Bitcoin Forum
July 17, 2018, 12:04:32 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Exchange "hacks"  (Read 524 times)
Eamorr
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250


View Profile
January 16, 2015, 11:44:26 AM
 #1

What is the story with all these "hacks"?

Surely the time to "hack" is not when the price is on the floor?

It's no coincidence, in my view, that the frequency of these "hacks" correlates strongly with low prices and/or market panic.

The biggest hackers are the exchange insiders. If this was a regulated industry, they would face massive fines, loss of livelihood and jail. There is no such penalties for these offshore operators. There's the added bonus that stolen Bitcoin can be almost impossible to trace.
1531829072
Hero Member
*
Offline Offline

Posts: 1531829072

View Profile Personal Message (Offline)

Ignore
1531829072
Reply with quote  #2

1531829072
Report to moderator
1531829072
Hero Member
*
Offline Offline

Posts: 1531829072

View Profile Personal Message (Offline)

Ignore
1531829072
Reply with quote  #2

1531829072
Report to moderator
1531829072
Hero Member
*
Offline Offline

Posts: 1531829072

View Profile Personal Message (Offline)

Ignore
1531829072
Reply with quote  #2

1531829072
Report to moderator
The World's Betting Exchange

Bet with play money. Win real Bitcoin. 5BTC Prize Fund for World Cup 2018.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1531829072
Hero Member
*
Offline Offline

Posts: 1531829072

View Profile Personal Message (Offline)

Ignore
1531829072
Reply with quote  #2

1531829072
Report to moderator
1531829072
Hero Member
*
Offline Offline

Posts: 1531829072

View Profile Personal Message (Offline)

Ignore
1531829072
Reply with quote  #2

1531829072
Report to moderator
1531829072
Hero Member
*
Offline Offline

Posts: 1531829072

View Profile Personal Message (Offline)

Ignore
1531829072
Reply with quote  #2

1531829072
Report to moderator
Ultros
Sr. Member
****
Offline Offline

Activity: 470
Merit: 250



View Profile
January 16, 2015, 11:54:30 AM
 #2

Surely the time to "hack" is not when the price is on the floor?

Depends. What if it's not a matter of price but volume? During a crash, a lot of money is being put in exchanges for panic selling/bottom catching/swing trading/arbitrages.
Eamorr
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250


View Profile
January 16, 2015, 12:09:00 PM
 #3

Surely the time to "hack" is not when the price is on the floor?

Depends. What if it's not a matter of price but volume? During a crash, a lot of money is being put in exchanges for panic selling/bottom catching/swing trading/arbitrages.

You mean like a fractional reserve -type situation? Lol.
ElectricMucus
Legendary
*
Offline Offline

Activity: 1610
Merit: 1001


God of the code.


View Profile WWW
January 16, 2015, 01:18:56 PM
 #4

I think how that is accomplished is fairly easy. The backdoor or security vulnerability is left open on purpose by operators, and when the time is right is exploited by the persons who left it there in the first place.
The result: If done right there is plausible deny ability if the "hacker" ever becomes a suspect in any criminal investigation.

That goes for the more sophisticated scams, lesser ones probably just cut and run..
Eamorr
Sr. Member
****
Offline Offline

Activity: 280
Merit: 250


View Profile
January 16, 2015, 01:39:41 PM
 #5

I think how that is accomplished is fairly easy. The backdoor or security vulnerability is left open on purpose by operators, and when the time is right is exploited by the persons who left it there in the first place.
The result: If done right there is plausible deny ability if the "hacker" ever becomes a suspect in any criminal investigation.

That goes for the more sophisticated scams, lesser ones probably just cut and run..

Yes, "plausible deniability" is a good phrase.

Play dumb and pretend the hackers were really "sophisticated" (usually located in some far off place like "Eastern Europe" or "North Korea" or whatever you're having yourself).
tarmi
Legendary
*
Offline Offline

Activity: 1106
Merit: 1000


View Profile
January 16, 2015, 01:44:36 PM
 #6

bitstamp tried like karpeles did with silk road bust to pump the price.

they failed.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!