What is the impact of exchange hack on Bitcoin prices ?

[krishnaverma]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

[Charles-Tim]

Which coins were stolen on the exchange? Bitcoin was not even among.

Third party blockchain analytics tool Lookonchain said that the stolen assets from WazirX included $102 million of Shiba Inu, $52.5 million in Ethereum, $11.24 million in Matic, $7.6 million in Pepe coin, $135 million in Tether, and $3.5 million in Gala.

Hack is not having much negative impact on bitcoin price anymore because there are many exchanges now, unlike the time that huge amount of bitcoin can be stolen on the exchange that nearly almost everyone are using. Also there are many altcoins now that are stolen along. Or bitcoin may not even be part of the stolen coins in the hack.

[Faisal2202]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

WazirX is not a tier 1 exchange means it have lesser users and lesser liquidity which means the hack won't trigger a global level panic among users of crypto and no BTC was stolen in the hack the amount is almost $230 million dollars and the most of the funds are in the form of SHIB. Here you can see the details about stolen funds:

5.43T $SHIB($102M)
15,298 $ETH($52.5M)
20.5M $MATIC($11.24M)
640.27B $PEPE($7.6M)
5.79M $USDT
135M $GALA($3.5M)

As you can see no BTC was stolen so hackers won't be selling any BTC so from macroeconomics side there was no pressure on BTC specifically.

Maybe these tokens listed above might have faced selling pressure. Overall BTC market can't be affected by a exchange which is not tier 1.

[hugeblack]

It depends on which platform will be hacked and how much coins the hackers will take, as Binance has been hacked several times and was not affected, but if Binance loses 600,000 Bitcoins due to a security breach, there will definitely be a major price correction.

[Fivestar4everMVP]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

Well, for a hack to have any impact on the price of bitcoin, there are some factors to consider, and they are...
- 1- how big is the exchange that was hacked (WazirX is not such a big exchange if you ask me)
- 2 - what coins or which cryptocurrencies was stolen was the exchange? (as what I know or have learnt about the WazirX hack, Bitcoin wasn't among the mentioned cryptocurrencies that were stolen).

So, considering the two factors I mentioned above, such a hack can not affect the price of bitcoin because the exchange in question is not big, don't be surprised that more than 50 percent of global crypto users might not even know this exchange.
And also, bitcoin wasn't among the cryptocurrencies that was stolen from the exchange, if bitcoin was among, depending on the number of bitcoins the hackers stole, there would have been panic that the hackers are going to dump it, this would have caused some people to sell their bitcoin at that particular moment, possibily to buy back cheaper after the hackers must have dump down the price, this is how bitcoin price get affected by hacks.
But in a situation where bitcoin wasn't among the coins stolen, there is no way you expect such a hack to affect the price of bitcoin, couple with the fact that it's a small exchange (on a global scale) that was hacked.

[crwth]

Smaller exchanges might be different from tier-one exchanges, where the volume really affects the price. I didn’t even know about this, and it’s probably not being broadcast everywhere, Meaning it might not be impactful.

it is sad that people were affected by this, but it’s time to move to a better exchange I guess.

[Mia Chloe]

Hacking on an exchange doesn't have any impact on the bitcoin network. Is more like some entities funds were tampered with. The price of bitcoin depends on a lot of things including buying and selling pressure on the market. Now so instances of some exchange being hacked and then bitcoin seemed to drop a little is the effect of simple economics. When huge amounts of bitcoin are suddenly moved or transacted with, it can affect the price of bitcoin.

I believe the indirect effect of bitcoin price as a result of hack on an exchange is based on the fact that in most cases the huge coins are moved causing some level of liquidity and volatility which attributes fir certain shift in price.

[Solosanz]

Because WazirX is just a local exchange and this news isn't that big, when it comes to Binance, Coinbase, or Kucoin got hacked, even the hackers didn't steal any single satoshi, it will make Bitcoin price dump since people thought their coins are at risk.

Not everything that happened to exchange or Bitcoin will affect Bitcoin price. Just like Mt.Gox selling their coins, it doesn't affect Bitcoin price.

[fuguebtc]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

WazirX is not a large exchange and does not have too much influence on the market ,  so the fact that it was hacked had almost no impact on the market. But if you want to ask about the consequences if a leading exchange like Binance or Coinbase is hacked, that will be a completely different story. Also , it will depend on the severity of the problem . If the attack is large-scale and causes heavy damage, we will see panic engulf the market, and bitcoin dumping is inevitable .

In short, everything will depend on the reputation of the exchange and the level of damage caused by the hack .

[Catenaccio]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

Many exchanges die with time and you can see list of dead exchanges in Exchange graveyard.

WarziX is not a big exchange and if a hack on WarziX makes big impact on Bitcoin price, it will be big surprise and thanks god, it did not happen. Many exchanges hacked in history too.

List of cryptocurrency exchange hacks

[Jating]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

Perhaps it was just local to India, or probably it happen during the week when there was all hype about Trump's specially on him going to talk on the Bitcoin conference that no one really care about the hacked.

And if others want to know what happen, you can read the blog here: https://wazirx.com/blog/wazirx-bounty-program/.

[LDL]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

The exchange is a trusted place to buy and sell Bitcoin so it goes without saying that a hack here has a bloody impact on the cryptocurrency market. In the past we have witnessed such bloody impact on the market with FTX exchange bankruptcies and hacking. When a cryptocurrency exchange is hacked, investors in the market lose confidence in their trusted places to invest and trade, and face the uncertainty of whether to store or sell in the future.

[Pandorak]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

There is no bitcoin in the list of assets that have been successfully exploited, besides that WazirX is not a large global market that does not have a special influence on the entire crypto market. Look what happened to shiba inu after the news of the exploit, the price of this asset fell by 10% ^[1]. So, the reason no bitcoin on the list makes more sense.

[1] https://cointelegraph.com/news/shiba-inu-price-drops-shib-sell-off-risk-wazirx-hack

[Rabata]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

There are many exchange platforms in the cryptocurrency space at the moment. According to data from CoinMarketCap, there are currently around 797 exchange platforms. From here, if an exchange is hacked, it cannot be said that it will have a big impact on the price of Bitcoin. It will basically depend on which exchange platform is hacked.

If an exchange is hacked on a platform that has a large number of users, where liquidity is high, it will have a negative impact on all crypto users. Again it has to be seen whether Bitcoin has been hacked there or not. And even if it is hacked, how much is it? Only its effect can come out by considering these things. WazirX This exchange is not a top level exchange so if it is hacked it is normal that it will not have any effect in the bitcoin price.

[passwordnow]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

There is an impact but it's not going to stay for so long. Bitcoin recovers as soon as possible and it has been an independent market that no matter what bad news comes to the market, still it stays and stands on its own.

And on this case of wazirx, it's only in India and that's why its own market have been affected but the global market for Bitcoin isn't. There are bigger news that don't seem to be affecting it but still, sometimes there's the correlation of its effect.
Other the negative news like hacks and such, FUD is more affecting the prices when it's coming from a known personality in politics, economy and other sort of celebrity like in the crypto market.

[_act_]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

There is an impact but it's not going to stay for so long. Bitcoin recovers as soon as possible and it has been an independent market that no matter what bad news comes to the market, still it stays and stands on its own.

There are many exchanges that have been hacked and they have no impact on bitcoin price. I can remember the time of HTX and Polonix. You are right that WazirX is only available to people in India, but many other exchanges that people from all over the world are using got hacked but no effect on bitcoin price.

[Hatchy]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

It's not going to have much influence on Bitcoin, since its not even a major exchange. I've only heard of WazirX a few times and not even on major global news. The truth is major exchanges like coin base if hacked, will insist fear in many investors who stores large amount of Bitcoins maybe for business purposes in exchange as their funds might be in huge risk. This far in return might only have a small draw down in the price, which will have to recover later on and continue its previous trend.  What majorly affect Bitcoin price is when big bodies or countries buys or sell off their Bitcoins just like we saw a month ago.

[passwordnow]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

There is an impact but it's not going to stay for so long. Bitcoin recovers as soon as possible and it has been an independent market that no matter what bad news comes to the market, still it stays and stands on its own.

There are many exchanges that have been hacked and they have no impact on bitcoin price. I can remember the time of HTX and Polonix. You are right that WazirX is only available to people in India, but many other exchanges that people from all over the world are using got hacked but no effect on bitcoin price.

Sometimes, there really is an effect to the market when an exchange is hacked. But at most times specially during the bull run, we see little to no effect of it. We've seen lately about the interest rate adjustments of FED and Japan's bank, the market moved a lot. So, we can say that sometimes it is with exchanges, sometimes it is with global markets and the correlation happens but then, we can't be sure why we might be surprised about it.

And with these hacks with exchanges, we sometimes think that they're scripted and playing an exit.

[Huppercase]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

Wazir exchange is just an atom in the universe of crypto space that's why you don't see the impact of the hack that happened to the Bitcoin price. However, had it been it was a big liquid exchange like Binance, Okex, Bybit, Kucoin, then there will be a sudden price action on many coins and not just Bitcoin alone. You remember what happened when FTX was found out to have lost customers money, the impact was big because the exchange back the was second in term of everything after Binance.

Although, I have notice that unlike before when a small hack do have a detrimental effect on the market in general, people are now resistance to all those news because most of the time, they use it to FUD the market for people to sell so they can manipulate the market but since most hack coins are difficult to sell on reputable platforms, people don't give too much attention to hack anymore.

[Smack That Ace]

Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?

There is an impact but it's not going to stay for so long. Bitcoin recovers as soon as possible and it has been an independent market that no matter what bad news comes to the market, still it stays and stands on its own.

There are many exchanges that have been hacked and they have no impact on bitcoin price. I can remember the time of HTX and Polonix. You are right that WazirX is only available to people in India, but many other exchanges that people from all over the world are using got hacked but no effect on bitcoin price.

That will depend on which exchange was hacked and the scale of the hack. If it was just a local exchange and the hack wasn't too big, it wouldn't have affected the bitcoin price or the market. But if it were Binance or OKX...or other reputable and widely used exchanges in the market, things would be much worse.

Mt.gox is a specific example, they were hacked and led to collapse. Their passing not only left an impact at that time but also has a strong impact today. More than 10 years have passed and we are still affected by the news about them, only when they officially return BTC to creditors will we truly stop being affected.