Topic: [2018-06-20] BTC to fall after massive $30 million HACK heist in South Korea (Read 506 times)
June 29, 2018, 07:58:36 PM
Bitcoin is the best digital crypto currency in the world. They maintain their performance from the beginning. But it’s true in recent times they facing some problems. Their prices fall down. I think in near future situation will change.
June 30, 2018, 07:13:55 PM
Why is it always we hear such negative news related to South Korea. Exchange hacking incidents and the news about banning affected whole market severely. Market is unable to recover due to such news because of it is fragile. I hope we get good news from now on.
June 25, 2018, 04:07:53 AM
The price of bitcoin has fallen a bit because of the panicked investors and it is not bitcoins fault certainly. I think investors should learn to handle such adverse situation and take risks.
Investors and even noobs have been pretty calm throughout the last months. The decline we're witnessing is the result of bots trying to combat each other. The retail influence on the market in the last months has been close to zero.
If you don't have to worry about the unstable retailers with their green and panic, this market actually has become similar to the stock market, but then where everything moves way faster. In other words, these are great times for TA nerds looking to strike some profits. Just look at how calm the market is when it isn't forced to move in a certain direction, the market is empty. Noobs aren't selling and aren't buying, they just hold their bags.
June 24, 2018, 04:34:30 AM
When bithumb stops all trading activities, it will affect the number of bitcoin in the world which means to be reduced at this time. But why does this case make bitcoin prices go down? This situation seems to be against the law of demand in the economy. this confuses me. 
The stopping of all trading activities will have a definite impact on the price. Every day, new bitcoins are mined and added on the supply side and when you close down a trading platform, you then decrease the demand side of the coins. So, what happens if the supply increase and the demand decrease? The price will go down.
This is what is happening at the moment. The price is going down, because the supply of coins are bigger than the demand.
June 23, 2018, 04:04:32 PM
BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.
South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
This is just like a scenario in mtgox. For sure, because of this hacked event, BTC price will fall up to 5K USD. Imagine how does the total amount that the thieves got from Bithumb? It will inflict large casualties in bitcoin. Moving on, it is normal nowadays that exchange were seized by desperate hackers. We already experienced in ED so I think, it is usual it to all of us.South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
Hackers are unstoppable, they can do what they want because they control technology and the internet.
June 23, 2018, 02:36:10 PM
This news really make people harass because this news is real or not still there is no trustable news based on this yes it may cause of fall because lots of money in there also few days ago the price of btc increased but it may affect on the price again.
June 22, 2018, 11:34:49 AM
Frankly, I do not understand what is the connection between the hacking of the exchange and the fall in bitcoin prices. All stolen coins leave the market and do not get into exchange for a long time. On the contrary, this should lead to a decrease in the number of offers and an increase in prices. It seems to me that this is artificial manipulation. The owners of these exchanges are involved.
June 22, 2018, 10:44:47 AM
Actually such things happen due to weaker form of security .This is awful for every one of us this will make freeze the financial specialists and the cost will go down. If trade is hack may their security isn't so much better perhaps its opportunity to select the developer in their nation.
June 20, 2018, 09:44:49 PM
BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.
South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
This is just like a scenario in mtgox. For sure, because of this hacked event, BTC price will fall up to 5K USD. Imagine how does the total amount that the thieves got from Bithumb? It will inflict large casualties in bitcoin. Moving on, it is normal nowadays that exchange were seized by desperate hackers. We already experienced in ED so I think, it is usual it to all of us.South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
Hackers are unstoppable, they can do what they want because they control technology and the internet.
June 20, 2018, 07:51:20 PM
Nowadays we could see such news about exchanges being hacked regularly which was a very rare news in earlier times when Mt.Gox got hacked.Such incidents strongly affect bitcoin price but this time,the impact is not much bigger.
Exactly, when mtgox or cryptsy got hacked the market and the price was collapse so bad but today seems like bithumb incident doesn't make any impact at all which is good, maybe people are not scared anymore or they already bought at the high price and impossible to sell those coina at the current price so whatever happens out there people will HODL. June 20, 2018, 07:28:08 PM
This is one example that will negatively affect Bitcoin prices, the lax nature of exchange security may have caused this hack. Any ways as some have said in earlier posts, I also support the gradual transfer from centralized exchanges to decentralized exchanges. I think especially with Asian exchanges they really don't focus on security issues otherwise this would not happen at the first place!
June 20, 2018, 07:24:43 PM
Oh sad to heard on that very bad news my worry is how to refund the investment of the investor's holder's in bithumb exchange huge of amount stolen got of bad people in their industry.
My question is not fault of the inventors of bithumb exchange to lose of their investment so i think need to get back to the investor's atleast 50% of their invest as insurance.
My question is not fault of the inventors of bithumb exchange to lose of their investment so i think need to get back to the investor's atleast 50% of their invest as insurance.
June 20, 2018, 07:16:55 PM
This is extremely irritating as bitcoin was starting to pump towards the $7000 mark but now because of this the recovery is delayed again.
Just open your eyes and see how the market actually performs, we weren't pumping towards $7000 at all. It's just the usual whale manipulation that bounces the price up and down these days, not the regular people. Most of the regular people are either hodling their expensive coins or are waiting for the market to keep dropping. $6000-$7000 is an accumulation range for the more knowledge individuals.
Regular people always need to see a continuous increase in order to pull the trigger. The higher the price pumps the more confident they become and the more likely it will be for them to finally start buying.
We're not at that stage yet.
June 20, 2018, 06:44:42 PM
I'm amazed that we only dropped like 200$ and nearly immediatly bounced back from it. Seems like we really hit rock bottom =)
that is what i was also thinking and that is why i am taking this as a good sign that we are at the bottom. despite this news which has been spread like wildfire in the past 10-12 hours the market is still pretty solid and price has even risen to $6841 which is a record in the past 8 days.
June 20, 2018, 02:46:55 PM
This is about the same thing that happened a few days ago on the little-known exchanger Coinrail in the same South Korea, where four types of tokens were stolen from private wallets for a total of over $ 40 million. Here the situation is similar. Apparently, it is necessary to look for other ways of buying or selling the crypto currency, if the existing one does not provide adequate security for the participants of these trades. Most likely, you need to think about a way that the crypto currency itself does not fall on the exchanger or exchange. If the exchanger or the stock exchange needs to make sure that the seller has available a certain amount of coins or tokens for sale, you can provide a form similar to the etherscan.io function in the MyEtherWallet wallet that allows you to view the contents of the wallet at its public address without entering the wallet itself. This will be very safe for the owner of this crypto currency and for all bidders. At the same time, hackers will also have no way to steal the crypto currency.
June 20, 2018, 02:45:00 PM
This is extremely irritating as bitcoin was starting to pump towards the $7000 mark but now because of this the recovery is delayed again. 2FA should be enforced and not optional
June 20, 2018, 02:34:50 PM
It's terrible that people steal someone else's money. When there is such a brilliant person who will be able to write a security code that will not be able to hack any hackers in the world. True, these are the most common thieves and they must be punished!
June 20, 2018, 02:25:26 PM
BTCITCOIN was dealt another blow last night after South Korean cryptocurrency exchange Bithumb said $31.5 million was stolen by hackers causing the principle coin to fall from $6,742 to $6,562.
South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
South Korean exchange Bithumb said in a notice on its website on Wednesday that it had stopped all trading after ascertaining “some cryptocurrencies worth about 35 billion won were seized between late yesterday and early morning today.”
The exchange, thas now moved “all clients’ assets in safe cold wallets,” which operate on platforms not directly connected to the internet, adding that customers affected would be fully compensated.
Mun Chong-hyun, chief analyst at ESTsecurity, warned that cryptocurrencies represent an ideal target for hackers.
He said: “No security measures or regulations can 100 percent guarantee safety of virtual coins. It is held anonymously and in lightly-secured systems, which makes them an irresistible target."
Read more, https://www.express.co.uk/finance/city/976816/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
It is one of the drawback of bitcoin and crypto currency.Before this act,we have to move to safe cold wallet.In which bitcoin is not possible to hack.Even we can use Google two factor authentication.Still now I had using this,it seems to be one of best security.
June 20, 2018, 02:21:51 PM
I think accidents like this will keep on happening if they are not learning from their previous mistakes and the mistakes from other exchanges. Or maybe this is an orchestrated move that have a connection to institutions. Who knows. All of these are speculations. These exchanges should learn from their mistakes or else stuff like this will keep on happening.
June 20, 2018, 02:18:53 PM
If these exchanges keep on missing up like this it will be harder and harder for Bitcoin to have that mass adoption we want to happen. But it's ok if this event will result to some lesson on making it more secure. But this could be an inside job for all we know? Like that of what happened in Mt. Gox
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