BTC38 hot wallet got hacked and lost 1.5 million - page 2.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: pinkflower on January 01, 2017, 12:15:34 AM

Quote from: lottery248 on December 31, 2016, 09:53:29 PM

i don't think this post is in the "bitcoin duscussion" session but the "press release" instead.
anyway, the reason of wallet being hacked, IMO is because China, if that site is from that region, is regulating their data excessively strict or harsh, most of the unnecessary data gone exposed, or their datacentre link was stolen during the Chinese monitoring. Huh

But this is not just a press release. This is actual news that needs to be discussed given the serious nature of it. If there are any BTC38 users here, how are they taking this news? Is there a massive exit from their exchange?

as far as i know BTC38 is a Chinese exchange and to find out more you either have to check out the site itself to read the news in Chinese or you can visit http://news.8btc.com which is the Chinese bitcoin community, you may find more information there regarding this.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: lottery248 on December 31, 2016, 09:53:29 PM

i don't think this post is in the "bitcoin duscussion" session but the "press release" instead.
anyway, the reason of wallet being hacked, IMO is because China, if that site is from that region, is regulating their data excessively strict or harsh, most of the unnecessary data gone exposed, or their datacentre link was stolen during the Chinese monitoring. Huh

But this is not just a press release. This is actual news that needs to be discussed given the serious nature of it. If there are any BTC38 users here, how are they taking this news? Is there a massive exit from their exchange?

lottery248

legendary

Activity: 1582

Merit: 1006

beware of your keys.

i don't think this post is in the "bitcoin duscussion" session but the "press release" instead.
anyway, the reason of wallet being hacked, IMO is because China, if that site is from that region, is regulating their data excessively strict or harsh, most of the unnecessary data gone exposed, or their datacentre link was stolen during the Chinese monitoring. Huh

MarcoPoloniex

newbie

Activity: 1

Merit: 0

another hot wallet bites the dust

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Some of these "hacks" are really inside jobs done with the knowledge of the owners and might also be exit scams. There are some people who say that most of the Bitcoin and altcoin exchanges do not make enough money to maintain their operations if they intend to be up for a very long time. This is not the New York Stock Exchange here people. These are mom and pop operations with little capital.

UGMZ

newbie

Activity: 14

Merit: 0

The reason behind all the hacking when the price starts to rise is down to the value nothing more..

Why would a hacking group spend months, working on a site or trying to gain access to the admin accounts by what ever method if the reward is low. or there is no demand for what they plan to steal..

I think when price rises people should be very careful leaving funds in exchanges or casinos or games, because they all become targets for hackers when the price gets high.

Withdraw your funds if you have them tucked away on ANY site. get them in your wallet take control!

If you need to trade or play put only what you need into the accounts!!

Don't let 2017 be a repeat of previous years. We all know the MTgox and other high profile hacks happened when the price went up!

Youresioure

full member

Activity: 162

Merit: 100

Reich mir die Hand

Look out, the legendary price's coming and hacking attempts become more serious. Hacking attempt could be insider job, too. I'd say, it's USUALLY an insider job. Not in all cases are the whole Staff with the attackers, but usually there's an inside contact. If a similar case happens at an exchange, I become more curious about the developer team, too. Do you know their names? Are they legit people? Important questions.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: hl5460 on December 28, 2016, 12:32:30 AM

Quote from: merchantofzeny on December 27, 2016, 12:12:50 AM

Hi I'm just new to bitcoin, what would this mean for the people who have money in that exchange? I suppose it would be near impossible for them to get their money back since it's not like a bank with government insurance.

I don't have a whole bitcoin yet but what's the best way to store them other than using hardware/paper wallets? Are online wallets good enough if you enable two-step authentication?

I believe these hacking incidents is one of the reasons people are having doubts using bitcoin to store their savings. I know it could be no better at different things but at least banks do have insurance and if they're "too big to fail" the government would step in in case of collapse.

btc38 covered all the losses.

If they did then that means they are 1.5 million US dollars in the hole. Sooner or later they would have to look for a way to cover that hole. In the history of all exchanges that came and went in Bitcoin, we have seen them make a run for it with customer funds.

theothersmith

newbie

Activity: 22

Merit: 0

Go 100% cold with hardware wallet. Ptoblm solved?

marseille

hero member

Activity: 938

Merit: 500

So many hacks, the bitcoin online wallet is very vulnerable. So better to encrypt the wallet and keep it offline for the max safety. This is a real problem and since Mt Gox I have no confidence on the online wallet.

Monnt

legendary

Activity: 938

Merit: 1002

Quote from: SvenBomvolen on December 27, 2016, 02:02:35 AM

Quote from: TastyChillySauce00 on December 27, 2016, 01:42:00 AM

Quote from: strasboug on December 27, 2016, 01:27:40 AM

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

In my opinion, if the online wallet providers such as exchangers want to replace their client's losses because of the hacking it's not going to be a problem. But yeah saving in the offline wallet will be more encouraged but it's still having security risks. Just if you've been installing some sort of cracked programs or even using many pirated software, don't expect perfect security then

Anyone can become target, hackers can make big problems. Great that this exchanger plans to refund all stolen money, building trust is most important thing, I doubt this will have impact directly on bitcoin. We need to be feel safe, before every installation check twice where its from, dont instal everything on computer. Good antivirus, anti malware, check your computer from time to time and everything will be ok.

It is strange because I thought that bitcoin is very secured , since the bitcoin address changes constantly, and form my personal experience the wallet I use sends you a password to your phone via SMS if your wallet gets logged on from another IP address other than yours , so it is very secure , so as you said the hacker must have put a virus into the PC so he could know the password .

merchantofzeny

sr. member

Activity: 1036

Merit: 279

Would those people get their money back? I'm guessing no. When hacks like this happen, do all people with btc in the exchange lose their coins or some accounts remain untouched?

hl5460

legendary

Activity: 1621

Merit: 1000

news.8btc.com

Quote from: merchantofzeny on December 27, 2016, 12:12:50 AM

Hi I'm just new to bitcoin, what would this mean for the people who have money in that exchange? I suppose it would be near impossible for them to get their money back since it's not like a bank with government insurance.

I don't have a whole bitcoin yet but what's the best way to store them other than using hardware/paper wallets? Are online wallets good enough if you enable two-step authentication?

I believe these hacking incidents is one of the reasons people are having doubts using bitcoin to store their savings. I know it could be no better at different things but at least banks do have insurance and if they're "too big to fail" the government would step in in case of collapse.

btc38 covered all the losses.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: kacang on December 25, 2016, 07:21:32 AM

And again, when bitcoin price spiked then come a bad news
maybe this is staged lol

Its that or the hackers know when the right time is to strike and make the most money. It is funny because if it is staged, what theyre doing is not really working. BTC keeps going up and up.

SvenBomvolen

hero member

Activity: 588

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Quote from: TastyChillySauce00 on December 27, 2016, 01:42:00 AM

Quote from: strasboug on December 27, 2016, 01:27:40 AM

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

In my opinion, if the online wallet providers such as exchangers want to replace their client's losses because of the hacking it's not going to be a problem. But yeah saving in the offline wallet will be more encouraged but it's still having security risks. Just if you've been installing some sort of cracked programs or even using many pirated software, don't expect perfect security then

Anyone can become target, hackers can make big problems. Great that this exchanger plans to refund all stolen money, building trust is most important thing, I doubt this will have impact directly on bitcoin. We need to be feel safe, before every installation check twice where its from, dont instal everything on computer. Good antivirus, anti malware, check your computer from time to time and everything will be ok.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: strasboug on December 27, 2016, 01:27:40 AM

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

In my opinion, if the online wallet providers such as exchangers want to replace their client's losses because of the hacking it's not going to be a problem. But yeah saving in the offline wallet will be more encouraged but it's still having security risks. Just if you've been installing some sort of cracked programs or even using many pirated software, don't expect perfect security then

icqcointokenwallet

full member

Activity: 259

Merit: 101

Digital crypto currency is new to all. Many issues and virtues are yet to be explored. First rule of thumb, always be your own bank. Back your wallets passwords and private keys securely.

strasboug

sr. member

Activity: 504

Merit: 250

There are a long list of the online wallet being hacked since the inception of the bitcoin, and for that reason I don't keep my bitcoin in online wallet for long, often just use it for trading. There are still too much security issues there.

merchantofzeny

sr. member

Activity: 1036

Merit: 279

Hi I'm just new to bitcoin, what would this mean for the people who have money in that exchange? I suppose it would be near impossible for them to get their money back since it's not like a bank with government insurance.

I don't have a whole bitcoin yet but what's the best way to store them other than using hardware/paper wallets? Are online wallets good enough if you enable two-step authentication?

I believe these hacking incidents is one of the reasons people are having doubts using bitcoin to store their savings. I know it could be no better at different things but at least banks do have insurance and if they're "too big to fail" the government would step in in case of collapse.

hl5460

legendary

Activity: 1621

Merit: 1000

news.8btc.com

Quote from: carlfebz2 on December 25, 2016, 09:56:13 PM

Quote from: Danimore on December 25, 2016, 11:50:33 AM

Quote from: hl5460 on December 22, 2016, 01:37:42 AM

2 hours later, another 8btc thread gave out the true reason: BTC38 was hit by a hacker with approximate loss of 1.5 million RMB.

“As a result of the server logic problems on 21st Dec, more than 10 million Bitshares, over 10 million NXT and some BTC/LTC were stolen from the exchange’s hot wallet (estimated total loss of 1.5 million RMB). We shut down the server immediately and stayed up all night to fix the problem. We have reviewed our wallet deployment plan and made new adjustments. We will take full responsibility for the total loss of the digital asset (market buyback).” The most important assurance is that all funds are safe in the hands of BTC38.
BTC38 explained the delay to calm down the market:“As we are currently redeploying the wallet, the service for certain coins will be resumed gradually.”

http://news.8btc.com/exclusive-btc38-hot-wallet-got-hacked-and-lost-1-5-million

I'm sure that this reason makes BTC market being down. That 's so boring .
Hacking is always central everytime BTC rises up.

Agree with this, i dont know if its a curse or just a normal thing on which when bitcoins price is already rising gradually and we love to see it on its high price and thats the time there are news regarding on hacks or stolen huge amounts of bitcoin.This would definitely affects bitcoins price for sure.

Maybe it's just the minor amount. Another thing the keepkey email and twitter are compromised.

https://www.reddit.com/r/Bitcoin/comments/5kcwba/keepkeys_twitter_email_compromised/

Topic: BTC38 hot wallet got hacked and lost 1.5 million - page 2. (Read 15719 times)