Upbit exchange was hacked. 342,000 ETH lost - page 6.

kolonel_x

sr. member

Activity: 1092

Merit: 250

Quote from: masterrex on November 27, 2019, 09:39:40 AM

Its a bad news again! I hope it will not cause another dump? I was wondering why korean base exchange was always suffer from these unfortunate hacking incidents. I think its a high time to upgrade all of the current security protocols to avoid another incident like this. Why not using cold wallets instead of Hot wallet? Cold wallet is much safer so its a good choice to store most of exchange cryptocurrency holdings.

At the moment the price is not yet dumped but do not know tomorrow or a week later whether the hacker will sell all the assets that they have broken.
I am worried about storing assets in exchange because that is not something like this, Upbit and Bithumb become many targets to be hacked whether their security is less secure or what?

inthelongrun

hero member

Activity: 1862

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The Martian Child

These big amounts of crypto hackings are becoming common every year. And every time I hear news like this, I contemplate if crypto currencies can really survive long term and becomes mainstream. You cannot hear banks getting robbed and lost the same kind of amounts. Credit cards and other online fiat payment platforms can also get hacked but it can be tracked where the money goes. This news is disappointing.

the rise

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Activity: 2338

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Quote from: tranduong123 on November 27, 2019, 09:31:36 AM

Huge amount of money, can hackers easily steal such a large amount of money from a leading exchange? I think this may be because Upbit employees themselves took advantage of the platform's loopholes to steal the money.

The South Korean cyber criminal unit is very strict in investigations, if indeed their employees are involved, it will definitely be found. the number of eth hacked is very significant, but maybe the hacker can't break it now because everything can be tracked on etherscan. I remember registering on this exchange when the Klay event appeared a few months ago.

mayukus4life

jr. member

Activity: 277

Merit: 1

It’s for this kind of occurrences that it’s always advisable not to leave your funds on exchange. With these hacks being perpetrated and no remedy seem to be on sight though I think some exchanges has more sophisticated security measures than others. Upbit is one of the major exchangers and as such this event might send wrong signals to some investors/traders.

masterrex

full member

Activity: 1820

Merit: 107

Its a bad news again! I hope it will not cause another dump? I was wondering why korean base exchange was always suffer from these unfortunate hacking incidents. I think its a high time to upgrade all of the current security protocols to avoid another incident like this. Why not using cold wallets instead of Hot wallet? Cold wallet is much safer so its a good choice to store most of exchange cryptocurrency holdings.

tranduong123

copper member

Activity: 714

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Huge amount of money, can hackers easily steal such a large amount of money from a leading exchange? I think this may be because Upbit employees themselves took advantage of the platform's loopholes to steal the money.

mirtotanota

copper member

Activity: 92

Merit: 79

Quote from: VanDeinsberg12 on November 27, 2019, 09:20:27 AM

Quote from: mirtotanota on November 27, 2019, 06:49:56 AM

Quote from: ?? on ??

Only, Ethereum was stolen? So bad this hacking always happen, also on big exchanges like Binance happen, but if they say will cover then will cover the loss. Maybe the price of ETH will go lower but i think they will not sell so fast all coins.

Yes only eth stolen, I don't know how hackers can hack wallets and exchanges they are protected but some people can easily hack these exchanges

Maybe the internal of upbit was doing a fault that was opening the vulnerability for the upbit hackers to take all of the ethereum. but from what i can see the hacker is still sending more and more small amounts of ethereum from the various wallet. I hope all of exchange sites can create a cooperation to track the hackers.

even if they track these hackers i think they could not find those hackers, its reminds me mt.gox
mt.gox promise their memebers that return member's money but they are still change deadline time

Inkdatar

hero member

Activity: 1582

Merit: 523

Quote from: anog on November 27, 2019, 09:06:12 AM

This is really bad when the market is pushed down he added there was this incident.

I do not understand when the exchange is really safe for all parties concerned and there are no events like this anymore?

Indirectly this will reduce interest for new crypto actors when they hear news like this.

This is really may affect the price to continues decline although eth is already not progressive in the market. Sad to hear there is another exchange was hacked, and it is not really safe to store huge of amount of crypto. Indeed this will added a less of interest in crypto that security is not that good but let's be more positive since upbit exchange will cover the lost eth.

VanDeinsberg12

hero member

Activity: 1540

Merit: 507

Quote from: mirtotanota on November 27, 2019, 06:49:56 AM

Quote from: ?? on ??

Only, Ethereum was stolen? So bad this hacking always happen, also on big exchanges like Binance happen, but if they say will cover then will cover the loss. Maybe the price of ETH will go lower but i think they will not sell so fast all coins.

Yes only eth stolen, I don't know how hackers can hack wallets and exchanges they are protected but some people can easily hack these exchanges

Maybe the internal of upbit was doing a fault that was opening the vulnerability for the upbit hackers to take all of the ethereum. but from what i can see the hacker is still sending more and more small amounts of ethereum from the various wallet. I hope all of exchange sites can create a cooperation to track the hackers.

anog

sr. member

Activity: 1031

Merit: 251

bullsvsbears.io

This is really bad when the market is pushed down he added there was this incident.

I do not understand when the exchange is really safe for all parties concerned and there are no events like this anymore?

Indirectly this will reduce interest for new crypto actors when they hear news like this.

desticy

sr. member

Activity: 1512

Merit: 292

www.cd3d.app

Quote from: samuraijin on November 27, 2019, 08:58:09 AM

I have read this news everywhere, but what influences the price of ETH and BTC, I hope that hackers throw ETH far cheaper now of course I will take it, but if it is not thrown away I suspect it is not the work of hackers but the people in it who make the situation market to be more bloody, I am not interested in following their airdrop and also not interested in putting my money there, I still doubt the Korean site since Bithumb was hacked

The fact is that, according to KZ Binance, he and other exchange market players are going to monitor and prevent deposits of funds stolen from Apbit, this was said in the official twitter of Binance.
This is already pretty good news that will help protect the market to some extent from the drain of stolen funds. However, hackers are not stupid and can sell stolen goods outside the exchanges.

dataispower

sr. member

Activity: 1330

Merit: 289

This is the more reason why keeping funds for a long time on centralised exchanges is a very big risk. Who would have thought UPBIT of all exchanges will be hacked in this manner. When I saw the announcement, I wasn't so surprised because it can happen to any exchange. Let's forget about the tight security claims, there are some hackers always ahead of the game. But why are all these bad news coming up now, ( IDAX scam, UPBIT hack) in this dwindling market 🤔 ?

samuraijin

sr. member

Activity: 1834

Merit: 261

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I have read this news everywhere, but what influences the price of ETH and BTC, I hope that hackers throw ETH far cheaper now of course I will take it, but if it is not thrown away I suspect it is not the work of hackers but the people in it who make the situation market to be more bloody, I am not interested in following their airdrop and also not interested in putting my money there, I still doubt the Korean site since Bithumb was hacked

[email protected]

full member

Activity: 1120

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Quote from: MUG1WARA on November 27, 2019, 08:01:59 AM

was very surprised when I heard this bad news. Will they really be able to cover losses due to hackers? of course this will also have bad impact on exchange

more sustainable adverse effects occur on the crypto market as a whole. because investor confidence can decline with events like this. now we must learn from this incident because we must be able to choose the best exchange to store our crypto assets or we can store it in a personal wallet to be more secure.
Can or not upbit overcome the disadvantages of this problem, of course, they must be responsible if there are losses relating to their community. if they can be dealt with quickly they can regain market confidence.

Bananington

sr. member

Activity: 1470

Merit: 428

When I saw the news about UPBIT hack, I was highly astonished since that exchange is cool, I thought probably there will be very advanced security protocols to overcome hacks. Well, hackers keep coming up with more sophisticated techniques to bypass existing security protocols. I hope this won't cause more downtrend for the market, since bad news quickly spread.

bassbity

sr. member

Activity: 1092

Merit: 284

Quote from: ragavancoin on November 27, 2019, 07:33:30 AM

Really bad day for upbit exchange because they are lose 342, 000 ethereum coins due to hackers. Why upbit not update the security system for exchange, because I know that in may 2019 some hackers attempt to hack upbit exchange but this they are successful done and stolen worth of 48.7 million eth coins.

Good news that upbit going to cover the lose. But I want to know can upbit recover the funds from hackers?

Yes this is sad news for Upbit users throughout it, with a large number of hacked ETHs (342,000 Ether) and hackers currently still not selling ETH and prices are still quite stable at the start there is indeed a decline maybe people panic so sell in a hurry .
Upbit Exchange has a large responsibility for the incidents of this problem so that user funds remain intact.

MUG1WARA

full member

Activity: 1008

Merit: 101

was very surprised when I heard this bad news. Will they really be able to cover losses due to hackers? of course this will also have bad impact on exchange

Landak

hero member

Activity: 1386

Merit: 503

This upbit grrrrrrr Angry

, it sounds like a drama deliberately made to reduce the price of bitcoin to the lowest point so that they (don't know who is behind it) can buy as much bitcoin as possible at the lowest price, and to prepare for halving bitcoin. (first dump and then pump)

nicster551

sr. member

Activity: 896

Merit: 253

Bad moment we are in, after all this dumps we have faced then we will see one of the top exchanges get hacked. This isnt good for the whole market for sure,we can still expect a few more dumps on ETH specifically. But good to hear that upbit wants to cover for that stollen funds.

DaMut

sr. member

Activity: 1274

Merit: 263

they are suspending their withdrawal and deposit for two weeks, it seems like they have a feeling it was an insider.
this incident reminds us again that holding your asset on the exchange is unwise, always keep it inside your wallet.
if you have assets on the exchange right now, withdraw it to prevent you from getting hacked.

Topic: Upbit exchange was hacked. 342,000 ETH lost - page 6. (Read 933 times)