Cryptopia Hacked. Will BTC Crash? - page 2.

exstasie

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Quote from: 1Referee on January 24, 2019, 06:54:44 PM

Quote from: exstasie on January 24, 2019, 04:39:13 PM

Plus, hacked coins aren't very fungible. After police and blockchain analytics companies get involved, thieves can't easily cash out.

The interesting aspect of these hacks, while they are horrible events for those who are affected, is that they make sure that a lot of coins are taken out of circulation, because as you also pointed out, there is very little incentive to have them be sent to a centralized exchange with the risks of losing these coins.

Outside of the initial market shock, it reinforces demand too. People who lose bitcoins in an exchange hack will want to reaccumulate their coins. So not only are the hacked coins being removed from circulation, but new demand (from old buyers) is being created too.

1Referee

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Quote from: exstasie on January 24, 2019, 04:39:13 PM

Plus, hacked coins aren't very fungible. After police and blockchain analytics companies get involved, thieves can't easily cash out.

The interesting aspect of these hacks, while they are horrible events for those who are affected, is that they make sure that a lot of coins are taken out of circulation, because as you also pointed out, there is very little incentive to have them be sent to a centralized exchange with the risks of losing these coins.

Of course, it doesn't mean these coins won't eventually find their way to an exchange, but hey, it will be a very time consuming process, and it requires the hackers to properly distribute coins in a way that if an exchange happens to notice shady activity, they only lose a small percentage instead of all "their" coins.

exstasie

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Quote from: Kevin77 on January 24, 2019, 01:43:02 PM

This will continue to be a threat to bitcoin for a longer period of time for two reasons.

First one is that we don't know how much of the hackers accounts got frozen so we don't know how much bitcoin they got away with and how much they cashed out. So, there could be some hackers with a lot of money going about their day until one day they decide to sell it all and cash it to fiat currency making bitcoin less valuable and drop the price.

Cryptopia was tiny. It's not a threat in terms of supply. This guy did some sleuthing on their Bitcoin wallets and it looks like they had less than 400 BTC on deposit.

Plus, hacked coins aren't very fungible. After police and blockchain analytics companies get involved, thieves can't easily cash out.

Kevin77

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This will continue to be a threat to bitcoin for a longer period of time for two reasons.

First one is that we don't know how much of the hackers accounts got frozen so we don't know how much bitcoin they got away with and how much they cashed out. So, there could be some hackers with a lot of money going about their day until one day they decide to sell it all and cash it to fiat currency making bitcoin less valuable and drop the price. We will never know if that will happen or not, its a constant threat, hell we don't even know if the mt.gox hackers still hold any coins or not.

Second is that crypto got hacked and they are a pretty big exchange, not the biggest of course but they are up there and any trader who has traded there knows that they are a fine exchange, if they got hacked that means some others could get hacked too, that is a threat for all exchanges and all traders that we need to live with constant fear of happening.

erikoy

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Quote from: shoreno on January 19, 2019, 06:29:22 AM

That depends on the amount of coins stolen and on the situation . let say hackers stole a large quantity of cryptos and then they sell it imediately to other online exchanges . its obvious that it can have a major effect to the entire crypto market but if they only stole small time , that wont cause any noticeable movements even they if hodl or sell their stolen coins .

I guess most of the exchanges that are being hacked were having huge amount will be stolen. Just take the ETC coin as an example where it was being told that the hackers has bag to almost 200K USD of amount of ETC being stolen. THis is really made an influence to bitcoin market price. The problem is that many were getting some worries that other exchanges may undergone hacking also.

adaseb

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Quote from: Cryptock on January 23, 2019, 03:31:46 PM

I do not know how long people, which write in this thread, are interested in the cryptocurrency market, but I am sure that no one has any idea what a catastrophe on the cryptocurrency market is. This accident that happened to Cryptopia does not matter. At this moment, it is less than 0.1% of the market.
If you want to express yourself here, then first analyze the real catastrophe which was the fall of Mt.Gox. Then you will see that this is just small accident, some news, and nothing more.

When exchanges get hacked, it actually is pretty catastrophic to the markets. When Bitstamp got hacked in Jan 2015, it caused BTC to crash to new yearly lows when it broke below $200 briefely.

Then there is the Bitfinex hack which was in Aug 2016 and caused price to crash while correcting a few days afterwards.

So it does impact the markets however Crytopia is a smaller exchange and there are almost 100 exchanges these days so each and every hack out there has less of an impact than it did during the MtGox days.

Cryptock

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I do not know how long people, which write in this thread, are interested in the cryptocurrency market, but I am sure that no one has any idea what a catastrophe on the cryptocurrency market is. This accident that happened to Cryptopia does not matter. At this moment, it is less than 0.1% of the market.
If you want to express yourself here, then first analyze the real catastrophe which was the fall of Mt.Gox. Then you will see that this is just small accident, some news, and nothing more.

chulos

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I do not think hack cryptopia would affect the price of bitcoin. With cryptopia, i was extremely satisfied, so i hope it will be reopened.
Fortunately, i do not leave cryptos on exchange wallets. Whether or not there was a hidden intention, we may find it in the future.
Now i would not evaluate it - is still early.

Oceat

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Quote from: semobo on January 22, 2019, 05:03:45 PM

Quote from: bitcoin31 on January 21, 2019, 09:12:55 AM

It is bad because what if they sell their bitcoin.

No price decline yet so which means is that really bitcoins were stolen from that exchange?

Or they already moved their funds long time before now act like they got hacked.

It didn't occur that much since the funds were found already and the hacker tries to use it on Binance while CZ is being alarmed by the social media people, they just froze the account immediately.

cryptopia-hack-binance-freeze

Prior to that hacking incident but it did not affect the market since it is not BTC that they stole if you look at the news.

Quote

The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) $0.23957 +0.58%, $6,750 in KyberNetwork coin (KNC) $0.13702 +0.16%, $7,181 OmiseGO tokens (OMG) $1.29558 +0.11%, and $8,724 in EnjinCoin (ENJ) $0.03476 +0.41%. All of it totals around $30,000.

crzy

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Quote from: DonFacundo on January 20, 2019, 11:57:04 PM

I don't think that bitcoin will crash because of the cryptopia hacked, I think it will not affect the price of bitcoin because cryptopia is not a big exchange. Too bad their exchange still not yet resolve.

Yes and bitcoin doesn’t move negatively because of this news. It looks like an internal crash with that exchange and maybe they will be having a hard time to resolve the issue. The market now are not making any reactions on this kind of news, maybe investors are already over come the fear and that’s they keep on buying and holding.

sunanbonang

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Quote from: semobo on January 22, 2019, 05:03:45 PM

Quote from: bitcoin31 on January 21, 2019, 09:12:55 AM

It is bad because what if they sell their bitcoin.

No price decline yet so which means is that really bitcoins were stolen from that exchange?

Or they already moved their funds long time before now act like they got hacked.

it seems like they can only take a little bitcoin or they still don't sell their bitcoin, I'm not sure how many bitcoins they have managed to take, but my feeling says there are a lot of bitcoins they take.

semobo

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Quote from: bitcoin31 on January 21, 2019, 09:12:55 AM

It is bad because what if they sell their bitcoin.

No price decline yet so which means is that really bitcoins were stolen from that exchange?

Or they already moved their funds long time before now act like they got hacked.

seoincorporation

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Quote from: Slow death on January 18, 2019, 10:45:36 AM

Quote from: alexey14 on January 15, 2019, 07:22:52 AM

Cryptopia Hacked. Will BTC Crash?

No, why the hell did you think about this?

Quote from: alexey14 on January 15, 2019, 07:22:52 AM

I think they eat people money and than they say their Exchange hacked.

Hack or Exit Scam? Cryptopia Users’ Millions of Dollars at Risk of Loss

Cryptopia Alleged Hack: Police Are on the Case While Community Tracks Down Stolen Funds

Binance Freezes Hacked Cryptopia Funds, Raises Questions Around Cryptocurrency Fungibility

Great articles, do you change the paradigm, now i{m not sure if they really get scammed or make this as a wise move to play the victim roll.

Some people think they are just smarter and they can do any nasty move, but at the end always the truth comes by it self.

bitcoin31

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It is bad because what if they sell their bitcoin. Those hackers maybe sell their bitcoin that get from the cryptopia unless they invested it to other project for sure don't have effect on that. But if the bitcoin funds of cryptopia is onlu hundred pieces of the bitcoin maybe still have effect but only a little because that is not big like what the other have.

VeeraS

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Quote from: alexey14 on January 15, 2019, 07:22:52 AM

Cryptopia Hacked. Will BTC Crash?
I think they eat people money and than they say their Exchange hacked.

I don't think there have been any significant changes to the marketcap. so maybe it's just a rumor, I don't know for sure.
or maybe every bitcoin transaction on another exchange has been anticipated as said by the founder of binance

sunanbonang

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it won't make bitcoin die, but that will make bitcoin almost die. if the exchange hacked is Binance or Bittrex, that might be the end of bitcoin. it looks like we won't see a bull anytime soon Cry

RivAngE

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What doesn't kill you, makes you stronger

Quote from: figmentofmyass on January 20, 2019, 05:21:17 PM

Quote from: BLAST2MARS on January 20, 2019, 03:53:24 PM

It's under maintance as of this moment and it's almost a week. Well, you know guys what that means. It means bye bye to your precious btc and altcoins there if you stored it there because the exchanges are surely finalizing their magical exit.

i highly doubt this was a exit scam. cryptopia went straight to the police; that was publicized rather quickly. and as crappy as cryptopia was, it definitely had company equity worth more than the few million bucks the hacker got away with. an exit scam just seems illogical.

it might have been an inside job though (one or more employees trying to make it look like a hack). that's the perpetual fear with exchanges---there's a whole company of staff and directors who have much easier access to customer funds than outside hackers do.

the hacked amount appears low enough that a bailout by an angel investor is still possible.

Hopefully it will be an inside job, this has the highest chances of catching the thief. They can check logs, cameras, interrogate people, someone might know or might have seen something, someone might try something suspicious as flying to another country or buy a new house. Catching a hacker from the outside will be much harder... the best we could hope is that the funds are frozen the moment they enter another exchange and transferred back to Cryptopia/police.

And.... let's keep the conversation here: https://bitcointalksearch.org/topic/m.49345067 Tongue

This thread's subject is about the effect of BTC's price and after so many days I'd consider it finite.

DonFacundo

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I don't think that bitcoin will crash because of the cryptopia hacked, I think it will not affect the price of bitcoin because cryptopia is not a big exchange. Too bad their exchange still not yet resolve.

hatshepsut93

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Quote from: alexey14 on January 15, 2019, 07:22:52 AM

Cryptopia Hacked. Will BTC Crash?
I think they eat people money and than they say their Exchange hacked.

Historically, we've seen Bitcoin ignoring much bigger exchange hacks, so there's no reason why Cryptopia should have any influence on Bitcoin's price. And you can see how Bitcoin's price barely changed since Cryptopia's hack. We're no longer in 2014, people got used to the fact that exchanges suck, no one confuses exchange hack with network hacks anymore.

figmentofmyass

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Quote from: BLAST2MARS on January 20, 2019, 03:53:24 PM

It's under maintance as of this moment and it's almost a week. Well, you know guys what that means. It means bye bye to your precious btc and altcoins there if you stored it there because the exchanges are surely finalizing their magical exit.

i highly doubt this was a exit scam. cryptopia went straight to the police; that was publicized rather quickly. and as crappy as cryptopia was, it definitely had company equity worth more than the few million bucks the hacker got away with. an exit scam just seems illogical.

it might have been an inside job though (one or more employees trying to make it look like a hack). that's the perpetual fear with exchanges---there's a whole company of staff and directors who have much easier access to customer funds than outside hackers do.

the hacked amount appears low enough that a bailout by an angel investor is still possible.

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