Bithump Hacked!!! Again bitcoin price drop?

Baofeng

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Quote from: ClarenceDo on June 24, 2018, 06:18:30 AM

Its true that the price of bitcoin drop after the hack of bithump but bitcoin recover that drop very quickly. Bitcoin always find a way to recover from every situation.I think every cryptocurrency should get more security to avoid this hazard.

The last time I posted and reply on this thread, the effect was not yet fully felt, however, sooner or later, this avalanche of panic will happened, so the price goes to $5800-$5900 if I'm not mistaken. Yes, its a dramatic fall and a lot of investors just decided its time to sell during this panic, which is pathetic in my opinion. I'm glad though that somewhat we have recovered and now the price is pegged at $6200. Just remember that this hack can still happen unless exchanges tighten their grip and be on the look out 24 x 7.

ClarenceDo

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Its true that the price of bitcoin drop after the hack of bithump but bitcoin recover that drop very quickly. Bitcoin always find a way to recover from every situation.I think every cryptocurrency should get more security to avoid this hazard.

Baofeng

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Quote from: Taki on June 21, 2018, 03:40:27 AM

Quote from: IntuitiveCoins on June 20, 2018, 10:15:58 PM

I don't think such news affect the price anymore. I guess people have gotten used to hacks and thefts. And that's a good thing.

Well, the last hack, I guess it was the last week, affected the price, so I doubt that this one is going to be an except.
Hacking becoming regular as I see and add to that exchangers ask from us KYC info, with such temps our private information can easily appear in wrong hands.

It looks like the reported hacked didn't put a significant dent on the market price as bitcoin is currently trading above $6600. I guess investors are already immune or the price has already bottom already and people see this price as the perfect opportunity to get it while the is below $7K. And Bithumb reportedly halted deposits and withdrawals which is a good thing so that the amount of stolen funds should be minimized. And they said that they are going to compensate those who lost money in this hacked.

budismile

jr. member

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News like this that makes the Bitcoin users hot, of course with the news like this Bitcoin will definitely decrease.
The Hackers do not stop to continue looking for loopholes on the Bitcoin network, meaning Cyber crime must always exist. what's a good solution for this Cyber ? it becomes a mystery to everyone until whenever.

Although Bithum returns stolen assets, but the trust of users will be reduced, this is very detrimental to us all

richminded

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Quote from: renes on June 21, 2018, 02:43:44 PM

It does not affect the price of bitcoin and also as litecoin creator charlie lee said a exchange hack does not change the fundamental of any coin, it is not about the coin.

Fundamentally yes, but people are panicking easily on news like this. Well, I hope it will not hurt the market much and this can fixed right away.

Quote from: khaled0111 on June 21, 2018, 07:02:44 PM

30M$ is not a big deal, obviously it didn't affect Bitcoin price, on the contrary, prices are rising.
Bithump team and devs didn't provide detailed information about the hacking process and how the hacker succeeded to access their databases.
Maybe it was an inside job.

It can be an inside job if they are not open about this hacking issues, well no matter what the value of the coin being hacked it still matter as investors looking for the security of their money.

khaled0111

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30M$ is not a big deal, obviously it didn't affect Bitcoin price, on the contrary, prices are rising.
Bithump team and devs didn't provide detailed information about the hacking process and how the hacker succeeded to access their databases.
Maybe it was an inside job.

jeffer8035

member

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this house of change and has me stubborn all the time stealing and negatively affects the community as some Japanese exchange houses should have a good security if not so that they are open every month is the same nose if they do purpose to be news but they really affect make lose money to many people that Korea and Japan fix that security in those exchange houses please

Heavens Gate

newbie

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I think this happened sometime ago no t yesterday. Anyway, the crypto world is beginning to mature and the idea of creating a FUD is no longer a wonderful thing with such losses.
Poor them. Let them strengthen their security networks.

renes

sr. member

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It does not affect the price of bitcoin and also as litecoin creator charlie lee said a exchange hack does not change the fundamental of any coin, it is not about the coin.

HelenS

newbie

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Merit: 0

Today I've read the news that 68 BTCs were stolen from a Ukrainian man.
I think this just makes the price higher.

IntuitiveCoins

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Quote from: Taki on June 21, 2018, 03:40:27 AM

Quote from: IntuitiveCoins on June 20, 2018, 10:15:58 PM

I don't think such news affect the price anymore. I guess people have gotten used to hacks and thefts. And that's a good thing.

Well, the last hack, I guess it was the last week, affected the price, so I doubt that this one is going to be an except.
Hacking becoming regular as I see and add to that exchangers ask from us KYC info, with such temps our private information can easily appear in wrong hands.

I'm not familiar with any hacks last week. I guess I'm out of the loop. Perhaps is just happened to happen at the same time Bitcoin was coming down.

cryptocab

newbie

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Not convinced this news has affected the market at all to be honest. Coincheck hack "caused" a 24hr drop, the Bithump hack "caused" a 24hr increase in price.
Coincheck isn't even a Top 100 exchange, while Bithump is Top 10. Either the market is much more bullish than we think, or these hacks have little effect anymore.
Especially when the amount hacked was a mere $30 million. That's like a percentage of 24 hr volume, basically a drop in the ocean was stolen.

reginalkri

sr. member

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Quote from: smauni on June 20, 2018, 01:48:37 AM

South Korean cryptocurrency exchange Bithumb has been hacked today. The hacker stole 30milion worth crytpo currency. For more information you can visit here : https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

So today another hard dump is coming? What do you think about bitcoin price??

The price is right around where it's been, no hard dump like back in the day after such news. I feel bad for the hack, but on the bright side the fact that there was no dump in promising news.

cryptotaste007

newbie

Activity: 112

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The cost of bitcoin has been falling of late and it is very unfortunate that these sorts of assaults additionally influence the cost of bitcoin. The trades need to fortify their digital security to diminish such assaults sooner rather than later. Such problems will be resolved very soon. Be patient.

Howard1102

jr. member

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The market price did not fall as much when there is information some hackers attacked the Bithumb exchanges. Maybe the news cannot control the price of bitcoin as before.

Thefrolly

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The price is pretty stable and isn't dropping. The market has matured enough in the past few years that some exchange getting hacked doesn't has much negative or big effect on the markets. Also Bithumb has announced that it will pay for the loss its users had to suffer from their own pockets, so thats a good news for them.

rumexx

full member

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Bitcoin price will react according to the holders reaction to the hacking news. If bitcoin holder will not panic and dump the market the price will remain and move according to the market's sentiments. But once the holders panic the price will surely go down.

Taki

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Quote from: IntuitiveCoins on June 20, 2018, 10:15:58 PM

I don't think such news affect the price anymore. I guess people have gotten used to hacks and thefts. And that's a good thing.

Well, the last hack, I guess it was the last week, affected the price, so I doubt that this one is going to be an except.
Hacking becoming regular as I see and add to that exchangers ask from us KYC info, with such temps our private information can easily appear in wrong hands.

Sbdip

newbie

Activity: 49

Merit: 0

I don't see any affection in the market.I think people are more strong handed than before. As they had seen many attacks from which bitcoin was recovered again. so the also knows btc will recover this attack too

2fresh

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Quote from: -Sinner- on June 20, 2018, 01:53:23 AM

Nah, it is just some FUD if the price goes down. No reson to go down, as they already have declared to cover the 30m "loss" with their funds,, so nothing really changed Wink

Ps. Bithumb shoul have paid 28 millions in taxes.. weird that they were hacked of 30m lol

If someone wants to dump 30 million in bitcoin then we will definitely not pump. So I would say it does have it's effects.

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