Bithumb under attack ? | Bitcointalksearch.org

MoonsGravity

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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

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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

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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

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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

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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

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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

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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

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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.

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

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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

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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

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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

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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

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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

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Might be a DDOS I believe

yugyug

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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

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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

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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

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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.

ariyzt

member

Activity: 602

Merit: 12

that really bad news for us now the price like gonna be down more
$35 million WOW ,, hacker being unsettle nowday
better if we put our ballance or coin/token in cold wallet
saving in exchange now be worrying
but the good think the will recover what their costumer lost

yesyes18

member

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Wow, this is very sad. Exchanges getting hacked are something that keeps on occurring in crypto and it's so bad. Anyways I hope they can get some amounts to compensate back people who have their coins affected.

manggis97

member

Activity: 476

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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.

coinluisa

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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.

Its sad to see and hear that kind of news, I hope they recover this kind of situation and for the hackers karma is every where and it will hunt you forever. That's why we need to be extra careful because we don't know when hackers will be attack.

pitiflin

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Quote from: ralle14 on June 20, 2018, 05:30:15 PM

Quote from: ?? on ??

thats Sad , im dissapointed , i though that this exchange is too "big" for a hack , but as we can see that happend ;/

There's no such thing as too big for a hack. Few years ago Bitfinex was also hacked.

Quote from: pey on June 20, 2018, 03:34:41 PM

The hack is really bad for the market but bithumb announced that they will cover the stolen funds of customers so it is just bad as for the reputation of the exchange and the market.

Doesn't seem that bad prices are still up despite of the recent hack. I don't think it'll ruin their reputation i've seen other exchanges get hacked and people still uses them regularly even though they know that these exchanges could be hacked again that's the risk you have to take when your funds are in an exchange.

Reputation would go down but people who don't care would use it still. No one would use a hacked exchange unless they made really good changes. Would you ever use Mt.Gox if it ever came back? Idiots would keep using the riskier exchanges. Let them, you're not loosing anything and they are, and they know they are the reason why they are losing their money.

Quote from: ?? on ??

thats Sad , im dissapointed , i though that this exchange is too "big" for a hack , but as we can see that happend ;/

No you're not. You just saying bullshit. Get outta here, you doodoo.

MoonsGravity

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I'm glad it didn't really affect the price, I guess people see this as a norm. Too many Bitcoins not in cold storage. I really hope they find the people who did this.

alfs75

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platform for everyday business

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.

This is a good movement and wise decision of the bithumb group in order to protect the asset of there customer and maintain there honor to the public,they secure there website and those remaining fund in there exchanges theu put in another bithumb cold wallet to protect from harmful hackers,actualy this hacking situation is not my first time i heard this kind of story,its happen also in binance,etherdelta and even in parity wallet thats why,if we entrust our crypto coins its better that we have an exchange trading secured and low market caps in order to protect our portfolio.

ralle14

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Quote from: ?? on ??

thats Sad , im dissapointed , i though that this exchange is too "big" for a hack , but as we can see that happend ;/

There's no such thing as too big for a hack. Few years ago Bitfinex was also hacked.

Quote from: pey on June 20, 2018, 03:34:41 PM

The hack is really bad for the market but bithumb announced that they will cover the stolen funds of customers so it is just bad as for the reputation of the exchange and the market.

Doesn't seem that bad prices are still up despite of the recent hack. I don't think it'll ruin their reputation i've seen other exchanges get hacked and people still uses them regularly even though they know that these exchanges could be hacked again that's the risk you have to take when your funds are in an exchange.

Quote from: Rubel23 on June 20, 2018, 02:09:42 PM

I also heard that it got hacked and 35 billion were stolen.Has the hack affected the price of bitcoin?.can anyone explain me this?

It didn't affect the price of Bitcoin.

deadsilent

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$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.

Quote from: Rubel23 on June 20, 2018, 02:09:42 PM

I also heard that it got hacked and 35 billion were stolen.Has the hack affected the price of bitcoin?.can anyone explain me this?

Where'd you get this news? All i know is only $32 million of funds worth of crypto were stolen from Bithumb. 35 billion i think the value of money in korean currency. But good thing Bitcoin is not seriously affected from the recent hack. https://www.coindesk.com/bitcoin-retains-short-term-bull-bias-despite-exchange-hack/

just_Alice

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Yeah, I've heard of these news. But taking into account that it's been third cyber attack already for the last year for Bithumb something seems suspicious here to me. Isn't it possible that they're just simulating all those attacks in order to stay in the public eye?

kotajikikox

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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.

Awts sorry for those people have an investment in bithumb, hoping bithumb get into the normal operation and for the people have an investment hoping bithumb managment get also to the customers their loses, i understand is that not fault of bithumb but its a responsibility of the bithumb management.

vv181

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I'm starting to think the rapid developments of decentralized exchange need to start to happen. Lately, we usually see an exchange getting hacked days by day. I believe it could reasonably be solved with the help of decentralized exchanges. The problems are there is lack of promising and potential of decentralized exchange being developed. The problem is either lack of liquidity and bad UX.

Nick Abimanyu

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Hacking of course is very disturbing and provoked the attention of every user cryptocurrency, especially the disadvantaged side of Bithumb, besides that of course the impact will be felt by some market players though only for a moment. I hope this news is not being used by FUD to manipulate news content in the media.

Quote from: Altcoins enthusiast on June 20, 2018, 02:46:36 PM

Another reason for bitcoin and others cryptocurrencies price to fall. I pray this issues of attacks be rectified and more security be inputed into some of this platforms that are easy to attack. Investing into cryptocurrencies come with it own risk and this is one of those risk.

Not only that, the credibility of Bithumb will surely increase in the eyes of the world as the best exchange.

pey

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The hack is really bad for the market but bithumb announced that they will cover the stolen funds of customers so it is just bad as for the reputation of the exchange and the market.

carlfebz2

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Quote from: MainIbem on June 20, 2018, 02:33:59 PM

When I hear about a hack of exchange, it disturbs. I have the belief that an exchange should be the most difficult to hack. It is similar to a Central Bank being robbed.

However, it is sad it happened, and they are going to compensate any user who is affected.

Nice comparison but central banks is way more secure than on those things who are built online which they are really more prone to attacks at any angles which is entirely different on Central banks but well the idea or concept is just the same. hearing about compensation is somehow surprising thing for me because most hacked exchange wont really take any actions just like what happen on BTC-e.

Quote from: Tytanowy Janusz on June 20, 2018, 05:31:42 AM

they have 400 mil daily volumen what gives us around 0,6 mln daily income from fees. That gives 50 day income. Im not surprised they decided to compensate users loss. 50 day income is not that much cosindering something as syrious as exchange hack. 30 mil is not too much and i think it wont have any long/middle term impact on market.

They would really risk or sacrifice that amount to be patch up on the compensation since they do know their reputation is at risk.

danherbias07

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True. It did happen.
XRP is the target. Now this should be a lesson to other exchanges. First it was Coinrail and now this "Bithumb".
Both are Korean exchange but that doesnt mean others cannot be attacked. Maybe they just found out a weaker side with this two.
They should really upgrade their defenses or else this could happen again. 2 in one month is not a good sign. This could affect the value of our coins.

Altcoins enthusiast

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Another reason for bitcoin and others cryptocurrencies price to fall. I pray this issues of attacks be rectified and more security be inputed into some of this platforms that are easy to attack. Investing into cryptocurrencies come with it own risk and this is one of those risk.

MainIbem

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When I hear about a hack of exchange, it disturbs. I have the belief that an exchange should be the most difficult to hack. It is similar to a Central Bank being robbed.

However, it is sad it happened, and they are going to compensate any user who is affected.

kryptqnick

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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.
Thank you.

That's about 32 millions stolen.

It is very sad that the money was stolen, but the exchange's rate will probably increase a lot now, as they compensated the full amount to their users from their pocket. That's a huge amount of money for them, you know. It's about 10% of the total amount of money circulating on the market. This exchange is very successful, it is good to know they are reliable people.

Quote from: Tytanowy Janusz on June 20, 2018, 05:31:42 AM

they have 400 mil daily volumen what gives us around 0,6 mln daily income from fees. That gives 50 day income. Im not surprised they decided to compensate users loss. 50 day income is not that much cosindering something as syrious as exchange hack. 30 mil is not too much and i think it wont have any long/middle term impact on market.

Well, it is pretty much. They surely made the rights choice, but from I remember from exchange hacks, owners usually don't do anything like that.

Rubel23

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I also heard that it got hacked and 35 billion were stolen.Has the hack affected the price of bitcoin?.can anyone explain me this?

vibingpositively

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They were but for a big time exchange such as them, this will hardly effect anybody's confidence or their customer base. Look at NiceHash after that 70m hack, they are already back and buzzing again and Bithumb will do the same.

Aleister Crowley

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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

trupero_uno

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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.

Tytanowy Janusz

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they have 400 mil daily volumen what gives us around 0,6 mln daily income from fees. That gives 50 day income. Im not surprised they decided to compensate users loss. 50 day income is not that much cosindering something as syrious as exchange hack. 30 mil is not too much and i think it wont have any long/middle term impact on market.

valheru

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Yeah, that's true, sorry to hear that. I Hope bithumb will recover as soon as possible and It is very nice that the customers will be compensated for their losses, it is an appreciated behavior.

kenzawak

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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.

Topic: Bithumb under attack ? (Read 396 times)