$16M in Stolen Ethereum from Upbit Were Just Transferred

[Ziskinberg]

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

Don't think so, they'll divert that to other purposes to make it really clean, probably out to crypto.
This hack is not new, it happens to other exchanges and this happens to upbit now, but hopefully this would not stop them from operating their business.
Binance got hacked, they have SAFU funds, people are silent, don't know if Upbit have that kind of insurance for their clients funds.

If this is really a big thing, people could have panic now, but it seems nothing has happen to the market, instead it pump a bit.
let's just get used to this kind of news, if they will not improve their security, we might hear a kind of news like this from time to time.

[huu78]

The same if it had an extraordinary intellect but was used to steal it that way. He should have followed the bug hunter to be paid as soon as the prizes of the bugs are usually big. There is a saying there is no safe system. As it is as good as any market and its security if it is already pierced yes mean their service is bad that fishing many hackers do that. It is unfortunate if the hacker holds a lot of money and sells it all that could have an impact on the price of the altcoin that has been on the tens of such billion.

[cryptothreads]

Theres a lot of hacking issue that spread in the market this is tottaly shit to think of it, Upbit then Idax most exchange site are becoming shit and prone to hacking or maybe some inside job from the people of the this exchange site, so its better to practise your site that exchange site is only for in and out basis.

Now there is no safe exchange when you enter this market because top exchanges can be hacked if the security is bad. I think this year is really a very bad time for these market participants because of the exchanges such as Cryptopia, Upbit, Binance, Bithumb, all lost a huge amount of money and affected very many investors when participating.

I think you should currently only spend 10% to 30% of your assets on big exchanges and keep all your assets in a cold wallet because this is the only way to make you safer.

[knuckey]

If we look at the hacking that happened a while ago, the loss is huge and I think this crime will continue. There are many parties who are disadvantaged, including public judgments about crypto to be bad, especially exchanges. Will traders be afraid and maybe DEX is the solution to this problem?

[FireBallex]

Upbit lives up to its standard, its a trusted exchange so they will refund users and i heard idax ceo is no where to be found as well, idax exchange is a scam exchange right from day one, i bet the disappearance of the ceo was planned

[Strongkored]

If we look at the hacking that happened a while ago, the loss is huge and I think this crime will continue. There are many parties who are disadvantaged, including public judgments about crypto to be bad, especially exchanges. Will traders be afraid and maybe DEX is the solution to this problem?

Every time heard about crypto security, the discussion will lead to DEX, until now DEX has not been able to provide solutions for traders both in volume and speed transactions, only on security DEX better than CEX but doesn't mean DEX withouts gaps.
Even we in future heard another CEX got hacked DEX not yet be the main choice of traders especially for whale, but that doesn't mean DEX won't be able to replace CEX but it still takes longer for this to happen.
Upbit said will cover the users fund, there is news how the way upbit will do it?

[Dart18]

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

how can you say that Binance is safe from the hackers? no man. binance is not safe at all. hackers can hack binance too. and  binance has been attacked before (in May 2019 and $40.7 Millions were stolen). so saying that binance is safe from hackers is not a right statement. you should never vouch for any exchanges.  

That is what he said. "Not even" 

No exchange is safe.
It had been discussed here for a lot of times.
Use your cold storage. Download your own wallet. Do not keep large balances in exchange. Keep it moving.
If not, then use different exchange at the same time. Do not put all in one basket.

[Aabcde]

Every year there must be news like this. I can't help thinking, a large exchange that holds millions of dollars has an easy security system for hackers to hack into. I do not know if this is hacked or just drama, but what is certain is that if this action continues to occur every year, it is certain that many people will stop at the world of crypto. I think it's time to use real DEX to anticipate this hack event. DEX for the future.

[anog]

A series of hacks this year https://www.coindesk.com/upbit-is-the-sixth-major-crypto-exchange-hack-of-2019

If these are the same actors then I believe that they can control the market from the hacking results.

By the way binance is one of the exchanges that was victimized by hacking in May, I don't know the truth but no matter how strong the system in the exchange still has a little gap for hackers to deceive it, so it's still not advisable to save our balance on the exchange.

[disconnectme]

With the look of things it seems the hack is an inside job, that is why Upbit team did not make use of the word hack in their announcement. I believe 90% of the hack on these exchanges are inside job, it is just like hacking a bank, most of the bank robbery have insider that give these robbers information about the bank

[nicolas1979]

That is bad news for crypto world and us as customers, if this happen repeatedly I believe crypto will gonna not because price but trust. I believe exchanges already have system to secure their platform but like or not scammer always step a head. As customers I suggest not save our asset in exchanges but bank is better choice.

[Litzki1990]

I did not expect of this etherium was hacked in a large amount of money, And this is bad year for etherium. We hope they recover soon on what they loss. And we are in technology era we need t expect in this happen because of their are lots of hacker now in crypto. Im just always ready heard about hacking in crypto and this issue for etherium Ill think it is a worse.

[docxdrl]

This is a major setback in the cryptoworld  where we hoped everything would be fair and easy going!

[Rosilito]

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

Crypto market is too big to just to be crashed by these unfortunate events. Though it has an impact but sooner or later we will forget this thing and move on.

Restating what the OP said "No one is safe from hackers" Well yes. Even big companies was once been hacked, securities are just humans after all they have their shortcomings and weakness though we cannot just say "I am human and I can afford to fail" huge companies won't buy that idea but the thing is they ain't know all thing. Besides failures like this is huge help and will play a vital role to build a more durable security layers for hackers not to get pass through easily.

What I fear the most is that hackers are creative and can improvise new moves. It is a cycle that never ends, isn't it?

[Sithara007]

There is not a single exchange out there, which can be trusted 100%. What happened to Upbit is not an isolated incident. Every year, dozens of exchanges are getting hacked and the funds that belong to their users stolen. I was a victim of several such hacks and lost my hard earned money when coins were stolen from my exchange wallets. And in none of the cases, the coins were reimbursed. Anyway, I don't want to complain much. The Mt Gox users haven't yet got any compensation for their loss in 2014.

BTW, I have read multiple reports that ETH is much less secure when compared to the other cryptocurrencies out there. Even the Cryptopia owners blamed the flaws associated with ETH for their losses. I am not an expert on Ether, so I don't want to make any statements.

[Hueristic]

Most of the hacks happen on centralized platforms. It probably goes to show that centralized platforms are the main targets to crypto criminals. Blockchains and real decentralized platforms are pretty safe. The real ones have remained free from serious hacking so far.

Centralization is the weak link and the enemy and always has been. Centralization can be used to control, it is only good for those in control in order to keep control and is always a fixed point to attack.

[Enzo05]

Absolutely correct, regardless of the high of your security level hackers that are talented will still able to determine how to get the money of exchanges. I hope Binance is always making sure they are always alert about hackers and triple protect their cold wallet.

[cosmofly]

A lot of exchange exchanges have been hacked up until now, and this is very normal. But the problem we need to keep in mind is that it is attacking more large exchanges instead of small exchanges. This shows that the security of large exchanges is very loose and hackers can invade at any time. Therefore, we should only put 20% of our capital on exchanges to trade, don't put all your money into it. This is my honest advice and also one of the important capital management skills.

[o48o]

Hackers can cause the destruction of the crypto market. This is a terrible truth that we must admit. However, I want to believe that the crypto community will be able to cope with this problem. Unfortunately, hacks are still happening. When will it stop?

There has been hackers this whole time we had computers, why would it stop? We need safer and idiot proof ways to store our cryptos. Also i believe that we are getting much better in analyzing the crypto traffic so i am guessing that it will be a matter of time when some of these people get caught.

[Lance203sin]

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them