit has promised to reimburse all the lost funds to their customers. What if the exchange is a more smaller exchange?

Recall: Cryptopia Hack.

People have been warning people not to store funds in exchanges pretty much every week since 2013 and Mt Gox.

The problem is some people don't listen. They're just too lazy to move the coins into their own wallets (they seem to think spending a few hours setting up a wallet and downloading the blockchain to be a great inconvenience). But you pay for the convenience of exchanges with increased risk.

[fullhdpixel]

Damn, all these exchanges really needs to be working on their security. How are they just letting hackers get away with all this money? It's very bad. This is why I hate all these new exchanges or ones that are not well known, I'm more sorry for those that are trading with them, they might claim tomorrow that they have gone bankrupt and there will be no way for those traders to get their money back.

I keep seeing a lot of people creating exchanges every day, but they forget that the most important thing is security, any exchange that is not investing in security is as good as useless because it's going to lose that money it's saving at any time. I can't make use of these exchanges that are not top exchanges.

Coinbase has always been the best for me when it comes to security, there are no such stories. But I still don't trust any of them, so I avoid keeping my money on exchanges except the ones I'm trading with. I hope this doesn't cause a decrease in price like you have said.