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Topic: Upbit hack ...going to Huobi Korea! - page 2. (Read 328 times)

hero member
Activity: 2282
Merit: 560
_""""Duelbits""""_
November 27, 2019, 10:26:36 AM
#11
You should describe your thread in detail, not just leaving a link, Upbit hacking is widely discussed on social media, whether it's true hacking or the old way to fool users, the problem was that there were many scam companies with hacking reasons, I'm not an upbit user so I don't know for sure the real problem.
I agree with all of what you wrote, starting with how OP lazily created this thread--and there's already another thread about it, too.

The first thing I thought was that this might not really be a hack, but a Cryptsy or Mt. Gox-type exit scam, but I have no idea what the real truth is.  As I said in another thread, I noticed that Upbit was the object of some sort of fraud investigation in 2018 so who knows what's going on with them.  But at this point nothing would surprise me as far as the claim of "we've been hacked!" goes.  Seems like we've heard that so many times before that the first feeling you get upon hearing it again is one of total cynicism.

Regardless of whether the hack was a real one or not, it looks like they lost a lot of money and I don't think this is going to be like Binance's 700BTC hack that they easily recovered from.  My guess is that this is going to put them under for good.
I don't think upbit has the reserves or size to survive this, 49 million is a lot of funds. I'd expect it to die out (probably an exit scam).

But some say that lost user funds will be compensated and that says safe means Upbit is still responsible for this hacking problem.
Yes, the $ 50 million fund is not small and this could be a drama from Upbit that exudes many people who panic.
legendary
Activity: 3500
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Top Crypto Casino
November 27, 2019, 09:31:03 AM
#10
You should describe your thread in detail, not just leaving a link, Upbit hacking is widely discussed on social media, whether it's true hacking or the old way to fool users, the problem was that there were many scam companies with hacking reasons, I'm not an upbit user so I don't know for sure the real problem.
I agree with all of what you wrote, starting with how OP lazily created this thread--and there's already another thread about it, too.

The first thing I thought was that this might not really be a hack, but a Cryptsy or Mt. Gox-type exit scam, but I have no idea what the real truth is.  As I said in another thread, I noticed that Upbit was the object of some sort of fraud investigation in 2018 so who knows what's going on with them.  But at this point nothing would surprise me as far as the claim of "we've been hacked!" goes.  Seems like we've heard that so many times before that the first feeling you get upon hearing it again is one of total cynicism.

Regardless of whether the hack was a real one or not, it looks like they lost a lot of money and I don't think this is going to be like Binance's 700BTC hack that they easily recovered from.  My guess is that this is going to put them under for good.
full member
Activity: 1099
Merit: 116
November 27, 2019, 09:01:07 AM
#9

I haven't known anything from your short link. A post should minimum precise detail about its pros and cons. Probably you have wanted to say that UpBit exchange has recently been hacked and you are moving from UpBit exchange to Huobi.co Exchange. Right? I believe every exchange should increase its internal security for the safety of the members so that hackers don't do hack and stole the valuable assets of the members.
full member
Activity: 532
Merit: 104
November 27, 2019, 08:29:55 AM
#8
You may be a huobi follower, but specifically introduce what you want to convey to the community. Not that there is such a coarse-looking link.
Houbi is a good trading platform and has never been hacked by hackers but it is completely an exchange from China. Koreans may not like it because the bithumb, upbit and more exchanges was rejected when they offered to build their market in China.
member
Activity: 211
Merit: 55
November 27, 2019, 08:05:35 AM
#7
The amount was significant but not something that can cause trouble in the market or the exchange itself.

Upbit is one of the most used exchanges in Korea along with Bithumb. They already stated they can recover from the hack easily.

Price of Bitcoin is already recovering so nothing much here to talk about except that you should own your private keys and don't trust exchanges. The big exchanges can cover 50million hacks but maybe not more, so it will be your money lost.
hero member
Activity: 2842
Merit: 772
November 27, 2019, 08:00:08 AM
#6
We already have this topic on Upbit hacked.

And I don't understand why going to Huobi? Why not what till everything settles down and see how it goes. Are that OP promoting Huobi here? Lol, Don't get tricked by hidden spam on this forum.
sr. member
Activity: 1554
Merit: 334
November 27, 2019, 07:45:17 AM
#5
OP should have at least give a summary of what happened. Nevertheless, the hack does not seem to affect the prices, but could however be used by whales to induce another artificial dump on the price, further increase baseless FUD and panic-sell on investors, which would do nothing but benefit those who manipulate the market. In such case of manipulation, what we can only do is swim together with them. And even though I'm not a user under Upbit, it's nice to see conpanies taking responsibility even without regulation.
sr. member
Activity: 1722
Merit: 261
Vave.com - Crypto Casino
November 27, 2019, 07:38:51 AM
#4
okay, so if their site gets hacked what's your problem here? do you think they will succeed in playing the drama this time and make news everywhere, I'm already bored with things like this, the price of bitcoin goes back above $ 7300, I see that the exchange doesn't have high volume so there is no effect for the price of bitcoin to fall again, hopefully succeed with other dramas
hero member
Activity: 952
Merit: 513
November 27, 2019, 06:44:08 AM
#3
Well, it looks like it's been confirmed by the Upbit team - https://www.coindesk.com/crypto-exchange-upbit-confirms-theft-of-49m-in-ether.

Looks like there are also millions of other dollars in other crypto-currencies that where also hacked and stolen from Upbit, but the exchange is doing well and it looks like they are not going the scammy way and forcing their customers to pay.

Quote
The exchange said the loss will be covered by its own assets. Meanwhile, withdrawals and deposits have already been suspended as a precaution. The firm estimated that it will take “at least two weeks" for services to be back to normal.
Good move, it's always nice to see exchanges take action for their own mistakes, this is going to solve a lot of the headaches and stress caused by the hack.
sr. member
Activity: 812
Merit: 257
November 27, 2019, 05:47:21 AM
#2

You should describe your thread in detail, not just leaving a link, Upbit hacking is widely discussed on social media, whether it's true hacking or the old way to fool users, the problem was that there were many scam companies with hacking reasons, I'm not an upbit user so I don't know for sure the real problem.
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