Billions stolen from South Korean Bitcoin exchange - page 3.

naughty1

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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/

This has happened for some time, as some trading floors are attacked when bitcoin's value is normal, but I am disappointed that it is the largest trading platform in Korea.

skyline247

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BitHumb definitely isn't the 4th largest exchange in the world. Maybe in South Korea, but there are plenty of other, much larger exchanges than that one.

Vishnu.Reang

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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.

The amount is not BTC330. It is much more than that, and most probably in four digits. The article says several billion. Then how can you assume a figure of 1 billion Won (i.e. BTC330)?

NJB18

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Bitcoin is really something that attracts thieves considering its present value and its future value as well. That being said a safety wallet to all our bitcoins is of tantamount importance.

A huge amount of bitcoin should not be left in unsafe wallets and in trading platforms if not used for trading. Offline wallet is a great choice.

BillyBobZorton

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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.

SONG GEET

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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.

1Referee

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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.

The market cap plays no role of importance here. It all depends on how much buy support there is available on-exchange. Judging purely on that fact, these coins will result in a $50-$60 decrease if dumped at once on Bitstamp. In other words, it's peanuts. Bitcoin is booming, and thus you'll see a lot exchanges pop up trying to take their cut. In most cases these exchanges are pushed online as soon as possible, which mostly isn't a good thing in terms of security. Result is that we are likely going to experience more of these thefts in the coming year(s).

Kprawn

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So I reckon they are going to change their name to Bitdumb now, since they were dumb enough to get hacked. People still store large amounts of

bitcoins on exchanges and they do not learn from past mistakes. How many more MtGox's do we need, before people get it in their heads, that

exchanges are not secure. Trade and move coins to hardware wallets.... do not store them on the exchange. Roll Eyes

olubams

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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/

If this would cause the damage as being proclaimed here then everyone would have felt it because massive stealing will go along way in affecting the price of bitcoin in the market.

Quote from: BTCLovingDude on July 04, 2017, 06:22:56 AM

1,000,000,000 Won = $875,853.23 = ~330BTC

this is not even in the top 20 exchange hacks in the history of bitcoin Grin

this is more like the amount that some whales lose if they have a bad trading day...

Thank you for this analysis because using Won to judge would mean a lot of money but converting it shows that its a bucket from a pool of water and this actually give credence to the neutral effect it has on price. This amount is close to what failed ICO would raise in a case of crowd funding. But at the same time there is need for sites to be more security conscious of whatever is going around.

Denker

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Sad to say this but exchanges are still a very weak point in this space.
All the big exchanges already had problems with hacks and stolen coins.
This is why you never shold have any serious amount of coins on any exchange!
But I doubt this incident will have any effect in terms of price to the market.

batang_bitcoin

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Too bad something bad happened when SK is now going to declare the legalization of bitcoin. Maybe there is some inside job about this matter? Well who knows but I can't feel the effect of this hack. The price is even getting higher and higher.

Quote from: amacar2 on July 04, 2017, 06:49:10 AM

This is quite confusing, they have promised to give only $870 for loss of personal information but haven't mentioned anything about how they gonna refund their users for loss of their bitcoins. Roll Eyes

if this what's likely going to happen this will hurt me.

roadbits

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Quote from: LTU_btc on July 04, 2017, 09:20:26 AM

Quote from: btc_free on July 04, 2017, 08:28:11 AM

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

You're right. We regularly see news about hacked exchanges. This time stolen amount of bitcoins isn't extremely big, but still, it shows that exchanges aren't safest place to keep bitcoins, because risk that exchange can be hacked is big. But many people didn't learn from these stories and using exchanges as their wallet.

People, why to prefer exchanges to keep their coins, means, for them, it is easy to do trade when the prices increase, and it is easy to sell whenever they want that is why people prefer this exchange sites. Even I also like to be like that before, but a few days back my exchange site suddenly stops working for 2 weeks saying that maintenance problem. I was scared, and I thought my all coins would go. But they came back after 2 weeks I transferred to my main wallet.

LTU_btc

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Quote from: btc_free on July 04, 2017, 08:28:11 AM

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

You're right. We regularly see news about hacked exchanges. This time stolen amount of bitcoins isn't extremely big, but still, it shows that exchanges aren't safest place to keep bitcoins, because risk that exchange can be hacked is big. But many people didn't learn from these stories and using exchanges as their wallet.

NeuroticFish

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Quote from: btc_free on July 04, 2017, 08:28:11 AM

The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

330BTC is not a huge amount of money, at least not at the scale the exchanges work with.
I think that if cold storage would have been affected, the number would have been maybe 10x bigger.

btc_free

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The point worth noting is the weakness or lack of security in bitcoin exchanges, not keeping their coins offline in safe cold storage as well as being hosted on almost personal plans, and with some effort can gain access to it,
From MTGOX to today, no one should keep a balance at an exchange for more than the regularly used amount for day trading IMO, anything more should be withdrawn.

grermezter

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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/

I just don't know but I don't trust these exchangers when they claim that they have been hacked and bitcoins stolen from them, they just stole it from their customers and will go on to use it for their own profits.

Netnox

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Quote from: BTCLovingDude on July 04, 2017, 06:22:56 AM

1,000,000,000 Won = $875,853.23 = ~330BTC

this is not even in the top 20 exchange hacks in the history of bitcoin Grin

this is more like the amount that some whales lose if they have a bad trading day...

According to Coinmarketcap, Bithumb is at 4th place in terms of BTC trade volumes. But it may be a temporary spike due to the news of hacking. Also, in Bithumb, ETH and LTC volumes are much bigger than that of BTC. This news came at the worst possible time. There was speculation that South Korea was going to legalize Bitcoin.

mk4

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Quote

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

Hey that's actually not that bad. I'm sure bithumb can compensate for that. When I read that it was the fourth largest bitcoin exchange in the world I expected like Bitfinex levels of loss, not even close. I feel sorry with those who lost some of their bitcoins though.

With that said, with all those recent hacks on exchange sites, I don't know why people still leave their bitcoins and or crypto in exchanges. It makes no sense!

Ayiranorea

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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.

DoublerHunter

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This is why storing or putting some of our bitcoins that we cannot afford to lose in some bitcoin exchange is a very risky move for a bitcoin user because it will not help you to secure your bitcoin but to risk it because big amounts of money worth of bitcoin in an exchange is such an attractive for hackers or those people who will do illegal things just for money.

Topic: Billions stolen from South Korean Bitcoin exchange - page 3. (Read 2081 times)