Billions stolen from South Korean Bitcoin exchange - page 2.

timerland

hero member

Activity: 1526

Merit: 596

Quote from: mantaxer on July 04, 2017, 06:17:01 AM

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Read more: https://blog.coinspectator.com/2017/07/04/billions-stolen-from-south-korean-bitcoin-exchange/

It's funny how every single exchange claim that they are the number one most secure bitcoin exchange but really every single time there is a hack happening that the users have to take money out of their own pockets to compensate for.

This is a major loss indeed and it would be interesting what the hacker does to this money. I think it is unlikely that he will sell off the bitcoins at all because that means potentially having the coins confiscated by law enforcement, so i don't think that we need to panick this much about the prospect of the hacker dumping the coins, driving the price of bitcoin down.

Exchanges should make a clear in an event of a hack, who will be responsible and how will users be compensated. A lot of exchanges don't even have that in their terms and conditions leaving them to do whatever they want.

Doms

hero member

Activity: 714

Merit: 500

Could have been another inside job here. But the lesson should be that tighter cyber securities should be in place to avoid such a thing from happening again. And for the users to not put a huge amount of money on these exchanges when you know the risk that any site is hackable nowadays. Should be anotherc lesson learned for a lot of people.

jekjekman

sr. member

Activity: 378

Merit: 250

With this being happened the investor or korean people that is investing and trading with Bitcoin will halt I think because they will lose confidence with this hacking incident even though the company will refund the losses.

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: Variogam on July 04, 2017, 06:56:33 PM

Its small exchange, and the number of Bitcoin lost is not so big.

Main point of importance is that while these coins aren't anything significant in quantity here in the western world, it is quite a bitter pill to swallow for that exchange. Don't forget that South Korea is an upcoming country -- if more hacks follow, and that is a very likely scenario, the coin quantities that these exchanges are losing due to hacks will only increase. It's just a matter of time....

shinratensei_

legendary

Activity: 3136

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

Quote from: mantaxer on July 04, 2017, 06:17:01 AM

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

Read more: https://blog.coinspectator.com/2017/07/04/billions-stolen-from-south-korean-bitcoin-exchange/

Did you mean about billion worth of won? Roll Eyes

The title of that news seems like a click bait to encourage the more people and their curiosity. I don't take it for seriously but it's bad to see another exchange gets broken again. But remember I can't Lambo with below than 1 million dollars.
I just careful with their security, that makes them must upgrade the security.

Raven91

sr. member

Activity: 518

Merit: 250

Quote from: Ayiranorea on July 04, 2017, 08:03:06 AM

That's a big amount. Though it's not in the top lists of stolen bitcoins from exchanges, 330btc is big. These kind of activities should never take place. These are the major things that make people stay away without investing into bitcoin. Though the Profiting is high it has got high security issues. A solution needs to be created.

Maybe this is a some sort of a scamming people when tehy already invest in bitcoin also meaning that it is just a story of the government i guess to stop the people of the north korea to become it looks like a some sort of hacking but it is just a scam.

Gasotard

full member

Activity: 156

Merit: 100

Quote from: BillyBobZorton on July 04, 2017, 11:09:06 AM

Quote from: EthBooks on July 04, 2017, 06:42:51 AM

With the bitcoin market cap as high as it is now, the market will easily absorb it.

This. Anyone can dump 330 BTC at any time, this is a non issue. Back in the day this could have been a problem causing a dump. As far as the hack goes, im sure is yet another inside job where a guy working takes the bitcoin from people and runs with the money. We really need decentralized exchanges to replace all this bullshit asap.

Not that bad if there was someone willing to purchase that much. If not then that would be pretty bad for the project.

Variogam

sr. member

Activity: 276

Merit: 254

Quote from: SvenBomvolen on July 04, 2017, 04:01:00 PM

I expected such great hack will drop the price for bitcoin and other crypto at the same time, but i don't see the price has changed. In the past such hackings affected exactly like that. What's the difference now?

Its small exchange, and the number of Bitcoin lost is not so big.

darkangel11

legendary

Activity: 2296

Merit: 1335

Don't let others control your BTC -> self custody

I remember reading about a Korean exchange being hacked not long ago. They were keeping money on multiple hot wallets and got a number of them (like 5 or 7) emptied at the same time. I also remember being amazed that exchanges decide to sacrifice security to offer instant withdrawals. Looks like they didn't learn anything from that event.

Celsiuss

full member

Activity: 266

Merit: 100

lol, I literally just came back home from a vacation in south Korea, and when I read "billions of won", I though that aint much. It's too bad it was hacked, and is one of the downsides of using an online wallet.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Yesterday i saw an article that bitcoin will be legalized in Korea and it was a pleasant news but now we have a hacking news coming out which is real bad, i thought the market would go down on hearing these kind of news ,usually in the past we would see a good correction when these kind of news hit the market,what is worrying is that the hackers got the personal information of all the users which is really bad,compensation wont solve the issue because your privacy is being compromised .

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

Quote from: northstarh on July 04, 2017, 02:15:22 PM

Quote from: qiwoman2 on July 04, 2017, 02:01:05 PM

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

No, their government does not allow that to happen, they strictly forbid their people to use bitcoin, even the internet. Everything is monitored very closely.

How about the North Korean dictator supervising this cyber attack and stealing millions of dollars worth of bitcoin,it is possible,the cyber war between these countries are ongoing for a very long time and it is possible that they could perpetuate these sort of attacks.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: northstarh on July 04, 2017, 02:15:22 PM

Quote from: qiwoman2 on July 04, 2017, 02:01:05 PM

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

No, their government does not allow that to happen, they strictly forbid their people to use bitcoin, even the internet. Everything is monitored very closely.

You didn't properly read/understand his statement. If you're part of the extreme elite minority (which are closely affiliated with the government) you'll enjoy a wider bit of freedom and luxury.

I personally don't think it's North Korea at all, but just one or more hackers that took advantage of how poor their overall security was. It's pure greed coming from a bunch of thieves with zero moral standards.

SvenBomvolen

hero member

Activity: 588

Merit: 500

I expected such great hack will drop the price for bitcoin and other crypto at the same time, but i don't see the price has changed. In the past such hackings affected exactly like that. What's the difference now?

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

How old and well established is this exchange?

This is what I wonder about with all this legalisation talk. Are the legalised exchanges up to the task or are they in a hurry? There's no coming back from a successful hack.

It's all very well being backed by big companies but I don't know if that makes you any less vulnerable.

northstarh

full member

Activity: 210

Merit: 100

Quote from: qiwoman2 on July 04, 2017, 02:01:05 PM

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

No, their government does not allow that to happen, they strictly forbid their people to use bitcoin, even the internet. Everything is monitored very closely.

qiwoman2

legendary

Activity: 2114

Merit: 1023

Oikos.cash | Decentralized Finance on Tron

I wouldn't be surprised if North Korea could be involved. They may not have internet for the Masses there but I am sure the Elite get a good look in and could easily be behind this. I am sure it is a North Korean Cyber attack. but that's just my view.

Netnox

legendary

Activity: 2044

Merit: 1008

Quote from: giveen on July 04, 2017, 01:54:06 PM

No man you got this wrong even i have heard about this news but there is a very few number of bitcoins stolen. What happened was one of the employee's computer was hacked and not the official computer. Plus only the emails and personal information was leaked if this was a hack by now the price would have crashed super hard.

That's not what I heard. If I am not wrong, the funds were stolen along with personal information of thousands of users. But still, it is the second part (theft of personal data) which is the most worrying aspect of this hacking.

giveen

hero member

Activity: 826

Merit: 1004

No man you got this wrong even i have heard about this news but there is a very few number of bitcoins stolen. What happened was one of the employee's computer was hacked and not the official computer. Plus only the emails and personal information was leaked if this was a hack by now the price would have crashed super hard.

epitome

sr. member

Activity: 246

Merit: 250

Quote from: SONG GEET on July 04, 2017, 11:07:59 AM

300BTC can easily get eaten up on market but it is true that many of their traders have lost their saving and I don't think they gonna get those back anytime soon. This is one of the reason why you shouldn't use exchange platform as your bitcoin wallet.

The article says that they will be compensation the users for the loss and they will be giving $870 as a compensation for the loss of personal information, it is a good step from the exchange and not like the exchanges in the past where the users were searching in the dark because of their incapability .I hate hearing these hacking news as most of the time it will have an impact on the price of bitcoin.

Topic: Billions stolen from South Korean Bitcoin exchange - page 2. (Read 2081 times)