$16M in Stolen Ethereum from Upbit Were Just Transferred

doomloop

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Quote from: shinratensei_ on November 29, 2019, 08:07:28 AM

Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

I would not be surprised to see that consider about even SEC has already warned the traders about the possibility of idax exchange to be the next scam exchange and it has already reported in the past. But this is a different story and i believe that was an insider job.

OP. that hacker will not be the next whale caused by any movement from the wallet will be monitored and when it comes to the centralized exchange and that amounts can be frozen.
I believe that hackers were feeling confusing to withdraw it. He was creating more and more address to split the funds.

That makes a whole lot of sense. The creation of new addresses was indeed to split the fund among them without getting highlighted. Or else why would someone go through such a trouble? In my honest opinion, if the guy was able to pull such a big hack, then he definitely had a plan to transfer some big amount to his other wallet. Let us just start considering him a whale after that much amount.

aemma

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Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

All these hacks in exchanges makes me to wonder why users still have the impetus to store their tokens on exchanges, top exchanges are being hack which bring it to the reality that no exchange is really safe be it small or top exchange. This Upbit news is very worrisome and looks like the fund being stolen is bigger than that of Binance; let's count our losses and move on but must take precautionary measures to ensure we don't fall victims again. This precautionary measures is no other than keeping all funds no matter how small off exchanges as they have failed to do the one thing that keeps users participating (funds security).

the rise

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Quote from: jets567 on December 01, 2019, 02:00:53 PM

Quote from: Landak on December 01, 2019, 08:34:34 AM

from my perspective, why only ethereum was stolen, why not all of bitcoin and the erc20 tokens as well. and why this also happens when the moment like this, looks like a "drama" but the issue is immediately ignored by the upbit, and upbit bravely responsible for returning all ethereum stolen by hackers. I know hackers are getting smarter but it's still weird, only ethereum is stolen. Even so, hopefully with incident like yesterday, I hope other market exchanges will start to increase security so that the same incident does not recur.

You've got a point and I was also thinking that maybe the Upbit ETH hacked is some kind of FUD to pull down its price given that the Ethereum 2.0 is soon to launch and a lot of people are expecting much with the upcoming upgrade because it might be the time for Ethereum to reach a new ATH so the Upbit hacked wherein ETH was only stolen is really weird.

maybe they find the best way to obscure their transactions through erc-20, Eth can be broken down into many other erc-20s and it will eventually run smoothly to a professional mixing service. It's not as simple as stealing btc, xrp, etc., but tracking can be refracted without the need for a long wait. This is just my thinking, I think it is only for the purpose of their plan and is not related to fud.

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Quote from: ololajulo on December 01, 2019, 03:53:51 PM

I just wonder how the exchanges are more targeted than the whale, I believe they have more hands as security measure than the whale and yet fall victim of hack, The irony of those scam. None of the hacks had been investigated, which I hope will bring some revelation into the exchanges. The gut to put such atrocity into the dailies the following day without any fear. They have done it over and over, I dont have any concern for them even if they refund all users concerned.

It's because it's more easy to infiltrate a crypto exchanges with hundreds of thousands of users rather than just a whale who keeps most of their holdings in a cold storage, there is even a big chances that the crypto exchange has a few whale accounts on it so I think this is how they choose their target. Also even if we aren't seeing reports that whales are losing funds from their wallets it doesn't mean that they aren't being targeted it's just that crypto exchanges are the more easier target here.

ashmodeus

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Quote from: Bananington on December 01, 2019, 10:14:42 AM

Quote from: zenhu on December 01, 2019, 09:51:09 AM

Sad to heard this news, hacker have succesfully stolen an exchange asset and just sent to their address. So it must be alert for all crypto people to give more security for their account or wallet.
I think that hacker will sell thier Ethereum to non-exchange company, they can sell to people or their friend and they can just laundry that coin. They not to be whales in crypto market.

Majority of crypto enthusiasts are aware of this security issues with centralized exchanges, but sometimes hacks take traders unawares. What if you store your coins in personal wallet and only send to exchange when you intend trading, then the hack occurs after you deposit ? Exchanges should upgrade/advance security protocols and users should be careful too. These hackers keep bringing up new hacking techniques, Some situations are rather unfortunate.

from my point of view , the real trouble is not hacker or security , but people who work inside that exchange ,
almost all of exchange hacked is came from inside job , i wonder did they have interview the employe before working there ?

CjMapope

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Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

dude i think this is already how it is, imagine how much cryptocurrency hackers have had. they may have dumped most for FIAT, but i bet they have touched like 50% of most cryptos at any one time Sad

someone compared it to the wild west, and it really is. hackers run free in this environment for YEARS now, when will it end? will it ever?
the cost for a mistake in your hot wallets security is mindboggling in this scene, i wouldnt want to run an exchange nowadays Sad

adiebitsler

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almost every year there must be events like this and make people always think about the security of the cryptocurrency world.
Upbit always warns its users to secure accounts, but he himself cannot be very concerned

ololajulo

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I just wonder how the exchanges are more targeted than the whale, I believe they have more hands as security measure than the whale and yet fall victim of hack, The irony of those scam. None of the hacks had been investigated, which I hope will bring some revelation into the exchanges. The gut to put such atrocity into the dailies the following day without any fear. They have done it over and over, I dont have any concern for them even if they refund all users concerned.

Shallow

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I believe it is now clear to everyone in this space both traders and investors that no exchange is safe whatsoever. That an exchange is yet to face security breaches or hack doesn't mean it is the safest, no one ever thought Binance would be hack, now Upbit. Recently Idax CEO exit with the cold wallet private keys; aren't all these fraudulent activities enough for one to take the right step?
Let's learn the lesson and take the right step towards seeking our own funds or assets security.

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Quote from: Landak on December 01, 2019, 08:34:34 AM

from my perspective, why only ethereum was stolen, why not all of bitcoin and the erc20 tokens as well. and why this also happens when the moment like this, looks like a "drama" but the issue is immediately ignored by the upbit, and upbit bravely responsible for returning all ethereum stolen by hackers. I know hackers are getting smarter but it's still weird, only ethereum is stolen. Even so, hopefully with incident like yesterday, I hope other market exchanges will start to increase security so that the same incident does not recur.

You've got a point and I was also thinking that maybe the Upbit ETH hacked is some kind of FUD to pull down its price given that the Ethereum 2.0 is soon to launch and a lot of people are expecting much with the upcoming upgrade because it might be the time for Ethereum to reach a new ATH so the Upbit hacked wherein ETH was only stolen is really weird.

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Quote from: awakpane on December 01, 2019, 10:15:13 AM

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

It looks like an inside job, the possibility of the hacking cold wallet is not higher than 0.1%, especially for the big exchanges. The stolen ETH was transferred to the different addresses but I doubt they will be able to spend the stolen funds due to the dusty industry and foreseen restrictions by all major exchanges. The anonymous transactions even can be tracked with special software and help of miners, the situation is not clear in the Upbit hack.

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Quote from: htsy585 on December 01, 2019, 11:30:10 AM

Quote from: iv4n on December 01, 2019, 10:27:36 AM

Quote from: awakpane on December 01, 2019, 10:15:13 AM

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Like always, inside job. They took the coins they can spend on anything, free from tax, and they will accuse some anonymous hackers, end of story. I think its similar with all previous exchange hacks, how can someone crack cold wallet? Someone from the team was involved, if not majority of the team.
I doubt we will hear more from this, except rumors and fud, facts and truth always stay buried. Cause this is not the first time that exchange gets hacked, and be sure this isn't the last time we hear about it. This could just be one of those situation where people can learn from, don't hold your money on exchange.

I have heard such theory before that these exchanges purposely hack themselves to evade tax just like Coinbene did. But I doubt its possibly true concerning the situation around it. But I have certainly started have a second thoughts regarding these exchange hacks because if these exchanges can be dubious with dealings within their exchange, they can as well organise fake hacks

is that possible? is not there a loss for their community and instead, it will reduce the confidence of traders. their services could be left by traders and choose safer and more comfortable exchanges for their assets. so illogical to them why hacking their platform.

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Quote from: biddicoin on December 01, 2019, 12:03:35 PM

Quote from: TastyChillySauce00 on December 01, 2019, 02:53:00 AM

Quote from: Lance203sin on December 01, 2019, 02:13:15 AM

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

Well every movement is literally reported by media and as you said it's not simple. That's why I've repeatedly saying that chance the hackers is going to cash out at the moment is slim. it's more likely that they will deposit it to their cold wallet and leave it for months or even years after this case is not a thing anymore however I'm pretty sure that the entire crypto community will always watch the address' every movement just like how we can know the movement of every whale address without any effort.

I dont think so, i think hacker is smart enough to do this action.
there are many ways to cash out the money. that's why there is a term "money laundering"

hacker just spend to some address, do continous transaction, take transaction in "black market", or any illegal things
isnt it a familiar trick which is "normal" people can do? so, why hacker dont get advance trick.
that's why it is easy to manipulate and get cashed out

For sure that they are group of people, they really invest their time how they are going to do this, yes, it might also happen that there is look up or inside job over their team, we don't know that but most of the time that's what happening in real life, as hacking is not an easy thing to do unless someone will give you a hint or that you are too professional in terms of hacking.

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Quote from: TastyChillySauce00 on December 01, 2019, 02:53:00 AM

Quote from: Lance203sin on December 01, 2019, 02:13:15 AM

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

Well every movement is literally reported by media and as you said it's not simple. That's why I've repeatedly saying that chance the hackers is going to cash out at the moment is slim. it's more likely that they will deposit it to their cold wallet and leave it for months or even years after this case is not a thing anymore however I'm pretty sure that the entire crypto community will always watch the address' every movement just like how we can know the movement of every whale address without any effort.

I dont think so, i think hacker is smart enough to do this action.
there are many ways to cash out the money. that's why there is a term "money laundering"

hacker just spend to some address, do continous transaction, take transaction in "black market", or any illegal things
isnt it a familiar trick which is "normal" people can do? so, why hacker dont get advance trick.
that's why it is easy to manipulate and get cashed out

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Quote from: iv4n on December 01, 2019, 10:27:36 AM

Quote from: awakpane on December 01, 2019, 10:15:13 AM

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Like always, inside job. They took the coins they can spend on anything, free from tax, and they will accuse some anonymous hackers, end of story. I think its similar with all previous exchange hacks, how can someone crack cold wallet? Someone from the team was involved, if not majority of the team.
I doubt we will hear more from this, except rumors and fud, facts and truth always stay buried. Cause this is not the first time that exchange gets hacked, and be sure this isn't the last time we hear about it. This could just be one of those situation where people can learn from, don't hold your money on exchange.

I have heard such theory before that these exchanges purposely hack themselves to evade tax just like Coinbene did. But I doubt its possibly true concerning the situation around it. But I have certainly started have a second thoughts regarding these exchange hacks because if these exchanges can be dubious with dealings within their exchange, they can as well organise fake hacks

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Quote from: ganeshramk on December 01, 2019, 08:38:42 AM

Sometimes I feel like there should be some gaps for the ETH foundation to step such scammed distribution from that wallet once its found to be from wrong doings. Then only this scams can be controlled.

If there's a way to know what particular wallet and that can be possible to do. But we are in the decentralized market where it can be transferred without any knowledge, most of those scammers are very well knowledgeable in this market that's the very reason why it's difficult to trace them after they already hack or stole the funds. And sometimes the hackers are also part of the company or thongs that we called inside job.

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Quote from: awakpane on December 01, 2019, 10:15:13 AM

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Like always, inside job. They took the coins they can spend on anything, free from tax, and they will accuse some anonymous hackers, end of story. I think its similar with all previous exchange hacks, how can someone crack cold wallet? Someone from the team was involved, if not majority of the team.
I doubt we will hear more from this, except rumors and fud, facts and truth always stay buried. Cause this is not the first time that exchange gets hacked, and be sure this isn't the last time we hear about it. This could just be one of those situation where people can learn from, don't hold your money on exchange.

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Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Bananington

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Quote from: zenhu on December 01, 2019, 09:51:09 AM

Sad to heard this news, hacker have succesfully stolen an exchange asset and just sent to their address. So it must be alert for all crypto people to give more security for their account or wallet.
I think that hacker will sell thier Ethereum to non-exchange company, they can sell to people or their friend and they can just laundry that coin. They not to be whales in crypto market.

Majority of crypto enthusiasts are aware of this security issues with centralized exchanges, but sometimes hacks take traders unawares. What if you store your coins in personal wallet and only send to exchange when you intend trading, then the hack occurs after you deposit ? Exchanges should upgrade/advance security protocols and users should be careful too. These hackers keep bringing up new hacking techniques, Some situations are rather unfortunate.

ashmodeus

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Quote from: Landak on December 01, 2019, 08:34:34 AM

from my perspective, why only ethereum was stolen, why not all of bitcoin and the erc20 tokens as well. and why this also happens when the moment like this, looks like a "drama" but the issue is immediately ignored by the upbit, and upbit bravely responsible for returning all ethereum stolen by hackers. I know hackers are getting smarter but it's still weird, only ethereum is stolen. Even so, hopefully with incident like yesterday, I hope other market exchanges will start to increase security so that the same incident does not recur.

well , according to info i get , its possible from inside job rather than external breach ."The ‘hacker’ timed when UPbit was making crypto transfers to its cold wallet (other alts like TRON, etc.) "
so that why , on that time, probably the hacker just knew the time of transfer ETH from hot wallet to cold wallet.

zenhu

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Sad to heard this news, hacker have succesfully stolen an exchange asset and just sent to their address. So it must be alert for all crypto people to give more security for their account or wallet.
I think that hacker will sell thier Ethereum to non-exchange company, they can sell to people or their friend and they can just laundry that coin. They not to be whales in crypto market.

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Quote from: fuer44 on December 01, 2019, 09:14:07 AM

more and more theft cases. an exchange that is designed with security and consumer protection can still be stolen? this bothers my mind a little, is it really hacked or are they manipulating it for their personal purposes?

That is something that is still unknown.
It is really bothersome in every user, even a secured exchange is still unsafe even having tight security. This is very alarming that we should consider that anytime any exchange even a popular one can have a case like this.

fuer44

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more and more theft cases. an exchange that is designed with security and consumer protection can still be stolen? this bothers my mind a little, is it really hacked or are they manipulating it for their personal purposes?

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Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

Yeah that's true and it's very bad news for the crypto space. Many people lost their hold assets also i have some asset here now i can't withdraw it.
IDAX was suspecious activities a few months ago happened. A lot of projects making accusation against regarding this exchange.

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Sometimes I feel like there should be some gaps for the ETH foundation to step such scammed distribution from that wallet once its found to be from wrong doings. Then only this scams can be controlled.

nomenclatur

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indeed hackers always make the market a mess of their crypto steal eth with a large number of them are always looking for loopholes in exchange upbit exchanges are very popular and exchange the exchange of reliable security hacker who is quite tight very dodgy looking for an opportunity to take eth or tokens to exchange that has a large volume they are very clever and cunning.

Landak

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from my perspective, why only ethereum was stolen, why not all of bitcoin and the erc20 tokens as well. and why this also happens when the moment like this, looks like a "drama" but the issue is immediately ignored by the upbit, and upbit bravely responsible for returning all ethereum stolen by hackers. I know hackers are getting smarter but it's still weird, only ethereum is stolen. Even so, hopefully with incident like yesterday, I hope other market exchanges will start to increase security so that the same incident does not recur.

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Quote from: watergold on December 01, 2019, 04:03:10 AM

Hackers are now getting smarter and amazingly large exchanges of Upbit Korea can easily be hacked even 2x $ 50 million and $ 16 million (Ethereum form)
Yes, this could be a hacker who will become a new whale and continue to control the market as they like because with large capital will have enough influence on the market.

I think once they hack a big asset they don't need to be a whale because for them this market is just a tool to make money. Currently, they are free to trade without fear because the market is anonymous. In my opinion, to hack an exchange, they are really very smart and very few people can do this because breaking into the system is very difficult and not everyone is lucky to do this.

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Quote from: Google+ on December 01, 2019, 06:43:03 AM

Quote from: bitcampaign on December 01, 2019, 06:38:24 AM

maybe they are working with the team so that they divide to several wallet addresses, share the income from hacking before, I want to know where they will sell the ETH or whether they will keep it in the wallet so that upbit still compensates for losing their users' money, so let's see next news

indeed such a conjecture can occur because we all know that a lot of drama that occurs at the exchange place that often happens is where the exchange is hit by hacking and makes many traders suffer losses, if you want to track it then hackers will try to randomize the transaction so it will be very difficult to tracking transactions.

I heard that the upbit has a way to track the hacked transaction, they label the transaction, but the hacker certainly manipulates the transaction. hope the hacking funds can be tracked because they hurt many parties in the upbit

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Honestly this kind of cases are now increasing. So we need to be careful and stay away to the site and link that has a big possibility of scam and fraud. This is very alarming and yet there will never a solution except of being carefull in every action that you do here in crypto world beacuase government did not recognized any stolen coin because all we know that crypto is not in legal stage.

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Quote from: bitcampaign on December 01, 2019, 06:38:24 AM

maybe they are working with the team so that they divide to several wallet addresses, share the income from hacking before, I want to know where they will sell the ETH or whether they will keep it in the wallet so that upbit still compensates for losing their users' money, so let's see next news

indeed such a conjecture can occur because we all know that a lot of drama that occurs at the exchange place that often happens is where the exchange is hit by hacking and makes many traders suffer losses, if you want to track it then hackers will try to randomize the transaction so it will be very difficult to tracking transactions.

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maybe they are working with the team so that they divide to several wallet addresses, share the income from hacking before, I want to know where they will sell the ETH or whether they will keep it in the wallet so that upbit still compensates for losing their users' money, so let's see next news

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Quote from: TastyChillySauce00 on December 01, 2019, 02:53:00 AM

Quote from: Lance203sin on December 01, 2019, 02:13:15 AM

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

Well every movement is literally reported by media and as you said it's not simple. That's why I've repeatedly saying that chance the hackers is going to cash out at the moment is slim. it's more likely that they will deposit it to their cold wallet and leave it for months or even years after this case is not a thing anymore however I'm pretty sure that the entire crypto community will always watch the address' every movement just like how we can know the movement of every whale address without any effort.

I don't think entire community keep watching them forever. soon people will forget them. and they'll be able to easily move the coins anonymously and cashout them easily.

Quote from: watergold on December 01, 2019, 04:03:10 AM

Hackers are now getting smarter and amazingly large exchanges of Upbit Korea can easily be hacked even 2x $ 50 million and $ 16 million (Ethereum form)
Yes, this could be a hacker who will become a new whale and continue to control the market as they like because with large capital will have enough influence on the market.

Hackers are always smarter then normal people. I don't think these thief hackers are interested in being whale and influence the market. they mostly rush to withdraw and runaway.

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Quote from: Lance203sin on December 01, 2019, 02:13:15 AM

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

it should, it would be better if cases like this all exchanges help freeze the hacker's balance if they want to enter in exchanges such as binance, bittrex, okex etc. this will be difficult for hackers when they want to attract hacking funds

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Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

That too hurts! It means that exchange hasn't highly security. Or it means all exchange are not secured to all hackers. What ever it takes and what ever they chose if what exchange they targeted to hack or to rub all crypto. They are using their knowledge to start crime that not good in this cryptocurrency world.

watergold

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Hackers are now getting smarter and amazingly large exchanges of Upbit Korea can easily be hacked even 2x $ 50 million and $ 16 million (Ethereum form)
Yes, this could be a hacker who will become a new whale and continue to control the market as they like because with large capital will have enough influence on the market.

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Quote from: Lance203sin on December 01, 2019, 02:13:15 AM

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

Well every movement is literally reported by media and as you said it's not simple. That's why I've repeatedly saying that chance the hackers is going to cash out at the moment is slim. it's more likely that they will deposit it to their cold wallet and leave it for months or even years after this case is not a thing anymore however I'm pretty sure that the entire crypto community will always watch the address' every movement just like how we can know the movement of every whale address without any effort.

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Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

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Quote from: crazy-pilot on November 29, 2019, 09:31:44 AM

Hackers can cause the destruction of the crypto market. This is a terrible truth that we must admit. However, I want to believe that the crypto community will be able to cope with this problem. Unfortunately, hacks are still happening. When will it stop?

There has been hackers this whole time we had computers, why would it stop? We need safer and idiot proof ways to store our cryptos. Also i believe that we are getting much better in analyzing the crypto traffic so i am guessing that it will be a matter of time when some of these people get caught.

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PrimeDAO - An Adoption Engine for Open Finance

A lot of exchange exchanges have been hacked up until now, and this is very normal. But the problem we need to keep in mind is that it is attacking more large exchanges instead of small exchanges. This shows that the security of large exchanges is very loose and hackers can invade at any time. Therefore, we should only put 20% of our capital on exchanges to trade, don't put all your money into it. This is my honest advice and also one of the important capital management skills.

Enzo05

full member

Activity: 938

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Absolutely correct, regardless of the high of your security level hackers that are talented will still able to determine how to get the money of exchanges. I hope Binance is always making sure they are always alert about hackers and triple protect their cold wallet.

Hueristic

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Doomed to see the future and unable to prevent it

Quote from: Ucy on November 29, 2019, 09:49:41 AM

Most of the hacks happen on centralized platforms. It probably goes to show that centralized platforms are the main targets to crypto criminals. Blockchains and real decentralized platforms are pretty safe. The real ones have remained free from serious hacking so far.

Centralization is the weak link and the enemy and always has been. Centralization can be used to control, it is only good for those in control in order to keep control and is always a fixed point to attack.

Sithara007

legendary

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Leading Crypto Sports Betting & Casino Platform

There is not a single exchange out there, which can be trusted 100%. What happened to Upbit is not an isolated incident. Every year, dozens of exchanges are getting hacked and the funds that belong to their users stolen. I was a victim of several such hacks and lost my hard earned money when coins were stolen from my exchange wallets. And in none of the cases, the coins were reimbursed. Anyway, I don't want to complain much. The Mt Gox users haven't yet got any compensation for their loss in 2014.

BTW, I have read multiple reports that ETH is much less secure when compared to the other cryptocurrencies out there. Even the Cryptopia owners blamed the flaws associated with ETH for their losses. I am not an expert on Ether, so I don't want to make any statements.

Rosilito

sr. member

Activity: 658

Merit: 274

Wish for the rain? Then deal with the mud too.

Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

Crypto market is too big to just to be crashed by these unfortunate events. Though it has an impact but sooner or later we will forget this thing and move on.

Restating what the OP said "No one is safe from hackers" Well yes. Even big companies was once been hacked, securities are just humans after all they have their shortcomings and weakness though we cannot just say "I am human and I can afford to fail" huge companies won't buy that idea but the thing is they ain't know all thing. Besides failures like this is huge help and will play a vital role to build a more durable security layers for hackers not to get pass through easily.

What I fear the most is that hackers are creative and can improvise new moves. It is a cycle that never ends, isn't it?

docxdrl

newbie

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This is a major setback in the cryptoworld where we hoped everything would be fair and easy going! Cheesy

Litzki1990

sr. member

Activity: 1386

Merit: 406

I did not expect of this etherium was hacked in a large amount of money, And this is bad year for etherium. We hope they recover soon on what they loss. And we are in technology era we need t expect in this happen because of their are lots of hacker now in crypto. Im just always ready heard about hacking in crypto and this issue for etherium Ill think it is a worse.

nicolas1979

sr. member

Activity: 826

Merit: 252

That is bad news for crypto world and us as customers, if this happen repeatedly I believe crypto will gonna not because price but trust. I believe exchanges already have system to secure their platform but like or not scammer always step a head. As customers I suggest not save our asset in exchanges but bank is better choice.

disconnectme

hero member

Activity: 1876

Merit: 512

With the look of things it seems the hack is an inside job, that is why Upbit team did not make use of the word hack in their announcement. I believe 90% of the hack on these exchanges are inside job, it is just like hacking a bank, most of the bank robbery have insider that give these robbers information about the bank

anog

sr. member

Activity: 1031

Merit: 251

bullsvsbears.io

A series of hacks this year https://www.coindesk.com/upbit-is-the-sixth-major-crypto-exchange-hack-of-2019

If these are the same actors then I believe that they can control the market from the hacking results.

By the way binance is one of the exchanges that was victimized by hacking in May, I don't know the truth but no matter how strong the system in the exchange still has a little gap for hackers to deceive it, so it's still not advisable to save our balance on the exchange.

Aabcde

sr. member

Activity: 1050

Merit: 256

Every year there must be news like this. I can't help thinking, a large exchange that holds millions of dollars has an easy security system for hackers to hack into. I do not know if this is hacked or just drama, but what is certain is that if this action continues to occur every year, it is certain that many people will stop at the world of crypto. I think it's time to use real DEX to anticipate this hack event. DEX for the future.

Dart18

sr. member

Activity: 1400

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Quote from: aTriz on November 29, 2019, 09:41:15 AM

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

how can you say that Binance is safe from the hackers? no man. binance is not safe at all. hackers can hack binance too. and binance has been attacked before (in May 2019 and $40.7 Millions were stolen). so saying that binance is safe from hackers is not a right statement. you should never vouch for any exchanges.

That is what he said. "Not even" Wink

No exchange is safe.
It had been discussed here for a lot of times.
Use your cold storage. Download your own wallet. Do not keep large balances in exchange. Keep it moving.
If not, then use different exchange at the same time. Do not put all in one basket.

Strongkored

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: knuckey on November 29, 2019, 09:56:47 PM

If we look at the hacking that happened a while ago, the loss is huge and I think this crime will continue. There are many parties who are disadvantaged, including public judgments about crypto to be bad, especially exchanges. Will traders be afraid and maybe DEX is the solution to this problem?

Every time heard about crypto security, the discussion will lead to DEX, until now DEX has not been able to provide solutions for traders both in volume and speed transactions, only on security DEX better than CEX but doesn't mean DEX withouts gaps.
Even we in future heard another CEX got hacked DEX not yet be the main choice of traders especially for whale, but that doesn't mean DEX won't be able to replace CEX but it still takes longer for this to happen.
Upbit said will cover the users fund, there is news how the way upbit will do it?

FireBallex

member

Activity: 462

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Upbit lives up to its standard, its a trusted exchange so they will refund users and i heard idax ceo is no where to be found as well, idax exchange is a scam exchange right from day one, i bet the disappearance of the ceo was planned

knuckey

sr. member

Activity: 1260

Merit: 251

If we look at the hacking that happened a while ago, the loss is huge and I think this crime will continue. There are many parties who are disadvantaged, including public judgments about crypto to be bad, especially exchanges. Will traders be afraid and maybe DEX is the solution to this problem?

cryptothreads

hero member

Activity: 1274

Merit: 500

Quote from: dark08 on November 29, 2019, 05:28:38 PM

Theres a lot of hacking issue that spread in the market this is tottaly shit to think of it, Upbit then Idax most exchange site are becoming shit and prone to hacking or maybe some inside job from the people of the this exchange site, so its better to practise your site that exchange site is only for in and out basis.

Now there is no safe exchange when you enter this market because top exchanges can be hacked if the security is bad. I think this year is really a very bad time for these market participants because of the exchanges such as Cryptopia, Upbit, Binance, Bithumb, all lost a huge amount of money and affected very many investors when participating.

I think you should currently only spend 10% to 30% of your assets on big exchanges and keep all your assets in a cold wallet because this is the only way to make you safer.

huu78

sr. member

Activity: 1204

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Undeads.com - P2E Runner Game

The same if it had an extraordinary intellect but was used to steal it that way. He should have followed the bug hunter to be paid as soon as the prizes of the bugs are usually big. There is a saying there is no safe system. As it is as good as any market and its security if it is already pierced yes mean their service is bad that fishing many hackers do that. It is unfortunate if the hacker holds a lot of money and sells it all that could have an impact on the price of the altcoin that has been on the tens of such billion.

Ziskinberg

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Activity: 3010

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Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

Don't think so, they'll divert that to other purposes to make it really clean, probably out to crypto.
This hack is not new, it happens to other exchanges and this happens to upbit now, but hopefully this would not stop them from operating their business.
Binance got hacked, they have SAFU funds, people are silent, don't know if Upbit have that kind of insurance for their clients funds.

If this is really a big thing, people could have panic now, but it seems nothing has happen to the market, instead it pump a bit.
let's just get used to this kind of news, if they will not improve their security, we might hear a kind of news like this from time to time.

magneto

hero member

Activity: 1666

Merit: 753

Quote

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

No.

Firstly, the amount of coins you hold barely dictates the amount of influence you have over the market. You see regulators who probably hold zero coins, yet every single move that they make moves the market by a ton.

Secondly, these hacks are bound to happen. The frequency can obviously be decreased through better security standards, but even the safest exchanges will get hacked as a matter of time.

It'll be interesting how Upbit deals with this situation. It's no small amount for sure.

dark08

full member

Activity: 798

Merit: 104

Theres a lot of hacking issue that spread in the market this is tottaly shit to think of it, Upbit then Idax most exchange site are becoming shit and prone to hacking or maybe some inside job from the people of the this exchange site, so its better to practise your site that exchange site is only for in and out basis.

Marckolind

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Activity: 352

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Quote from: desticy on November 29, 2019, 09:54:12 AM

It will be extremely interesting to observe the movement of these funds, because for sure attackers will not be able to completely hide the movement of Ethereum even when using mixers.
It seems to me that the option is that these funds will be frozen until the moment when the hackers find a way to launder this stolen money.

Don't fool yourself. You can EASILY get rid of these Ethereum once DEX's get some decent volume. All these hackers will easily be able to sell all their stolen coins on these DEX's with no one knowing.

Everyone should STOP storing or trading at these dangerous centralized exchanges, and actually start to make use of DEX's. There are some pretty good ones out there, one of them being the Blocknet DEX, which was actually the first DEX to hit the crypto market.

If the majority of people started doing this, there would be nothing to steal theoretically

krb91

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Activity: 254

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Streamies Rocks!!!!

Exchanges are becoming the bane of the cryptocurrency space. It's either they are being hacked or the owners are absconding with private keys to cold wallets, faking their own deaths or any other scheme that can come up with in order to swindle people of their hard-earned investments. I really look forward to when atomic swaps will become the major means of exchanging crytocurrency.

drumamat

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Activity: 1193

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Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

On the contrary, the market will become cleaner.And yet now the exchanges will improve their security.As for IDAX, they have already been accused of fraud and foul play.Further on the link:https://medium.com/@xcryptclub/xcrypt-important-update-33c784e4eb58.I even after the publication of this article already then ceased to pay attention to this exchange.

ATSgrowth

full member

Activity: 924

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homt.net

I have heard that it was an insider job, that someone did it to manipulate the price of BTC, to push it further down. Who knows. This market becomes the wild west.
Stay away from exchanges, buy and immediately transfer your cryptocurrencies to your private wallet. Cool

irixo10

full member

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GoMeat - Digitalizing Meat Stores - ICO

Heard this too, in fact it is really heartbreaking for this space as it means mass adoption is still far. But seriously, I think by now most users must have understood that keeps funds or assets in exchange isn't good, if Binance could be hacked it means all these exchanges aren't safe no matter what they say or how the tend to protect their cold wallet. The only best place to secure funds still remains off exchanges to private wallets anything short than this is a no no.

Coltpython

member

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Too much money is being reported stolen in cryptocurrency. If this amount was stolen in offline, I can't imagine how catastrophic it would be to the global markets. That said, I hope this won't lead to another dump in Ethereum price?

Pearls Before Swine

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Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Yeah, that's a lot of Eth to be hacked from an exchange. It really makes me wonder what upbit's security is like if that can happen, and it also makes me wonder if the story is true. There was some rumor around that it might have been an inside job, and that's happened with other exchanges in the past.

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

I get your point, but that's probably not a hacker's aim. They would probably dump it all on the market and either convert it to bitcoin or fiat. Also, the market cap of Eth is $16 billion, and this hack was *only* $16 million, so I don't think even if all that Eth got dumped all at once it would have a big effect on the price. But it is true that this is a lot of money to be stolen in one shot.

clickerz

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Backed.Finance

Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

I heard it too. It is sad that IDAX and Upbit 2 exchanges were a hack or happen to be an inside job that was happening days apart. It is a FUD news reported consecutively and surely it will have an impact on prices. We are bearish in the past weeks and this happens, it will take again several week or months to recover IMHO.

Jating

hero member

Activity: 2842

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Is this the same Upbit hacked news?

Because it was initially reported as $50 million, so when did the author got the $16 million figure here. Or maybe $16 million is already on the move, but the hackers addresses have been tag already so let's see how it goes.

Anyways, it just shows how hackers are always finding loopholes in any crypto exchange system. Good thing though is that they whole hacked didn't affect the market in a negative way as the whole crypto market in the last two days are going green.

dcomomal

copper member

Activity: 238

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Another big exchange was hacked and it is happening almost every day. Why are big exchanges do not create something like anti-hacking fund to invest in security improvements of the whole crypto industry in general.

blueteam09

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📱 CARTESI 📱 INFRASTRUCTURE FOR SCA

it's not too hard to take control on this such small market.
but anyway, 16M is hell lots of money, how could they refund for users I doubt
ETH should make some move Sad

like oldday, a fork or sth

3DBrushes

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CryptoTalk.Org - Get Paid for every Post!

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

That's a freaking lot of money. Only $16 million of the total hacked amount is moved. That too to five different address. Looks like they are trying to cashout little by little. Hackers are very intelligent, they will already have a plan to cash out each and every dollars.

bigcash2011

sr. member

Activity: 1442

Merit: 265

Sometimes i wonder all these hacking news, events and activities are some what suspicious, it could be that the exchange owner or employee just get greedy and transfer the coins and then claim some hacker of this theft just to be innocent themselves but who knows but personally i do not think that stealing coins is not that easy job.

safari88

legendary

Activity: 1960

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Quote from: ?? on ??

Honestly, I don't believe that this is the work of hackers. I think that most likely this exchange itself decided to deceive their users and say that hackers did it. or just the management of this exchange is very stupid if they hold such a large amount of money in a hot wallet. most likely this is the deliberate scam of users

why do you think that this just because of their management?
as i think if that the cause they will not replace the funds that lost during the attack and will file a bankruptcy after that

aomakun

sr. member

Activity: 1020

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JangaCams.com

hacking can indeed happen anywhere, but the upbit exchange is fully responsible for its mistakes. it's possible that hackers can create an eth dump market if they sell on a large scale. hope this doesn't happen and the hacker is caught soon so that other bad things can be minimized

BitHodler

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Quote from: CodyAlfaridzi on November 29, 2019, 11:26:37 AM

Sorry for everyone who had funds there. This is why the development of decentralized exchange is important: to minimize the counterparty risk.

People have to be sorry for having trusted an exchange as wallet, which it isn't. Time on time again will we see it happen that people despite believing that the next time will be different, the exchanges will still get hacked.

Decentralized exchanges aren't going to help much because they can't even remotely match the speed and convenience centralized exchanges provide, which is why people will keep using them.

Decentralized exchanges are inherently slower than anything that's centralized and it will not change. No matter how much they improve throughout the years, it's not going to be enough to make people finally switch.

wywoc

full member

Activity: 335

Merit: 100

Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

Yes, so many FUDs this time. Many China exchanges's office was shut down in their country because of police, IDAX's CEO run away, and now Upbit was hacked but for me 50 mil will not effect too much to ETH price. We can see BTC is pumping and reach $ 7k8 now.

posi

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Vave.com - Crypto Casino

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The information provided by the article writer was wrong because the actual amount of ETH stolen was 341,999.99 ETH ~$53M check the below image for more information.

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.[/i]

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

While the stolen ETH was split sent in 10, 1000, 10000 and 99999.99 ETH respectively to wallet address 0x9a207194cbed9f229694fdf5a28caab59157920d and 10,1000, 10000 and 99,999.99 ETH was also sent to wallet 0x3408edca2d47ddaa783a3563d991b8ddebcd973b but the wallet are also empty as we speak and I think the hacker is trying to make the coin anonymous.

CodyAlfaridzi

hero member

Activity: 1708

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Sorry for everyone who had funds there. This is why the development of decentralized exchange is important: to minimize the counterparty risk. I don't know how much USD worth of crypto have been stolen from exchanges but seeing stolen funds news almost every month is just frustrating.

Quote from: ?? on ??

Honestly, I don't believe that this is the work of hackers. I think that most likely this exchange itself decided to deceive their users and say that hackers did it. or just the management of this exchange is very stupid if they hold such a large amount of money in a hot wallet. most likely this is the deliberate scam of users

Managing the security of a hot wallet to fullfil fast/instant withdrawal is not easy. Hot wallet has been the main target for hacker for years. Without automated withdrawal (using manual, batched withdrawal instead) the security increases dramatically I think. Take Bitmex for example, their only withdrawal option is a manual, once every day withdrawal system, and til now they have never been hacked.

biddicoin

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CryptoTalk.Org - Get Paid for every Post!

Quote from: Ucy on November 29, 2019, 09:49:41 AM

Most of the hacks happen on centralized platforms. It probably goes to show that centralized platforms are the main targets to crypto criminals. Blockchains and real decentralized platforms are pretty safe. The real ones have remained free from serious hacking so far.

this seems continous hacked story, there are many hacked story in centralized exchange

It makes dilemma. centralized which has more volume and liquidity, has many hacked incident
decentralized rarely (or never) hacked but doesnt have much volume. it is hard to choose which is the best
That's why I split my money in several exchange and wallet. I dont trust in one place. at least, I dont lose all my money

akirasendo17

sr. member

Activity: 1106

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there are few things that is need to look at in these event, why the security is easily breach, it has to be secure and should have seen it if there is someone trying to hack
with all the hacking that happen before they have never learn? i think something is fishy with this, or someone working inside have make way for those hackers to penetrate inside
im not trying to blame someone inside but it should look on that , because for me every angle should be and totally check to make sure that someone is letting it stole the money of the people
and to make necessary action with they are proven guilty

TastyChillySauce00

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Quote from: crazy-pilot on November 29, 2019, 09:31:44 AM

Hackers can cause the destruction of the crypto market. This is a terrible truth that we must admit. However, I want to believe that the crypto community will be able to cope with this problem. Unfortunately, hacks are still happening. When will it stop?

Quite amusing, the market is not being dumped or having a panic sell but instead it's climbing up little by little. It seems that the market could cope with the news or even don't care at all because it's not or later all these coins will eventually be dumped to the market anyway even without the hacking. However, that much of money being hacked will not be gone if they just invest into having more robust security. The thing is, the hacking will not stop because if there's new exchange site that means a new exploit aswell. It seems will go on for a longer time.

mr_random

legendary

Activity: 1344

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It is a horror for the investors who hold the digital assets on the various crypto exchange, whatever it takes mentality doesn't guarantee that their account will not be affected. The Upbit hacking news is turned to be a lesson for the Bitstamp and they added few rules to their ToS, the other exchanges will also take their piece of cake sooner or later.

LouVandetta

sr. member

Activity: 602

Merit: 253

Such a bad news for Upbit. Not even the top exchanges out there could avoid being hacked. There's always a new ways for hackers to do their job.
I mean like, it's a freaking $50M that have been stolen. Bad things keeps happening. I hope this will be the last of them victim, even though there's always hackers everywhere. Imagine if they sell all of their assets at once. It could affect the market even if it's only a little.

Quote from: aTriz on November 29, 2019, 09:41:15 AM

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

how can you say that Binance is safe from the hackers? no man. binance is not safe at all. hackers can hack binance too. and binance has been attacked before (in May 2019 and $40.7 Millions were stolen). so saying that binance is safe from hackers is not a right statement. you should never vouch for any exchanges.

I think you don't quite get the meaning of OP's words by that. OP is saying that not even Binance, which is the most popular exchange is safe from hackers. So even Binance is not safe at all.

brightemo

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Activity: 129

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Looks like it will be really hard story for hackers to sell out all these stolen funds

amazigh15

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Another hard time for the cryptos the exchange in front of found solutions quickly this type of problem and yet there must be an advanced KYC for the withdrawn of more than 100k $

drlukacs

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l0tt0.com

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

they have been whales themselves for a long time but they want to earn more coins to manipulate it. You know, every time it hacked, the market dropped slightly. This is really worrying. But one thing that makes me even more angry is that exchanges have very bad layers of security and can't make their exchanges last long and secure. now it steals less, but after it will get better and can rob more. Hopefully large exchanges now buy more cold wallets to store coins there, which will cause less harm.

desticy

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www.cd3d.app

It will be extremely interesting to observe the movement of these funds, because for sure attackers will not be able to completely hide the movement of Ethereum even when using mixers.
It seems to me that the option is that these funds will be frozen until the moment when the hackers find a way to launder this stolen money.

Ucy

sr. member

Activity: 2674

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Compare rates on different exchanges & swap.

Most of the hacks happen on centralized platforms. It probably goes to show that centralized platforms are the main targets to crypto criminals. Blockchains and real decentralized platforms are pretty safe. The real ones have remained free from serious hacking so far.

Tipstar

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Vave.com - Crypto Casino

Upbit was one of the top tier exchange with a good volume. It's really sad the exchanges are still not able to secure funds and hackers are being able to get their hand on money one way or other. All of crypto exchanges should come together to develop security measures and work in cooperation to counter hackers.

aTriz

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Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

how can you say that Binance is safe from the hackers? no man. binance is not safe at all. hackers can hack binance too. and binance has been attacked before (in May 2019 and $40.7 Millions were stolen). so saying that binance is safe from hackers is not a right statement. you should never vouch for any exchanges.

Quote from: cheezcarls on November 29, 2019, 07:35:35 AM

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

this can only happen if hackers keep these stolen coins. but they mostly try to sell them as fast as possible to be able to escape easily.

crazy-pilot

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Hackers can cause the destruction of the crypto market. This is a terrible truth that we must admit. However, I want to believe that the crypto community will be able to cope with this problem. Unfortunately, hacks are still happening. When will it stop?

Gotumoot

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This is sad news because this is the why many people are afraid to invest in crypto currency. I know that like fiat it also has the potential to recover but in the internet world, we do not know people here so when they hack your crypto money don't not expect that your crypto will recover again. Because it's hard to find who these people are and where exactly this hacker is located.

shinratensei_

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Quote from: nxnqauff on November 29, 2019, 07:38:02 AM

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

I would not be surprised to see that consider about even SEC has already warned the traders about the possibility of idax exchange to be the next scam exchange and it has already reported in the past. But this is a different story and i believe that was an insider job.

OP. that hacker will not be the next whale caused by any movement from the wallet will be monitored and when it comes to the centralized exchange and that amounts can be frozen.
I believe that hackers were feeling confusing to withdraw it. He was creating more and more address to split the funds.

Taskford

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Quote from: Rodeo02 on November 29, 2019, 07:54:24 AM

Thats why in terms of storing your crypto currency you should the one who will secure it, do not trust it to exchange that we all know that immune to hackers . There are many stories of hacked exchange before and we are all aware of it. This is only the beggining and there might be more exchange will follow because we dont know how they secure our funds.

Agree with that but actually I don't think they stored their balances there since for sure those funds they put on upbit is for their tradings and actually it's surprising event to see this scenario and hopefully the owner of upbit will give an counter action for the balance lose by their user due to this hacking issue unto them.

And also this should serve as a warning that we shouldn't put huge amount on any exchanger.

Rodeo02

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Thats why in terms of storing your crypto currency you should the one who will secure it, do not trust it to exchange that we all know that immune to hackers . There are many stories of hacked exchange before and we are all aware of it. This is only the beggining and there might be more exchange will follow because we dont know how they secure our funds.

nxnqauff

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This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

cheezcarls

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Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

Topic: $16M in Stolen Ethereum from Upbit Were Just Transferred (Read 498 times)