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[Symmetrick]

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[_act_]

If it is not your key, it is not your coin. If I am using the exchange and I saw the withdrawal suspension, I would have been guessing that possibly the exchange has been hacked. Exchanges are often hacked and not a surprise. To protect your coins, the best is to have them on noncustodial wallet. This won't be the last time an exchange would be hacked.

[Potato Chips]

I've always thought they were faking most or at least a large portion of their volume so I wonder how big/small is this loss to them... or did the mantra "fake it till you make it" finally worked?

[Bitcoin_Arena]

I couldn't resist adding this here 

From their twitter Bio:



Peckshield inc has a breakdown of the tokens that we drained out of the exchange. Most tweeps believe it might be an exit scam.


Source: https://twitter.com/peckshield/status/155484989215313101

What's funny is that right when the address was being drained, ZB exchange sent the very address some 30.99 Ether and 10,000 USDT which was also sent out immediately. How dumb 
https://etherscan.io/address/0xe019d99f9fe03dc5661ad4bb19f9db88d9fa0a62

There is still some 4.966 Ether in the address, maybe the hackers have had enough? From what I know, hackers are usually so greedy.

[dkbit98]

Peckshield inc has a breakdown of the tokens that we drained out of the exchange. Most tweeps believe it might be an exit scam.

It's possible but people should never trust any centralized exchange even if they have perfect reputation and history.
I never used ZB exchange so I can't speak about their security model, but even websites with best security protection can be hacked.
No word from them on their official twitter account since August 2nd when they announced sudden failure of some core applications.

I have more faith in Coingecko than in CMC and they removed ZB exchange from listing, added red warning with more informational links, and they reduced their score.
I think this volume of their showing over $900 millions in 24h was always fake and washtrading.


https://www.coingecko.com/en/exchanges/zb

[Potato Chips]

What's funny is that right when the address was being drained, ZB exchange sent the very address some 30.99 Ether and 10,000 USDT which was also sent out immediately. How dumb 
https://etherscan.io/address/0xe019d99f9fe03dc5661ad4bb19f9db88d9fa0a62

There is still some 4.966 Ether in the address, maybe the hackers have had enough? From what I know, hackers are usually so greedy.

That's interesting... there's someone in crunchbase proclaiming their group owns ZB.com, EXX.com and BW.com. For those who don't know, exx.com exit scammed so if this isn't some fake information, we might be seeing a pattern here.

Founder of FundV, Co-founder of Bitbank Group, Bitbank Group owns ZB.com EXX.com BW.com

In any case, I would stay away from any exchange proclaiming similar high volumes despite barely having an online presence.

[BitMaxz]

This is why I don't hold many coins to any exchanges because anytime they can be hacked or there is a possibility that these are inside jobs that usually happen to centralized exchanges before.

And actually, it's always happened every time the bull market is over.

I search a bit about this exchange but most of the articles say that this exchange is "the “world's most secure” crypto exchange," it shouldn't be called most secure it should weakest security, and its headquarters are located in Hong Kong and it was founded the year 2013 under the name of chbtc.co

And I search more a bit that they remove KYC last year and increase the withdrawal limit of 10k USDT which I think to attracts more people to use their exchange.
And there are many bad reviews about this exchange on trustpilot I have never used ZB exchange before but I can't imagine how they end up using this exchange with many bad reviews.

[ABCbits]

No word from them on their official twitter account since August 2nd when they announced sudden failure of some core applications.

And there's no word/update on their website[1] either. 4 days without any update is bad PR and would make user worry.

And there are many bad reviews about this exchange on trustpilot I have never used ZB exchange before but I can't imagine how they end up using this exchange with many bad reviews.

I'm not sure if we're looking at same page[2], but there are only 13 review on trustpilot. Additionally i was showed 4 good review (with 4-5 stars) first which could mislead few careless people.

[1] https://www.zb.com/help/notices/index
[2] https://www.trustpilot.com/review/zb.com

[NeuroticFish]

I am more surprised at people who carry their money to various no-name exchanges with a trading volume of several tens of bitcoins (and even less). I always wonder, what did they find on those exchanges that the well-known, highly liquid exchanges don't have?

Such exchanges usually have much wider spread. If they provide liquidity for some "hot" pairs, they can earn more there than from the bigger exchanges. Of course, it's a gamble.

I've used in the past such exchanges to get rid of new coins or fork coins, for example. Getting to a "known" coin I could withdraw even 5-10$ like amounts was painful and I've been easily losing 10-30% on this kind of trades (or at least this is what I remember, I may be wrong, it was several years ago)

[stompix]

People are often led by some kind of bonuses that exchanges try to lure them with, they don’t even bother to conduct a comprehensive study of this exchange. I am more surprised at people who carry their money to various no-name exchanges with a trading volume of several tens of bitcoins (and even less). I always wonder, what did they find on those exchanges that the well-known, highly liquid exchanges don't have?

I grabbed the google cache from coingecko on the 6th, it's quite interesting

The BTC/USDT pair has $444,096,618 , with a +/- 2% depth of $86,657, $246,956 going to OKX  for example, we see $230,835,327 in volume with $8,258,793and $3,760,427 nad despite the hack the trading goes all smothly, not a dent.

I wonder how much of the volume was being faked, do they have even one-tenth of what they claim?
For a muli billion daily volume, a ~5 million hack shouldn't be a problem, but it might turn interesting if those were all the money the exchange had at that point.

[DaveF]

I know I have said this before but: Although it's probably a hack I think we as a group need to keep talking about it as a possible hack until it's proven / admitted to.

Not that it matters much to the end users but an inside job of a bad employee is not a hack, it's a theft.

The beginnings of an exit scam are not a hack, it's theft.

Someone noticing something wrong on the hardware / software side and sounding the alarm and moving everything out before the drive array failed is not a hack, it's a good thing. Then finding out you don't have current backups or other redundancy is straight up incompetence.

All 3 things have happened to other exchanges over the years and it was not hacks, but we all started out talking like they were. Then when we found out what happened, it was "Oh, so it was that, does not matter the results to the customers is the same"
And it is, BUT the perception to the rest of the world is they were all hacks since when what really came out was a minor comment compared to talking about the hack.

-Dave

[The Cryptovator]

Nothing surprising. If a very big Exchange like Binance can be hacked then Tire 3 Exchange hack is normal. I haven't used them so I am not familiar with their security system. But it's become hard to trust Centralized exchanges nowadays. Not only for funds, but they also lie. However, hope users will not be affected by this hack. Exchange should recover users' funds from their ends.

[sunsilk]

I've seen someone posted in other groups outside the forum that there has been a distribution coming from tornado cash and it's a lot of ETH so, I think it's related to this.

It seems that the media have that various news on this 6 days ago. Well, this will again serve as a notice to the investors that loves to leave their funds on exchanges.

Being it is uncertain, the usual thing we say and recommend is to get out your funds on exchanges if you're just going to hold it.