Bithumb under attack ? | Bitcointalksearch.org

MoonsGravity

newbie

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Quote from: Koro-Sensei on June 21, 2018, 05:37:03 PM

Quote from: Aleister Crowley on June 20, 2018, 01:51:44 PM

Quote from: trupero_uno on June 20, 2018, 01:40:29 PM

Excellent response shown by Bithumb to compensate the users loses with big amount of money, perhaps this responsibility of Bithumb drive the effect to Bitcoin price increasing recently.

it is fitting that a large company is responsible for any problems that occur, as it could be a positive feedback from users who have received compensation from bithumb

Yeah giving compensation to every affected users might get their morale up but the problem is their security just how did the hackers attack this particular site. That's the problem for as of now in bithumb to know the cause and solve it then compensate every user. I think even bithumb might have hard time giving all those money to users it's like double loss.

I don't know how much Bithump charges to list a coin in their exchange, but places like Binance charge around a million dollars. If they charge such fees then $30,000 is nothing.

Koro-Sensei

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Quote from: Aleister Crowley on June 20, 2018, 01:51:44 PM

Quote from: trupero_uno on June 20, 2018, 01:40:29 PM

Excellent response shown by Bithumb to compensate the users loses with big amount of money, perhaps this responsibility of Bithumb drive the effect to Bitcoin price increasing recently.

it is fitting that a large company is responsible for any problems that occur, as it could be a positive feedback from users who have received compensation from bithumb

Yeah giving compensation to every affected users might get their morale up but the problem is their security just how did the hackers attack this particular site. That's the problem for as of now in bithumb to know the cause and solve it then compensate every user. I think even bithumb might have hard time giving all those money to users it's like double loss.

cryptolidus

member

Activity: 406

Merit: 10

It seems that every week some of the Exchanges are hacked. When it happens, there is not much for investors to do, than to be patient and listening the announcements. It is good to know that besides Binance, Bithumb also decided to compensate their investors.
This kind of responsibility is good for the reputation of Bithumb and will strengthen the confidence in Crypto .

darkangel11

legendary

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

Quote from: peter_coin on June 21, 2018, 03:26:00 PM

I heard the news about Bithumb being hacked, it's sad and I hope they refund the stolen funds. Exchanges need to take security very seriously.

I don't see it as sad. If they can't protect their funds on cold wallets and are making the withdrawals automated because it costs too much to employ a real person to manually check them, much like it's done in a real bank, they will have to cover the losses from their own pocket. There's been so many hacks that security on exchanges should be constantly improving. Real life casinos have teams constantly watching the floors and coin exchanges are earning millions of USD a year and can't even get proper security.

peter_coin

newbie

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I heard the news about Bithumb being hacked, it's sad and I hope they refund the stolen funds. Exchanges need to take security very seriously.

Dukjila

newbie

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This is the lack of crypto currency, I think: if someone did the software, then there will be another person who will hack this software.
To keep tokens, companies must constantly invest in improving security.
Good protection all this only increases the time of hacking.

Nisharawal

member

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I am no stable coin. to the mooonn.. and back

Hmm yes even i got a email similar to this because even i have account in Bithumb. I got to know this from one of the social media sources that Bithumb is got hacked by the attackers and they have stolen Cryptocurrencies of almost 30 Million USD ad because of this news spreading in the market the bitcoin prices began to slip down and now it is trading below $6800 and i think it is preparing to go more downside if the $6400 level breaks down. I personally feel that the bear market has started now.

panjul07

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Quote from: bitcad4u on June 21, 2018, 09:30:57 AM

Quote from: kenzawak on June 20, 2018, 01:11:12 AM

Just got a text and email from Bithumb :

Quote

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.

However, due to implementing enhancement as well as undergoing safety check on deposit/withdrawal services, cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and until services are thoroughly reviewed.

Further announcement will be made in due course.

We sincerely apologise for the inconvenience.

Our priority is to secure our customers asset at all time,
and we will continue our best to better serve our customers.

Thank you.

That's about 32 millions stolen.

It was sad news.Whenever the price of bitcoin start to raise,this type of news give negative effect to the price.Then the new investor reduce their involvement in trading.It finally start to reduce again.So holding at this dump is very good.This was the huge amount stolen by the hackers.

I do not see significant effect of this to bitcoin price. The price is still at the same condition before the hack of bithumb even if there is a drop but it is not that much which is still normal.
No need to worry, even if the hack affects bitcoin price into big dump then it will be good time for us to buy.

Procopiogamscrypto

newbie

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Quote from: kenzawak on June 20, 2018, 01:11:12 AM

Just got a text and email from Bithumb :

Quote

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.

However, due to implementing enhancement as well as undergoing safety check on deposit/withdrawal services, cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and until services are thoroughly reviewed.

Further announcement will be made in due course.

We sincerely apologise for the inconvenience.

Our priority is to secure our customers asset at all time,
and we will continue our best to better serve our customers.

Thank you.

That's about 32 millions stolen.

Another hackers accomplishment, if this is true, anyway it sounds good that the exchange are announcing the security of all customers assets to drawback the confidence level of the customer that is why refrain in storing your coins in exchange because it is hackers number one priority target.

bitcad4u

sr. member

Activity: 602

Merit: 255

Quote from: kenzawak on June 20, 2018, 01:11:12 AM

Just got a text and email from Bithumb :

Quote

Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.

We noticed that between last night and today early morning,
about 35,000,000,000 KRW worth cryptocurrencies have been stolen.
However, this loss will be compensated by Bithumb's own reservoir,
and all assets of our customers are securely saved in Bithumb’s cold wallet,
hence all asset is completely safe and secured.

However, due to implementing enhancement as well as undergoing safety check on deposit/withdrawal services, cryptocurrency deposit/withdrawal and KRW withdrawal service will be halted for time being and until services are thoroughly reviewed.

Further announcement will be made in due course.

We sincerely apologise for the inconvenience.

Our priority is to secure our customers asset at all time,
and we will continue our best to better serve our customers.

Thank you.

That's about 32 millions stolen.

It was sad news.Whenever the price of bitcoin start to raise,this type of news give negative effect to the price.Then the new investor reduce their involvement in trading.It finally start to reduce again.So holding at this dump is very good.This was the huge amount stolen by the hackers.

gabmen

hero member

Activity: 1246

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Quote from: billknight on June 21, 2018, 03:51:58 AM

Quote from: trupero_uno on June 20, 2018, 01:40:29 PM

Excellent response shown by Bithumb to compensate the users loses with big amount of money, perhaps this responsibility of Bithumb drive the effect to Bitcoin price increasing recently.

Yes, market prices are rising today. When I heard the news of Bithumb being attacked, I panicked and sold my bitcoin asset because I thought the price would fall.

Well it's their responsibility anyways to make sure that they're users' funds are secure. And bithumb being one of the largest exchanges in korea is just right in acting the way they did.

dbshck

staff

Activity: 2454

Merit: 1617

Crypto Swap Exchange

Quote from: lushlife on June 21, 2018, 01:51:23 AM

condolence to those who have lost their money, this is why I don't recommend using an exchange as a way to store btc/altcoins.

No customer will lose their money because Bithumb promised to cover all the stolen coins using their own funds.

Quote from: manggis97 on June 20, 2018, 08:35:56 PM

This bad news only make the market crash a few hours and the price of crypto back to bullish at the moment, look like crypto community still strong and bullish trend will continue, although any bad news but the price still uptrend and this is good thing for crypto market.

Yes, the hacking only caused a slight drop from $6750 to $6650 yesterday, perhaps the full compensation policy minimized the effect. There was also the Tether FUD clarification that brought the price back up to $6800.

odb1

jr. member

Activity: 2016

Merit: 1

Oh this is a huge amount, i think new exchanges should focus on the security first so they can assure safety to their customers, if any customer dont find any security then how they can join new exchanges instead of using the old ones, so i suggest new traders to review the exchange first before using it.

Cript-on.it

newbie

Activity: 49

Merit: 0

Fortunately, they used their money to cover the loss. Centralized exchanges will still be attacked by hackers, no way. Security systems cost a lot and they need a bank like security system, not sure they can afford it.

billknight

jr. member

Activity: 197

Merit: 1

Quote from: trupero_uno on June 20, 2018, 01:40:29 PM

Excellent response shown by Bithumb to compensate the users loses with big amount of money, perhaps this responsibility of Bithumb drive the effect to Bitcoin price increasing recently.

Yes, market prices are rising today. When I heard the news of Bithumb being attacked, I panicked and sold my bitcoin asset because I thought the price would fall.

Srujan007

jr. member

Activity: 99

Merit: 1

Might be a DDOS I believe

yugyug

sr. member

Activity: 616

Merit: 256

Eventhough the Bithumb was attacked i do really admire with their professionalism and their customer support, there is a big risk in running an online exchange site but compensating the customer's losses is quite remarkable unlike those incident way back 4 years ago like those with the Mt. Gox where customoer were left hanging on where to recover their losses. A good customer support indicates a good reliability.

lushlife

newbie

Activity: 280

Merit: 0

condolence to those who have lost their money, this is why I don't recommend using an exchange as a way to store btc/altcoins.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: deadsilent on June 20, 2018, 04:55:03 PM

$32 million stolen funds is not that seriously affect the Bitcoin price despite of this recent hacking. But it is quite alarming because even the best exchange can be hacked. But the good thing is they are going to cover the stolen funds. Unlike other exchange that just disappeared. All exchanges should do this also so people who are using their service are insured. Anyway, the error was at their side. So people should not suffer from that loss.

If it was the "best" exchange then it should not be hacked. What makes an exchange "the best" in your opinion? The biggest?

I believe the best exchange was BTCe. It had enough liquidity for users to trade in high volume, it was also the most secure and was not hacked once but I could be wrong, plus it respected users' privacy.

Too bad it was really part of a money laundering operation. Lips sealed

kakonhat

member

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Crypto in my Blood

It's a very bad news in the current situation. Bithumb is a one of big exchange in Korea. Although I don't like to trade in Bithumb. Becuase my experience in Bithumb was not good. However, not only Bithumb but also all the exchange should increase their security, so we can trade without any worry.

Topic: Bithumb under attack ? (Read 396 times)