Topic: another crypto exchange hacked - page 2. (Read 443 times)

They used their cold storage. That means there is something secure.
Exchanges are the ones prone to attacks and it did happen.

This is also why I think you should never put all your coins there.
Just deposit the number which you think could be risked and not everything. Just the right amount to trade.

My biggest question is whether many of these heists are state sanctioned hacks.

Governments have been documented openly buying up zero day vulnerabilities for decades. They own stockpiles of undocumented and unpatched exploits which could allow them to penetrate systems that would otherwise be deemed rock solid. State based insistence of backdoors being built into everything doesn't help matters.

If ordinary crooks stole $50 million in ETH from a south korean crypto exchange, I would think their chances of being caught are decent.

But if it was conducted on behalf of a state with immunity to prosecution, it might better explain how many of these heists would appear to be planned & executed by highly trained professionals with an unlimited amount of resources and protection which ensure they're never caught or prosecuted.

At a certain point governments, banks and hedge funds could be more profitable hiring hackers to steal money than they would trading in markets or exchanges. If I'm thinking of this right now, I wouldn't be surprised if they realized it 50 years ago and have been working towards that goal ever since.

In addition to this, there are rogue nations like north korea who are under economic sanctions who could hack their neighbors with impunity and never be held accountable. South korea could avoid releasing news north korea was responsible for this type of act if only to avoid an appearance of weakness or incompetence, if that were the case.

Its been said as much as 80% of electronic heists are inside jobs, statistically. Which can also mean disgruntled, former or fired employees. I think the CEO attempting to cover losses decreases probability of that.

hack exchange events often affect the market this drama is often an occurrence and certainly insiders ,I agree with your opinion that this is a manipulation to bring down market value so that it can buy cheaply to take advantage of the next year 2020 which some people consider is a bull run time ,I think emotions play strategy to make people panic

Obviously there is nothing 100% secure especially with these huge multi level corporations who have a lot of workers. There always are some loopholes with their functioning and it's not difficult for these hackers to find these loopholes and steal some money. But I think these things should not be confused as lack of security with bitcoin. Because on an individual level you are pretty much secure with your Bitcoins when you hold them in your private key wallet. Only possible ways to hack are phishing and eavesdropping which can easily be stopped by due care while accessing and using your funds.

Do you think that this is fake information that is aimed at manipulating the cryptocurrency market?  I recall 2016, when in the summer, hackers broke into the Bitfinex exchange, after which the price of Bitcoin fell very much.  But if you recall the recent hacker attack on the bank, the reaction of the cryptocurrency market was not so global.

We don't really know the real story behind this, but hoping that UPBIT will prove to their users that this is not inside job or else this will be end of their journey and so far they are not same as IDAX who really intended to run away and up to now the CEO don't know where he is and the office worker were not working on their office anymore and their telegram has been full of porn and shit now.

Also heard same too, there is no smoke without a fire.
Upbit were being told to Pay tax of up to $60m back in January and they were hacked today,  perhaps this might be a way of evading tax because such thing happened to bithumb also when they were told to pay tax,  few months after telling them to pay tax, they got hacked.
Glad to hear that They will cover the loss,  so investors needs not to panic

It might be down to something simple: like all the Korean exchanges using the same IT specialists to build their exchanges, which means that they all have the same vulnerabilities. And if they don't share what went wrong with each other to fix the holes, the attacks just continue.

Whereas the western exchanges seem to be quite separately and independently built. Some, like Kraken and Coinbase have spent a lot of money on security.

I do not want to talk too much and accuse, how stupid is Upbit losing his money? I only use the logic from which the funds to replace the money, this incident is always the same hacked and then replace it, until now I see a lot of price analysis leading below $ 5k as the lowest, so whether with this kind of news made it helps to drive the panic to touch the target, I always believe that drama is a lot of big people, the possibility is a greed and they benefit, I do not like hacking drama and it is always done over and over at the moment of bitcoin prices like this

We don't know if this is an inside job, authorities should do an investigation here, but as long as they cover the lost Eth and they secure traders funds, we cannot consider this an exit scam, two bad news in a week the other one is IDAX but Idax is now considered an exit scam, traders should never store their coins in exchanges, it's very risky.

There's already a thread that's made earlier than this. You can find it on Service Discussion (Altcoins). The topic to be specific is: Upbit exchange was hacked. 342,000 ETH lost

And I have commented about the addresses where those ethereum transfers 2 days ago.

I heard it was an inside job

formerly Binance, and now UPbit. It seems that exchanges are weakening about their security systems and this costs them a lot of money to devise strategies in the future.
There are still a lot of hackers in this market and hopefully in the future exchanges will focus their money and human resources to improve their security systems. so traders can safely deposit their money on exchanges.

Might be a insider thing. Your security systems is only as secure&trusted as your employees. There is no security system which can prevent your employees stealing from you. Might be an honest hack too but whenever I see an exchange hack, i think the possibility of a bad employee. And somehow they'll never tell you if that was the case.

Large exchanges are also often hacked, but they often give investors money back. This is the responsibility and forcing them to do so otherwise they will be sued. Besides, large exchanges often have a lot of big funds and they are always able to compensate. so we should still be trading at large exchanges. When there is a risk, we will still be able to get our money back.

But having all these Korean exchange being hacked is indeed kinda, odd. Maybe it's because the volume there are quite huge or just simply vuln and can be exploited but I think they need to invest more into security. This is also why when new exchange appear, they should undergo a code review so that it won't be exploited because honestly, some exchanges are lacking their concern in term of security.

Most of the time hackers are taking over the exchanges' wallet that hold tremendous amount of money though, but it's advised to use hardware wallet or if can't desktop wallet. But, a wallet that is not saving the private key generated into the server is relatively side but not advised.

One of the reasons why online wallets or even exchange platforms are not a good place to keep your funds. Especially if it is a huge amount of money. Hackers are just looking for a good moment and a good target where they can breach the security to steal money. Hardware wallet will always be the safest storage for crypto funds. Never leave your money online.

Exactly! we have to hold our assets in secure place ( local wallet ) and we can't trust on exchange's security

There is no guarantee that the exchange will always be safe from hacking, there are quite a number of cases where hackers have succeeded in escaping with assets from the exchange and fortunately the upbit is responsible for this incident and replaces it with their company's money reserves.
Hacking cases experienced by upbit must be used as a consideration so that we do not store valuable assets on the exchange, because we do not know when and where hacking events can occur again in other exchanges. Increase awareness by storing your assets in a hardware wallet or in a place that you feel is safe.

Find more information about hackers here.

Well, I'm pretty sure they just pick any exchanges they deem to be hackable plus could bring quite a bit of profit in their pockets. Luckily, they decided to be honest and completely open up with the issue and took responsibility for it. This just goes to show that any vulnerability available to the hackers could easily be taken advantage of, especially with the ever growing community of crypto which seems like a big fat lamb to them.

Also since OP didn't link the article, here it is