another crypto exchange hacked

[AirdropNotifyer]

Major South Korean crypto currency exchange Upbit has notified users of the theft of 342,000 Ether (ETH) from It's hot wallet via a on site notice.

Upbit CEO, Lee Seok-woo has pledged to cover losses (342,000 ETH) through corporate asset and have already moved crypto assets held in its hot wallet to cold storage.

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen,

I think there is nothing secure.

Source: CoinTelegraph

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[ecnalubma]

Well unless they will cover up the losses, It seems that South Korean exchanges are favorite targets of hackers or maybe some exchanges security are just weak. This is not one of the biggest stolen funds of all but if this happens regularly traders will begin to lose confidence trading in big or small exchanges. 

[Wexnident]

Well unless they will cover up the losses, It seems that South Korean exchanges are favorite targets of hackers or maybe some exchanges security are just weak. This is not one of the biggest stolen funds of all but if this happens regularly traders will begin to lose confidence trading in big or small exchanges. 

Well, I'm pretty sure they just pick any exchanges they deem to be hackable plus could bring quite a bit of profit in their pockets. Luckily, they decided to be honest and completely open up with the issue and took responsibility for it. This just goes to show that any vulnerability available to the hackers could easily be taken advantage of, especially with the ever growing community of crypto which seems like a big fat lamb to them.

Also since OP didn't link the article, here it is

[BITCOIN4X]

~snip

There is no guarantee that the exchange will always be safe from hacking, there are quite a number of cases where hackers have succeeded in escaping with assets from the exchange and fortunately the upbit is responsible for this incident and replaces it with their company's money reserves.
Hacking cases experienced by upbit must be used as a consideration so that we do not store valuable assets on the exchange, because we do not know when and where hacking events can occur again in other exchanges. Increase awareness by storing your assets in a hardware wallet or in a place that you feel is safe.

Find more information about hackers here.

[AirdropNotifyer]

~snip

There is no guarantee that the exchange will always be safe from hacking,

Exactly! we have to hold our assets in secure place ( local wallet ) and we can't trust on exchange's security

[Ailmand]

~snip

There is no guarantee that the exchange will always be safe from hacking,

Exactly! we have to hold our assets in secure place ( local wallet ) and we can't trust on exchange's security

One of the reasons why online wallets or even exchange platforms are not a good place to keep your funds. Especially if it is a huge amount of money. Hackers are just looking for a good moment and a good target where they can breach the security to steal money. Hardware wallet will always be the safest storage for crypto funds. Never leave your money online.

[TastyChillySauce00]

Well unless they will cover up the losses, It seems that South Korean exchanges are favorite targets of hackers or maybe some exchanges security are just weak. This is not one of the biggest stolen funds of all but if this happens regularly traders will begin to lose confidence trading in big or small exchanges. 

Well, I'm pretty sure they just pick any exchanges they deem to be hackable plus could bring quite a bit of profit in their pockets. Luckily, they decided to be honest and completely open up with the issue and took responsibility for it. This just goes to show that any vulnerability available to the hackers could easily be taken advantage of, especially with the ever growing community of crypto which seems like a big fat lamb to them.

Also since OP didn't link the article, here it is

But having all these Korean exchange being hacked is indeed kinda, odd. Maybe it's because the volume there are quite huge or just simply vuln and can be exploited but I think they need to invest more into security. This is also why when new exchange appear, they should undergo a code review so that it won't be exploited because honestly, some exchanges are lacking their concern in term of security.

One of the reasons why online wallets or even exchange platforms are not a good place to keep your funds. Especially if it is a huge amount of money. Hackers are just looking for a good moment and a good target where they can breach the security to steal money. Hardware wallet will always be the safest storage for crypto funds. Never leave your money online.

Most of the time hackers are taking over the exchanges' wallet that hold tremendous amount of money though, but it's advised to use hardware wallet or if can't desktop wallet. But, a wallet that is not saving the private key generated into the server is relatively side but not advised.

[ajaymukund]

Major South Korean crypto currency exchange Upbit has notified users of the theft of 342,000 Ether (ETH) from It's hot wallet via a on site notice.

Upbit CEO, Lee Seok-woo has pledged to cover losses (342,000 ETH) through corporate asset and have already moved crypto assets held in its hot wallet to cold storage.

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen,

I think there is nothing secure.

Source: CoinTelegraph

Large exchanges are also often hacked, but they often give investors money back. This is the responsibility and forcing them to do so otherwise they will be sued. Besides, large exchanges often have a lot of big funds and they are always able to compensate. so we should still be trading at large exchanges. When there is a risk, we will still be able to get our money back.

[mindrust]

Might be a insider thing. Your security systems is only as secure&trusted as your employees. There is no security system which can prevent your employees stealing from you. Might be an honest hack too but whenever I see an exchange hack, i think the possibility of a bad employee. And somehow they'll never tell you if that was the case.

[silversurfer1958]

Major South Korean crypto currency exchange Upbit has notified users of the theft of 342,000 Ether (ETH) from It's hot wallet via a on site notice.

Upbit CEO, Lee Seok-woo has pledged to cover losses (342,000 ETH) through corporate asset and have already moved crypto assets held in its hot wallet to cold storage.

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen,

I think there is nothing secure.

Source: CoinTelegraph

formerly Binance, and now UPbit. It seems that exchanges are weakening about their security systems and this costs them a lot of money to devise strategies in the future.
There are still a lot of hackers in this market and hopefully in the future exchanges will focus their money and human resources to improve their security systems. so traders can safely deposit their money on exchanges.

[AltcoinBuilder]

I heard it was an inside job

[sunsilk]

There's already a thread that's made earlier than this. You can find it on Service Discussion (Altcoins). The topic to be specific is: Upbit exchange was hacked. 342,000 ETH lost

And I have commented about the addresses where those ethereum transfers 2 days ago.

Update: The current address has now 0 balance while there are new transfers made few hours ago to different addresses. The 1st address has the 61,004 ETH, the 2nd address has 59,176 ETH, 3rd address has 61,001 ETH, 4th address has 49,900 and the last address I've seen has 9 ETH.

[fortunecrypto]

Major South Korean crypto currency exchange Upbit has notified users of the theft of 342,000 Ether (ETH) from It's hot wallet via a on site notice.

Upbit CEO, Lee Seok-woo has pledged to cover losses (342,000 ETH) through corporate asset and have already moved crypto assets held in its hot wallet to cold storage.

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen,

I think there is nothing secure.

Source: CoinTelegraph

We don't know if this is an inside job, authorities should do an investigation here, but as long as they cover the lost Eth and they secure traders funds, we cannot consider this an exit scam, two bad news in a week the other one is IDAX but Idax is now considered an exit scam, traders should never store their coins in exchanges, it's very risky.

[piebeyb]

I do not want to talk too much and accuse, how stupid is Upbit losing his money? I only use the logic from which the funds to replace the money, this incident is always the same hacked and then replace it, until now I see a lot of price analysis leading below $ 5k as the lowest, so whether with this kind of news made it helps to drive the panic to touch the target, I always believe that drama is a lot of big people, the possibility is a greed and they benefit, I do not like hacking drama and it is always done over and over at the moment of bitcoin prices like this

[alyssa85]

But having all these Korean exchange being hacked is indeed kinda, odd. Maybe it's because the volume there are quite huge or just simply vuln and can be exploited but I think they need to invest more into security. This is also why when new exchange appear, they should undergo a code review so that it won't be exploited because honestly, some exchanges are lacking their concern in term of security.

It might be down to something simple: like all the Korean exchanges using the same IT specialists to build their exchanges, which means that they all have the same vulnerabilities. And if they don't share what went wrong with each other to fix the holes, the attacks just continue.

Whereas the western exchanges seem to be quite separately and independently built. Some, like Kraken and Coinbase have spent a lot of money on security.

[FlamingFingers]

I heard it was an inside job

Also heard same too, there is no smoke without a fire.
Upbit were being told to Pay tax of up to $60m back in January and they were hacked today,  perhaps this might be a way of evading tax because such thing happened to bithumb also when they were told to pay tax,  few months after telling them to pay tax, they got hacked.
Glad to hear that They will cover the loss,  so investors needs not to panic

[crisanto01]

I heard it was an inside job

Also heard same too, there is no smoke without a fire.
Upbit were being told to Pay tax of up to $60m back in January and they were hacked today,  perhaps this might be a way of evading tax because such thing happened to bithumb also when they were told to pay tax,  few months after telling them to pay tax, they got hacked.
Glad to hear that They will cover the loss,  so investors needs not to panic

We don't really know the real story behind this, but hoping that UPBIT will prove to their users that this is not inside job or else this will be end of their journey and so far they are not same as IDAX who really intended to run away and up to now the CEO don't know where he is and the office worker were not working on their office anymore and their telegram has been full of porn and shit now.

[wxxyrqa]

I do not want to talk too much and accuse, how stupid is Upbit losing his money? I only use the logic from which the funds to replace the money, this incident is always the same hacked and then replace it, until now I see a lot of price analysis leading below $ 5k as the lowest, so whether with this kind of news made it helps to drive the panic to touch the target, I always believe that drama is a lot of big people, the possibility is a greed and they benefit, I do not like hacking drama and it is always done over and over at the moment of bitcoin prices like this

Do you think that this is fake information that is aimed at manipulating the cryptocurrency market?  I recall 2016, when in the summer, hackers broke into the Bitfinex exchange, after which the price of Bitcoin fell very much.  But if you recall the recent hacker attack on the bank, the reaction of the cryptocurrency market was not so global.

[teosanru]

Major South Korean crypto currency exchange Upbit has notified users of the theft of 342,000 Ether (ETH) from It's hot wallet via a on site notice.

Upbit CEO, Lee Seok-woo has pledged to cover losses (342,000 ETH) through corporate asset and have already moved crypto assets held in its hot wallet to cold storage.

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen,

I think there is nothing secure.

Source: CoinTelegraph

Obviously there is nothing 100% secure especially with these huge multi level corporations who have a lot of workers. There always are some loopholes with their functioning and it's not difficult for these hackers to find these loopholes and steal some money. But I think these things should not be confused as lack of security with bitcoin. Because on an individual level you are pretty much secure with your Bitcoins when you hold them in your private key wallet. Only possible ways to hack are phishing and eavesdropping which can easily be stopped by due care while accessing and using your funds.

[Doell]

I do not want to talk too much and accuse, how stupid is Upbit losing his money? I only use the logic from which the funds to replace the money, this incident is always the same hacked and then replace it, until now I see a lot of price analysis leading below $ 5k as the lowest, so whether with this kind of news made it helps to drive the panic to touch the target, I always believe that drama is a lot of big people, the possibility is a greed and they benefit, I do not like hacking drama and it is always done over and over at the moment of bitcoin prices like this

hack exchange events often affect the market this drama is often an occurrence and certainly insiders ,I agree with your opinion that this is a manipulation to bring down market value so that it can buy cheaply to take advantage of the next year 2020 which some people consider is a bull run time ,I think emotions play strategy to make people panic