DaNNy001
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August 12, 2024, 02:21:17 PM |
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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 maybe due to the fact that the numerous amount of exchanges holding Bitcoin is way above the issue of one being hacked and causing damage to the price and besides Bitcoin has grown so popular that most of the events that do influence it's price changes will have little or no minimal effect on it again. Let's take for example big exchanges like binance and probably maybe Coinbase or kucoin was affected and most importantly the stolen assets ought to be Bitcoin so maybe little effect can be seen.
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Zaguru12
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August 12, 2024, 02:28:44 PM |
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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.
You definitely have a point, first of all the popularity or rather the number/amount of liquidity on that exchange will be the determinant of its effect on the crypto market, the coins involve or stolen by the hackers will also play it’s own role and then the situation of the bitcoin market as at that period. If we look at Waziri X as an exchange it has very low liquidity due to it been a local exchange Also it doesn’t have bitcoin involved in the hack. One key thing aside those listed that puts out a difference between this hack and that of FTX in 2022 leading to the bitcoin dump to $16k region was because this particular one was right in the middle of when there was already a Fear caused by economic FUDs like the Japan increase rate. Bitcoin can only fall or dip when there is supply and that was already set in with a much bigger FUD and that’s why the Waziri X case was not that huge as an impact
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glendall
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August 12, 2024, 03:19:06 PM |
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As long as the hacked exchange doesn't lose BTC, I don't think the value of BTC will be affected, especially since Warzix is not a global exchange that has heavy trading traffic, so there is no influence at all on the price of BTC.
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GigaBit
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August 12, 2024, 03:40:30 PM |
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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 maybe due to the fact that the numerous amount of exchanges holding Bitcoin is way above the issue of one being hacked and causing damage to the price and besides Bitcoin has grown so popular that most of the events that do influence it's price changes will have little or no minimal effect on it again. Let's take for example big exchanges like binance and probably maybe Coinbase or kucoin was affected and most importantly the stolen assets ought to be Bitcoin so maybe little effect can be seen. Agreed, there are many exchange sites exist in the crypto platform. There are certain exchange sites that have a lot of traffic which will definitely have a negative impact if hacked situation happen. If the exchanges like Binance, Coinbase or Kraken are hacked then its effects on the whole market and there are some exchange sites which do not change much after the hack because there is no big collection of bitcoins. The exchange platform mentioned by the OP is not a global exchange platform which is why even if that platform is hacked, there is no impact on Bitcoin price.
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Zlantann
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August 12, 2024, 03:51:12 PM |
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One key thing aside those listed that puts out a difference between this hack and that of FTX in 2022 leading to the bitcoin dump to $16k region was because this particular one was right in the middle of when there was already a Fear caused by economic FUDs like the Japan increase rate. Bitcoin can only fall or dip when there is supply and that was already set in with a much bigger FUD and that’s why the Waziri X case was not that huge an impact
When an exchange is hacked, it doesn't necessarily lead to a dump since, in most cases, these hackers might not sell the stolen coins immediately. The main reason for the price drop is mainly because of investors' loss of confidence. This FUD might force investors to start selling off. I remember the FTX crisis, which happened amid a turbulent season for the industry. That year TerraUST, LUNA BlockFi, Three Arrows Capital, Voyager Digital, and Celsius Network all had issues. All these problems led to a massive FUD in the crypto sector. As long as the hacked exchange doesn't lose BTC, I don't think the value of BTC will be affected, especially since Warzix is not a global exchange that has heavy trading traffic, so there is no influence at all on the price of BTC.
The Indian-based exchange lost approximately $235 million which is not enough to affect the the crypto space. The exchange is not also popular so it might also affect investor's confidence.
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LogitechMouse
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August 12, 2024, 06:08:55 PM |
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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 ?
I did made a quick research and Bitcoin wasn't even included in the list of the coins. Most of them are coins like Tether and PEPE that was converted into ETH. We aren't in the 2017-2018 days where a single exchange hack will impact Bitcoin's price heavily that we are seeing double-digit downward movement in a single day. Another thing is that, WazirX isn't a big exchange as well and the amount that was hacked is considered small compared to the other exchange hacks that happened in the past. Correct me, but even when Binance got hacked in 2022, I think there isn't any much effect on the crypto market at that time considering that we are in a bear market. Nevertheless, I'm not surprised that this hack doesn't have any effect on the price of Bitcoin and other altcoins as well. TBH, I don't know that exchange hence, I say that it isn't a popular one.
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Z-tight
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August 12, 2024, 09:02:33 PM |
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Exchange hacks does not affect BTC in itself, what simply happens is that if there is a news of an exchange losing people's money, it puts fear in weak hands and they start selling their BTC, this is what makes the price to fall. So many people didn't hear of WazirX's hack, though it is one of the largest exchanges in India, and the exchange also did not lose any funds in BTC.
Even if an exchange losing customers money causes BTC price to fall, it is only temporary. The people that should be worried are those who store their BTC in crypto exchanges and any type of custodial service.
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Nothingtodo
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August 12, 2024, 09:07:32 PM |
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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 ?
Exchange hacks have a temporary effect on the Bitcoin market, but this effect does not last long. There have been many cases of such hacking in the past but the market did not last long even though the market went into many dumping positions temporarily. However, when an exchange is hacked, the confidence of investors and traders in the exchanges is definitely reduced.
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Dave1
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August 13, 2024, 01:11:48 AM |
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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 ?
Exchange hacks have a temporary effect on the Bitcoin market, but this effect does not last long. There have been many cases of such hacking in the past but the market did not last long even though the market went into many dumping positions temporarily. However, when an exchange is hacked, the confidence of investors and traders in the exchanges is definitely reduced. For sure it's going to be temporary although there could be a impact on the price itself. But since we are somewhat in the bull run phase, the hacked might not put a significant dent on the price. Plus the said exchange was not as big as let's say the top 10 exchanges right now. But let's say a exchange like Binance, or Coinbase or a Kraken hack? We might be suffered a huge price correction. Unfortunately though they are hit and so the one that are going to take the brunt here is their customers.
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Darker45
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August 13, 2024, 01:58:45 AM |
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I don't think an exchange hack is a big deal that it will significantly affect the price. If an exchange is hacked, what would the hackers do with their coins? It's possible they hodl them for a while, moving them only when the noise dies down. It's possible they will mix it right away to obfuscate investigations. But they can't easily dump them for cash. In which case, it cannot really cause the price to plunge. If there is an effect, it might be considered negligible.
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Woodie
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August 13, 2024, 02:44:33 AM |
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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 ?
No offence but am hearing of "WazirX" for the first time, meaning the majority of Bitcoiners around the world are likely to be on the same path of not knowing these guys which means less impact on market price..but had it been some big exchange such as Binance or something, the market would have reacted to the development for sure in the wake of protecting their own assets ! And btw, a hack doesn't only affect the Crypto assets...user data is likely to be compromised which is another reason why markets could tank.
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August 13, 2024, 05:35:11 AM |
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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 was a major hack, considering the value of stolen money. However, others pointed out well that Bitcoin wasn't stolen. That's likely why we see no impact on the price. Also, while a lot of money was stolen, I wouldn't say the exchange itself was very popular and highly reputable. So, for example, if Kraken got hacked in a similar way, I think we would have seem negative impact on BTC price, as it's a major exchange and it's lack of security would make a lot of people worry.
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Sayeds56
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August 13, 2024, 06:21:46 AM |
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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 ?
Regarding impact of exchange hack on Bitcoin price, I believe it can lead to drop in price but generally it is short lived. however, exchanges hack is certainly a negative development for cryptocurrencies landscape, and it erodes the confidence of investors as well as raises the questions about effectiveness of security measure implemented by the exchange administration. It is therefore crucial for investors to make sure about the security of their funds before opening account.
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Kelward
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August 13, 2024, 08:07:00 AM |
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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.
This is true as WazirX is not among the tier 1 exchanges, infact I'm hearing of them for the first time in this thread. Even if Bitcoin were among the coins that the hackers stole from the exchange, I don't think that it'll impact Bitcoin price, unless the amount stolen is very very huge. If it were a top exchange like Binance that was hacked, even if Bitcoin was not among the cryptos stolen, the panic can cause impact on it's price. At the level that Bitcoin is now any major hacks can only affect it's price on the short term then there'll be correction and it'll return to business as usual.
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Nrcewker
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August 13, 2024, 08:20:46 AM |
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They slightly affect the price, according to me. Whenever there is news of a hack, many people start panicking. They quickly try to cash out their money, which is present in the exchange, out of fear. As at this moment many people start selling their coins, hence the price graph goes down. But in the case of WazirX, it is just a popular Indian exchange; hence, it doesn’t have a large user interface. I even doubt that many members won’t know about the existence of this exchange. For this reason, this time the price maintained a constant pace.
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Z-tight
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August 13, 2024, 08:27:10 AM |
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however, exchanges hack is certainly a negative development for cryptocurrencies landscape, and it erodes the confidence of investors as well as raises the questions about effectiveness of security measure implemented by the exchange administration. It is therefore crucial for investors to make sure about the security of their funds before opening account.
There is no way to be sure of the security of your funds stored in a crypto exchange, no exchange is going to tell you that your funds would be insecure, they will surely tell you that it is sAfU. Exchange hacks is a problem for the exchange and not BTC in itself, some people even see exchanges as 'banks' for BTC, which is totally wrong, anything that happens to an exchange is not a reflection of BTC or its network.
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BALIK
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August 13, 2024, 08:53:45 AM |
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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.
Mt.gox created a shock in the market when it was hacked, and it has been many years and if you pay attention, every time news about Mt.gox comes out it causes a bit of panic in the market. The panic caused by Mt.gox ended only recently when they actually paid bitcoins to victims and the market gradually absorbed the news. The hack and collapse of Mt.gox is considered the largest hack in the history of the cryptocurrency industry so it would be inaccurate to say that it did not affect bitcoin prices. Also, Mt.gox does not sell their coins, they only refund BTC to victims, and of those some have sold and some continue to hold.
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el kaka22
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August 13, 2024, 05:42:24 PM |
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Depends on the exchange of course like everyone said. The volume and the amount matters for the hack too, no matter how big, if they stole something small then it doesn't really matter. Like let's say some hackers stole 40 million dollars worth of bitcoins, even if they sell it all, all at the same time, the price won't go down much because that is a small amount and won't matter to anyone, hence it is not a big deal at all.
We should realize that amount matters here more than anything else, there are a lot of people who do not understand that part. As long as we have small amounts, it will not impact the market, it could be a huge amount for you personally, like how 40 million would be huge for any of us, but it's small for the market.
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coolcoinz
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August 13, 2024, 06:49:02 PM |
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Exchanges will continue to get hacked just like normal computers. We could compare this to homes being burglarized. It used to happen in the 20th century and it's going to happen now and 100 years from now. It's the same with bitcoin exchanges they will continue to make mistakes that other people use to their advantage because that's how it works. As for the Indian exchange - no bitcoin stolen = no impact on bitcoin price ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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eightdots
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August 13, 2024, 07:02:11 PM |
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Depends on the exchange of course like everyone said. The volume and the amount matters for the hack too, no matter how big, if they stole something small then it doesn't really matter. Like let's say some hackers stole 40 million dollars worth of bitcoins, even if they sell it all, all at the same time, the price won't go down much because that is a small amount and won't matter to anyone, hence it is not a big deal at all.
We should realize that amount matters here more than anything else, there are a lot of people who do not understand that part. As long as we have small amounts, it will not impact the market, it could be a huge amount for you personally, like how 40 million would be huge for any of us, but it's small for the market.
Even negative news about stock exchanges can sometimes affect the price of Bitcoin. Today, large stock exchanges play an important role for cryptocurrencies. The size of attacks on stock exchanges causes the price of Bitcoin to change. Unless there is a very large attack and a mass sale, the price of Bitcoin will not be affected much. This situation also shows Bitcoin's dominance in the market. In fact, it is good news for crypto investors that the price of Bitcoin will not be affected without a large sale. I agree with what is said about the amount being more important than anything. I hope such a situation does not occur and no one's investment is negatively affected.
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