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Exclusive: BTC38 hot wallet got hacked and lost 1.5 million

All transactions were halted on btc38 21st Dec, the Winter Solstice, around 15PM in the afternoon. Then a public notice in the official qq group of BTC38 was released to assure traders that the temporary shutdown was due to “server failure” and their funds were safe. The site was expected to go live in midnight.
btc38-qqgrou

BTC38 notice on service shutdown from QQ group

Some time before the midnight, another post on 8btc disclosed that BTCTRADE had acquired BTC38, citing a screenshot that the copyright of BTC38 was owned by JUWEI(Beijing) Technology Company. And JUWEI(Beijing) is the operator of JUBI exchange, whose mother company is BTCTRADE.

The anxiety kept on rising as BTC38 did not resume service at 12PM as promised. The acquisition rumor actually pushed the suspense to a higher level in the midst of uncertainty despite the denial from Tame Huang, CEO of BTC38.

Trading on BTC38 finally resumed at 4AM today, leaving a 200-yuan gap on the price chart.

200yuan

BTC price jumped 200 yuan during the  shutdown hours

2 hours later, another 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.”

The acquisition rumor was also clarified: an employee mistakenly type ZHIWEI into JUWEI in the service agreement of user registration.
The market price of BTS and NXT seems unaffected. The settlement plan was applauded by Maya:

The reaction of BTC38 is a good example for crisis handling for other exchanges.

Tame Huang told 8btc more details:

One of our colleagues was hit by Trojan and his account info was leaked. Hacker managed to gain access to the hot wallet through the leaked account.

He said:

We have some leads to identify the hacker and contacted cyber police authority to track down the thief. Meanwhile, we take other measures to reduce the risk. First we will reduce the balance in our hot wallet. Secondly the security software will be upgraded across the company. Finally we will put hot wallet in an isolated data center, allowing access only from designated address and applying manual review on withdrawal above certain amounts.

Earlier this month, BTC38 has announced a new policy to offer 0 transaction fee for enterprise users. But recently we have witnessed huge surge of altcoin trades on Yuanbao exchange.

BTC38, Yuanbao, Jubi are usually considered the top 3 altcoin exchanges in China. Bter lost 50 million NXT in 2014 but the deadly blow was another hacking loss of 7,710 BTC in 2015.

COMMENTS(118)

  • hl5460
    2 months ago hl5460

    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

  • MingLee
    2 months ago MingLee

    Holy shit.I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn’t get too interested in it.You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

  • sportis
    2 months ago sportis

    Quote from: MingLee on December 22, 2016, 06:45:45 AM
    Holy shit.I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn’t get too interested in it.You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

    What concerns me is not only the amount of money have been lost but how easy site’s security gap found and they fell victim of hacking. This proves that administrators, and anybody is responsible about security of these exchange sites must be anytime in alert because even though they said that they take full responsibility about digital assets loss they lost forever their customer’s faith.

  • Pursuer
    2 months ago Pursuer

    yet another place hacked and a big amount of money stolen and we are still not seeing any change in these services security measures. and people are also continue trusting them with their money.I wonder when this is going to change if ever!

  • Kakmakr
    2 months ago Kakmakr

    Quote from: MingLee on December 22, 2016, 06:45:45 AM
    Holy shit.I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn’t get too interested in it.You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

    The conversion rate is 1 RMB = 0.145 USD, so they got away with about $217801.66 USD if my calculator is working correctly. The users will not be affected in any way, because the exchange already said that they will cover the losses. Why do we always see “hacks” when the Bitcoin price breaks out? People should not store large amounts of coins on these exchanges, but they are not listening and when this happens, people lose a lot of money and then they blame Bitcoin.  

  • hl5460
    2 months ago hl5460

    Quote from: MingLee on December 22, 2016, 06:45:45 AM
    Holy shit.I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn’t get too interested in it.You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

    Divide by 7, it’s around 200k USD

  • hl5460
    2 months ago hl5460

    “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

  • tmpxeroc
    2 months ago tmpxeroc

    Steem was there first https://steemit.com/bitcoin/@xeroc/btc38-hacked-1482331504-65494

  • bering
    2 months ago bering

    after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

  • hl5460
    2 months ago hl5460

    Quote from: bering on December 22, 2016, 08:52:43 AM
    after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

    Price of bitshares and nxt seems to be stable.

  • RealPhotoshoper
    2 months ago RealPhotoshoper

    Quote from: Pursuer on December 22, 2016, 08:02:33 AM
    yet another place hacked and a big amount of money stolen and we are still not seeing any change in these services security measures. and people are also continue trusting them with their money.I wonder when this is going to change if ever!
    yeaa i even wondering is all this time hacked issue in exchanges just a mere drama?too much incident within a year involve ‘exchange’ and ‘hack’.are they did not even learn? or they are actually a great hacker group that operating in bitcoin exchanges hack.

  • LFC_Bitcoin
    2 months ago LFC_Bitcoin

    People know the risks of keeping lots of coins on exchanges, they can’t say they don’t know the risks. Difference is now the price doesn’t get affected by stuff like this.

  • 1Referee
    2 months ago 1Referee

    Quote from: Pursuer on December 22, 2016, 08:02:33 AM
    yet another place hacked and a big amount of money stolen and we are still not seeing any change in these services security measures. and people are also continue trusting them with their money.I wonder when this is going to change if ever!

    It will never change. Hot wallets are connected to the internet, and thus a very interesting target for hacker thieves. It’s not that all people keep their coins on exchanges without withdrawing them. Plenty of people are trading where the trading sessions can last days, perhaps even weeks depending on the intensity of the volatility. In that regard, traders must have a certain amount of coins and money in their exchange account in order to continue trading. What I personally do is, when I am done trading, I withdraw all my coins. That’s a basic rule for me. If I am going to trade again, I simply deposit coins, and do what I want to do, where after that I withdraw them again. Very simple.

  • chesatochi
    2 months ago chesatochi

    Quote from: LFC_Bitcoin on December 22, 2016, 09:46:59 AM
    People know the risks of keeping lots of coins on exchanges, they can’t say they don’t know the risks. Difference is now the price doesn’t get affected by stuff like this.

    We see it over and over from different stories around that is not the best way to keep all your bitcoin on a central wallet over the network. The best is to always keep your valuable bitcoin in a cold wallet or paper wallet. The security is something that people should always take seriously and be aware of it all the time.

  • RocketSingh
    2 months ago RocketSingh

    Every price spike comes with an exchange hack. This has become so obvious now.

  • mobnepal
    2 months ago mobnepal

    So basically 1.5 million RMB means around 2,00,000 USD which is not quite big to worry about sudden crash on market. However this can be another good example of how unsafe it is to store bitcoin/crypto in exchange platform and online wallets are also susceptible to this types of hack.

  • calkob
    2 months ago calkob

    Very strange that everytime bitcoin goes on a run in price another exchange is hacked    I doubt it will stop this rise tho, i am guessing $900 by Christmas day. 

  • 400actforsale
    2 months ago 400actforsale

    When I first seen the thread title I think it was 1.5 million bitcoins then 1.5 million USD worth. But the turned uo result of 1.5M RMB meaning they’re just few hundred of bitcoins.Anyway, this hack have reminded us the fact again: Never store your coins with exchange unless you’re going to use them. Store them in your wallet and that is the only way to ensure your bitcoins are secure. Mtgox have make many bitcoiners lost coins there due to hacks, same to many other exchanges.

  • davis196
    2 months ago davis196

    Quote from: hl5460 on December 22, 2016, 06:37:42 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

    Every time when the bitcoin price  increases and hits the roof(like today) there are some hackers who steal X million of btc from some exchange platform or wallet and btc price does down.Next year i`m waiting for the next bitfinex.

  • European Central Bank
    2 months ago European Central Bank

    even if exchanges themselves have bulletproof security, there are still ways in via the hosting, domain and other options. it’s an irresistable target for hackers and always will be. they’re not gonna get less creative as time goes on either.

  • BigBoom3599
    2 months ago BigBoom3599

    Luckily this hack wasn’t as big as some of the previous ones, maybe people are finally learning to stop storing their coins on exchanges maybe we should only use shapeshift style exchanges to minimize losses in case of a hack…

  • BitHodler
    2 months ago BitHodler

    Quote from: BigBoom3599 on December 22, 2016, 12:50:50 PM
    Luckily this hack wasn’t as big as some of the previous ones, maybe people are finally learning to stop storing their coins on exchanges maybe we should only use shapeshift style exchanges to minimize losses in case of a hack…
    It doesn’t really matter how big or small the current theft is, this just shows that no exchange is safe from seeing its hot wallet coins get stolen.All this is done to make it possible to serve people with fast cashouts at the time they request a withdrawal.People are screaming for better security, but superior hackers are always one or two steps ahead of all the security measures.The only thing that will help in this case is that exchanges store all their coins offline and process withdrawal requests manually. There is no other option.

  • buwaytress
    2 months ago buwaytress

    Quote from: Kakmakr on December 22, 2016, 08:12:03 AM

    Quote from: MingLee on December 22, 2016, 06:45:45 AM
    Holy shit.I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn’t get too interested in it.You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

    The conversion rate is 1 RMB = 0.145 USD, so they got away with about $217801.66 USD if my calculator is working correctly. The users will not be affected in any way, because the exchange already said that they will cover the losses. Why do we always see “hacks” when the Bitcoin price breaks out? People should not store large amounts of coins on these exchanges, but they are not listening and when this happens, people lose a lot of money and then they blame Bitcoin.  

    On the other hand, huge hacks usually lead to sharp btc price drops, althought these have historically only meant temporary slips.The largest ETH hack also did little to spur the slump.And yes, why do people continue to store such huge amounts on exchanges? Small inconvenience to transfer from a more secure cold wallet.

  • piloder
    2 months ago piloder

    Quote from: buwaytress on December 22, 2016, 01:04:24 PM
    On the other hand, huge hacks usually lead to sharp btc price drops, althought these have historically only meant temporary slips.——————————snipped —————And yes, why do people continue to store such huge amounts on exchanges? Small inconvenience to transfer from a more secure cold wallet.
    This can’t be considered as huge hack, as the amount that has been hacked is not much and also much more alts seems to get stolen rather than bitcoin from their hot wallet so better to watch bitshares and NXT market for next few days. People don’t like to wait for time it take to deposit their coins in exchange platform and like to grab the opportunity to buy cheap coins whenever they are available also many traders use to trade on daily swings so they can’t afford to wait for time to deposit everytime they want to trade. However it is true storing in cold wallet is safest way to store cryptos. We need decentralized trading platform where we can do p2p trade without need to trust any third party.

  • deadsilent
    2 months ago deadsilent

    Wow. Another attack on exchange. This happen too often. But i didnt see the effect on bitcoin price yet.  We’ll see that in days. The last time, bitfinex is attack by hackers which triggered the price to fail until it reached $500+ price. Exchange should give insurance to all their customers. They cant just say sorry because its a huge amount.

  • Juggy777
    2 months ago Juggy777

    This is really sad news, but how the he’ll did they did it. Isn’t the security supposed to be super strong, though I do get it hackers found a way, I hope the money gets restored soon. Are other exchanges and wallets also under threats? And no legal case can also be filed right cause it’s not a legal currency? Or they can try and track them and get it back?

  • xdrpx
    2 months ago xdrpx

    I don’t know if I need to say this but, everytime the price of Bitcoin rises by a lot some large or medium sized exchange gets hacked and they flee with the money. The next moment the news and media start reporting it, and the bad news starts pushing the price down by a lot. It’s kinda shameful how Bitcoin exchanges are keeping so much funds in their hot wallets. I just hope they have some form of insurance or enough funds in their cold wallet to accommodate the loss or to find the thief (which is going to be very tough) and get back people’s hard earned money. I’m also glad they’re taking full responsibility for the loss of digital assets. I’m also very glad they have some leads on the hacker.

  • BitcoinHodler
    2 months ago BitcoinHodler

    you would think that after this many hacking incidents all this time, these exchanges would take more precautions about their hot wallets but it doesn’t look they are learning anything at all.i just hope they don’t disappear like other hacked exchanges who disappeared.

  • jak3
    2 months ago jak3

    whenever i see any news like it i dream why can’t i hack something :p hey will anyone gonna teach me how to hack something or how did that guys hacked this site or exchange. ofcourse its the hardest thing to find vurnability from that much secure site but still it seems pritty exicited

  • Dmitry.Vastov
    2 months ago Dmitry.Vastov

    Thats why its not really safe to store your funds on any exchange because it is prone from hack by the hackers. We all know that. The stolen amount.is not joke. Its still huge to me. Its not wise to store all your funds on any exchange sites for a long time. They should maximized their security because its their customers funds.

  • DooMAD
    2 months ago DooMAD

    Fortunately it was only a fraction of the amount lost in the Bitfinex hack, but once again should serve as a warning to those who use exchanges like a bank to store their funds.  Time and again this has proven to be an unsafe practice.  Bitfinex was estimated at around 120,000 BTC lost, whereas this one is only the equivalent of around 250 BTC.  

  • 5tu
    2 months ago 5tu

    Tl;dr
    Mostly alts stolen from a chinese exchange’s hot wallets.

    The value stolen was only worth a few hundred bitcoin and they are covering it.

  • richardsNY
    2 months ago richardsNY

    Quote from: DooMAD on December 22, 2016, 07:37:14 PM
    Fortunately it was only a fraction of the amount lost in the Bitfinex hack, but once again should serve as a warning to those who use exchanges like a bank to store their funds.  Time and again this has proven to be an unsafe practice.  Bitfinex was estimated at around 120,000 BTC lost, whereas this one is only the equivalent of around 250 BTC.  

    I am happy that even though the amount is quite on the lower side compared to other hacks, that the market hasn’t shown any signs of taking this news serious. No matter how many of these hacks happen, people don’t seem to care much, which I find a very worrying thing. I am glad all my coins are stored offline under my own control. Nothing can happen with them. More people should follow that as an example.

  • cpfreeplz
    2 months ago cpfreeplz

    Quote from: DooMAD on December 22, 2016, 07:37:14 PM
    Fortunately it was only a fraction of the amount lost in the Bitfinex hack, but once again should serve as a warning to those who use exchanges like a bank to store their funds.  Time and again this has proven to be an unsafe practice.  Bitfinex was estimated at around 120,000 BTC lost, whereas this one is only the equivalent of around 250 BTC.  

    I was trying to figure out what RMB was but obviously 250BTC in minor in terms of the whole market. Bitfinex was almost 1% of all bitcoins whereas this is … such a small fraction. We’ve seen so much upward movement I doubt this will have much affect at all on price.

  • HomeSurgeon
    2 months ago HomeSurgeon

    1.5 million RMB

  • Zatouroffski
    2 months ago Zatouroffski

    Never-ever-hold-your-money-on-hot-wallets!

  • castorfromtheva
    2 months ago castorfromtheva

    Not so bad. It’s just about a tenthousandth of existing bitcoins. Shouldn’t move the price that much. Stay cool, HODL and don’t store your coins online (exchange or wallet).

  • Tergi
    2 months ago Tergi

    pretty sure most of these “hacked” exchanges are just ploys to get control of large amounts of BTC then cut and run and blame it on a hack.

  • kynek99
    2 months ago kynek99

    It looks like other people don’t care any more about hacks

  • honestlyimeanreally
    2 months ago honestlyimeanreally

    Right like “I’ll just leave this unpatched code running here and you can hack it papi”

  • newrome
    2 months ago newrome

    All the hacks: https://magoo.github.io/Blockchain-Graveyard/

  • antyivan
    2 months ago antyivan

    Dex on the WAVES, will help to avoid this

  • Bitcoinopoly
    2 months ago Bitcoinopoly

    The higher the price goes the more incentive there is to hack. More steep rises in price could make the hacker wait for a short period as they speculate about possibly getting a hundred dollars higher price for each coin they steal. Exchanges will be least likely to notice an attack at times when they are at their busiest with peak volume. Peak price follows peak volume. There are many reasons why a hack would most likely occur during a volume and price spike.

    Of course, another reason could be exchange operators shorting bitcoin with 100X leverage immediately after the news broke and/or taking the coins for themselves. Either way this has put at least a temporary stop to the rally. I don’t think Venezuela or India have as much influence as some people think. The Chinese Yuan has been undergoing heavy devaluation since Trump was elected and capital flight has been restarted. Now that China got spooked by these hacks the rally stops immediately. This could be approaching the other side of a very big double-peak.

  • Bitcoin0916
    2 months ago Bitcoin0916

    Quote from: Dmitry.Vastov on December 22, 2016, 03:13:59 PM
    Thats why its not really safe to store your funds on any exchange because it is prone from hack by the hackers. We all know that. The stolen amount.is not joke. Its still huge to me. Its not wise to store all your funds on any exchange sites for a long time. They should maximized their security because its their customers funds.
    Unfortunately, most of us don’t know about it. Sometimes I think, why with blockchain technology people still lost their money, it seems to need some step refinement of the bitcoin system so that could be more secure. My advice, do not ever save large amounts of our money in one place, let alone the exchanger.

  • sph44
    2 months ago sph44

    Agreed. I’ve always thought it more likely than not that most are inside jobs in some way, shape or form, whether it’s one bad actor inside working with others on the outside, or even principals of the exchange squirreling away funds. When the price is high, they all have greater incentive to do something like that.

  • SmartIphone
    2 months ago SmartIphone

    RMB = CNY, seems that this hack hasn’t affected the bitcoin price today, contrariwise the bitcoin price has been increased today for 100 USDIt’s bad to hear like this news about hacks and especially related to exchanges which are very sensitive and hacker’s target, that’s why nowadays the security is the most important thing in an exchange.

  • magneto
    2 months ago magneto

    Quote from: hl5460 on December 22, 2016, 06:37:42 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

    1.5 million RMB isn’t as bad as the Bitfinex hack. In fact it is around the level of the small sized hack that happened to a small company called shapeshift. They didn’t suffer that much from it, I doubt BTC38 being a bigger exchange would either.It is only their CEO’s years salary or less, I think that their promise to take on full responsibility will be redeemed without issue.

  • Tergi
    2 months ago Tergi

    Yea. I was just talking to a friend this morning that the other side of the mountain will make itself known any day now.

  • hl5460
    2 months ago hl5460

    Quote from: magneto on December 23, 2016, 01:24:31 AM

    Quote from: hl5460 on December 22, 2016, 06:37:42 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

    1.5 million RMB isn’t as bad as the Bitfinex hack. In fact it is around the level of the small sized hack that happened to a small company called shapeshift. They didn’t suffer that much from it, I doubt BTC38 being a bigger exchange would either.It is only their CEO’s years salary or less, I think that their promise to take on full responsibility will be redeemed without issue.

    As per the btc38 page, Top 1 holder of btc in btc38 has 5,700 coins.

  • rt79w
    2 months ago rt79w

    The only real exchange is Localbitcoins.com

  • JasonXG
    2 months ago JasonXG

    1.5 Mil ? Damn ! Ouch ! I dont know how these guys recover from these things ? The article doesnt tell you how it happened though. I suppose for their protection. Now they habe the cyber police helping. But helping do what ? What are they going to do ? The guys gone the bitcoins are clean by now and goof its as if the hacker never existed.

  • CraigWrightBTC
    2 months ago CraigWrightBTC

    Quote from: hl5460 on December 22, 2016, 06:37:42 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
    The traders whom make investment on bitshares, NXT, LTC. They must becareful with this condition because the dumping will become without announcement. I don’t know if about the bitcoins that be stolen will become impact on the price or not, but it is time for beware there are no body know the bitcoins will get dumping too.

  • aubert
    2 months ago aubert

    After few hackings to the exchangers site had occurred now its time for the rest exchangers whose bitcoin still in their hot wallets to measure their security again. This shit will always repeat itself because this is about money. I sometimes wonder why exchangers don’t put their security in the top while if they got hacked they could lose so much money in just a day and probably can’t recover it back. Just hoping no balances cut off for their clients like what have happened to bitfinex

  • Dmitry.Vastov
    2 months ago Dmitry.Vastov

    Thats a huge loss! Hackers can do anything now. So we cant just be too confident that this will not happen to you. It can happen to all of us. The user is careless thats why he loss his funds. But i dont it will affects the bitcoin price. This is a warning for us. So be careful in everything we do.

  • chalupasupreme
    2 months ago chalupasupreme

    somebody lost there job for that one… that is terrible.

  • hawkins
    2 months ago hawkins

    I think, at this time, hackers are targeting sites that have a lot of BTC, and can make them benefit. I think this is very dangerous, and I’m sure they will not stop here. Well, the current bitcoin prices are rising, if there is a site that has many bitcoin, back hacked, bitcoin prices probably will fall back.

  • traderethereum
    2 months ago traderethereum

    it is sadly to know and hear about btc38 got hacked and i hope this won’t give bad affect for the price of bitcoin. we know that the bitcoin price is going to go up but we don’t know how much the price will be high. beside that, i hope that for btc38 itself need to fix their security website so this is not happen for future and the member of btc38 can feel save while they do trading in that site.

  • ChronosCrypto
    2 months ago ChronosCrypto

    There are also decentralized exchanges like Bitsquare (for fiat transfers) and Bitshares (blockchain based).

  • hl5460
    2 months ago hl5460

    Quote from: traderethereum on December 23, 2016, 03:45:36 AM
    it is sadly to know and hear about btc38 got hacked and i hope this won’t give bad affect for the price of bitcoin. we know that the bitcoin price is going to go up but we don’t know how much the price will be high. beside that, i hope that for btc38 itself need to fix their security website so this is not happen for future and the member of btc38 can feel save while they do trading in that site.

    You are right. They do implement some countermeasures. And I will forward the post to btc38.

  • Xester
    2 months ago Xester

    Well I salute bit38 for taking responsibility  for the accidents unlike other companies after being hacked they don’t refund or replace their clients investments. This just show how bit38 is serious about providing good services to their clients and how trusted and stable they are. More power to bit38 and hope the hacker may be caught.

  • Kakmakr
    2 months ago Kakmakr

    Quote from: Xester on December 23, 2016, 06:26:05 AM
    Well I salute bit38 for taking responsibility  for the accidents unlike other companies after being hacked they don’t refund or replace their clients investments. This just show how bit38 is serious about providing good services to their clients and how trusted and stable they are. More power to bit38 and hope the hacker may be caught.

    It is a small amount compared to other exchanges that got hacked. If it was millions of dollars, they would not have done this. The main thing now is the loss of trust, and this is normally where the guys fold. People stop using the service because they got hacked and the exchange lose more money in fees than they lost in the hack. The other thing is, they lose potential new customers too, because of their bad security history. These hacks are doing a lot more harm than we think, and it has a very big ripple affect in the industry.

  • BigBoom3599
    2 months ago BigBoom3599

    Quote from: Kakmakr on December 23, 2016, 08:01:07 AM

    Quote from: Xester on December 23, 2016, 06:26:05 AM
    Well I salute bit38 for taking responsibility  for the accidents unlike other companies after being hacked they don’t refund or replace their clients investments. This just show how bit38 is serious about providing good services to their clients and how trusted and stable they are. More power to bit38 and hope the hacker may be caught.

    It is a small amount compared to other exchanges that got hacked. If it was millions of dollars, they would not have done this. The main thing now is the loss of trust, and this is normally where the guys fold. People stop using the service because they got hacked and the exchange lose more money in fees than they lost in the hack. The other thing is, they lose potential new customers too, because of their bad security history. These hacks are doing a lot more harm than we think, and it has a very big ripple affect in the industry.
    I actually hope that customers won’t lose trust in them, because btc38 has now learned their lesson and will pay way more attention to security in the future, compared to other exchanges who haven’t been hacked.

  • CoinLearn
    2 months ago CoinLearn

    Quote from: BigBoom3599 on December 23, 2016, 10:03:03 AM
    I actually hope that customers won’t lose trust in them, because btc38 has now learned their lesson and will pay way more attention to security in the future, compared to other exchanges who haven’t been hacked.

    Trust is like a mirror. Once broken, it is pretty difficult to restore at the previous condition.

  • bankforeveryone
    2 months ago bankforeveryone

    price of Bitcoin is up crazily. Seems no big deal~~~

  • Tanic
    2 months ago Tanic

    I thought such hacking should make the price for bitcoin to fall down. But just look at the current price! It’s already crossed the point of 900$! When is going to ne 1000$ with such temps? in the end of the day probably.

  • raja2sumi
    2 months ago raja2sumi

    it s the problem of bitcoins .people are too much greedy about it .and i think that the price of bitcoins get increased.and there is possibility that  all the wallets will be hacked very  soon.

  • pinkflower
    2 months ago pinkflower

    Quote from: hl5460 on December 22, 2016, 06:37:42 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

    Good timing for the hackers. BTC is already at over 900 dollars. This is a little too convenient for them, dont you think? This is another inside job by the people who own and run the exchange.

  • 1Referee
    2 months ago 1Referee

    Quote from: Tanic on December 23, 2016, 10:12:55 AM
    I thought such hacking should make the price for bitcoin to fall down. But just look at the current price! It’s already crossed the point of 900$! When is going to ne 1000$ with such temps? in the end of the day probably.

    The stolen amount is too insignificant to have any sort of impact on the market, which is exactly why the market doesn’t seem to care at all. I am sure if this was a major exchange, that the price would already be on its way down. I have such a feeling that this isn’t the only hack or “hack” that we will be hearing about in the coming weeks. It’s no surprise that always when the price is going up in a rapid manner, something will pop up attempting the price to plummet again. I am nearly certain that these are coordinated attacks.

  • alphablitzer
    2 months ago alphablitzer

    There are a lot of sites that has lots of bitcoin, and I think it would be a matter of time that it would attack another one. Better keep your coins in your wallet that only you have access to. Not that we can’t trust the site, it’s because we can’t trust hackers.

  • mace15
    2 months ago mace15

    Its really a big loss who owns this bitcoin that was hacked.Its not really safe at all to save bitcoin in one exchange.Thus, lets be careful on holding the coins in one exchange.

  • LLec
    2 months ago LLec

    This just goes to show everybody that nothing is 100% safe when it comes to transmission of currencies and that goes double for any cryptocurrency.especially to the biggest one of them all: BTC

  • valley365
    2 months ago valley365

    Really a big issue with all these hacks over the years. The online wallet security is a big concern, that’s why people are using offline wallets and paper wallets. Maybe we should implement a way to blacklist certain addresses related to the hacking.

  • Yakamoto
    2 months ago Yakamoto

    Quote from: Kakmakr on December 22, 2016, 08:12:03 AM

    Quote from: MingLee on December 22, 2016, 06:45:45 AM
    Holy shit.I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn’t get too interested in it.You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

    The conversion rate is 1 RMB = 0.145 USD, so they got away with about $217801.66 USD if my calculator is working correctly. The users will not be affected in any way, because the exchange already said that they will cover the losses. Why do we always see “hacks” when the Bitcoin price breaks out? People should not store large amounts of coins on these exchanges, but they are not listening and when this happens, people lose a lot of money and then they blame Bitcoin.  
    Only $217k? I’m actually kind of surprised to be honest.I haven’t done much reading into this incident, but for most exchanges I expect massive losses rather than something like a mortgage. While not something to scoff at, it definitely seems like less than one would expect.As for how the site was exploited, that was something weird to read. Like other people have said, such an easy exploit worries me as to how good of a security system this site had.

  • smho_16
    2 months ago smho_16

    I am not that much surprised to be honest. I expect the same thing to happen to almost any online exchange or web wallet. Hackers are one step ahead (if it is really hackers doing) so we need to be 2 steps ahead of them by using a well protected pc with a desktop wallet like electrum or a hardware wallet in order to be safe. Personally since I have bought the hardware wallet a few months ago I don’t read these kind of news at all, only the news that are posted in the forum here. It’s sad to see the same story and the same way of people losing money.This (storing coins in web wallets or exchanges) reminds me the signature of a member here who have said it super right:Insanity, doing the same thing over and over again and expecting different results.

  • BitcoinPC
    2 months ago BitcoinPC

    It is not a mistake of any exchange, it is our mistake, because recently, Bitfinex has been hacked, and it is not a first time. So why people don’t take a lesson from them? Its mean next time, we also heard about anything more than it. People should learn, otherwise it is loss for us, Why we are not worried about our money? 38 BTC, it is a big amount, I am really sad to know about it. 

  • jacobmayes94
    2 months ago jacobmayes94

    Wouldn’t it be better for exchanges to store user’s funds in such a way that the private keys for the users own coins on their server are encrypted and bound by their login password or a separate passphrase (an option that is higher security but means passwords must be recorded, if a multisig config is used the exchange can refuse to sign with its key until a 2FA key is presented if enabled), but then to further refine it the person can also download a backup of their private keys to store offline, the exchange queries when the wallet balance has been moved when the user logs in or tries to do something else so it  cannot be used once withdrawn. Or a solution like the coinbase multisig vault uses, the exchange stores the users funds with an encrypted shared key with a passphrase, a key the exchange has, and a backup user key that can be combined with the exchanges key to recover a forgotten passphrase, and also enables funds to be recovered if the exchange goes bust… Something like the above solution(s) That would prevent 1. an exchange going bust and taking all the money unless they somehow put in code to capture passphrases for the shared key (an ideal system would be to decrypt and generate this key on the client machine)2. Prevent hacks like this rather than keeping loads of funds in a single hot wallet.3. Give the users more control over their coins.Coinbase used a set up like this and I spent weeks trying to get them to fix a decryption issue with the vault during the price rise after the halving, in the end I got fed up and just used the user key and shared key to move my coins and it took ages to get a response from them, having control of my coins rather than waiting weeks to spend them was nice : )

  • shinratensei_
    2 months ago shinratensei_

    Quote from: CoinLearn on December 23, 2016, 10:08:00 AM

    Quote from: BigBoom3599 on December 23, 2016, 10:03:03 AM
    I actually hope that customers won’t lose trust in them, because btc38 has now learned their lesson and will pay way more attention to security in the future, compared to other exchanges who haven’t been hacked.

    Trust is like a mirror. Once broken, it is pretty difficult to restore at the previous condition.

    It seems different with bitfinex, they can recover their trust member. at least if the mirror was broken, they still can use the little part of the mirror.  But i hope they will be learning for it.

  • kacang
    2 months ago kacang

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

  • Shiroslullaby
    2 months ago Shiroslullaby

    jacobmayes94I like your idea, I have to read it again since I just woke up,but clearly a lot of these sites are lacking when it comes to security on their coin storage. It seems like a lot of the smaller exchanges aren’t doing much in terms of security other than separating coins into two areas- a cold storage and a temporary hot wallet.As soon as someone gains access to the hot wallet they have been able to drain the funds completely, which means that, yes an additional layer of security is indeed required to have a decently secure setup.

  • alphablitzer
    2 months ago alphablitzer

    I hope all the people that are affected by it will get what they lost. Thinking about it as a an exchange means they can use your money. So it’s not good to put private keys or something because they won’t benefit from that.

  • Youresioure
    2 months ago Youresioure

    That’s why people are advised not to keep much from their funds at exchanges. Such sites are attacked continually and if there’s a single flaw, it’ll be exploited against them and their users. I understand the difficulties of keeping an exchange flawless though and I can appreciate their quick reaction and honesty about the situation. I hope, they’ll resolve it quickly. But people’s funds gonna be safe according to their words, aren’t they?

  • Danimore
    2 months ago Danimore

    Quote from: hl5460 on December 22, 2016, 06:37:42 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.

  • lumeire
    2 months ago lumeire

    Quote from: hl5460 on December 22, 2016, 09:04:39 AM

    Quote from: bering on December 22, 2016, 08:52:43 AM
    after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

    Price of bitshares and nxt seems to be stable.

    Probably not for long. A bitter reminder to not keep your coins in exchanges people.

  • hl5460
    2 months ago hl5460

    Quote from: lumeire on December 25, 2016, 05:01:31 PM

    Quote from: hl5460 on December 22, 2016, 09:04:39 AM

    Quote from: bering on December 22, 2016, 08:52:43 AM
    after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

    Price of bitshares and nxt seems to be stable.

    Probably not for long. A bitter reminder to not keep your coins in exchanges people.

    btc38 wouldn’t reveal the address but claimed the stolen coins were not moving.

  • carlfebz2
    2 months ago carlfebz2

    Quote from: Danimore on December 25, 2016, 04:50:33 PM

    Quote from: hl5460 on December 22, 2016, 06:37:42 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.

  • hl5460
    2 months ago hl5460

    Quote from: carlfebz2 on December 26, 2016, 02:56:13 AM

    Quote from: Danimore on December 25, 2016, 04:50:33 PM

    Quote from: hl5460 on December 22, 2016, 06:37:42 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/

  • merchantofzeny
    2 months ago merchantofzeny

    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.

  • strasboug
    2 months ago strasboug

    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.

  • icqcointokenwallet
    2 months ago icqcointokenwallet

    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.

  • aubert
    2 months ago aubert

    Quote from: strasboug on December 27, 2016, 06:27:40 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

  • SvenBomvolen
    2 months ago SvenBomvolen

    Quote from: aubert on December 27, 2016, 06:42:00 AM

    Quote from: strasboug on December 27, 2016, 06:27:40 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.

  • pinkflower
    2 months ago pinkflower

    Quote from: kacang on December 25, 2016, 12:21:32 PM
    And again, when bitcoin price spiked then come a bad newsmaybe 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.

  • hl5460
    2 months ago hl5460

    Quote from: merchantofzeny on December 27, 2016, 05:12:50 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.

  • merchantofzeny
    2 months ago merchantofzeny

    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?

  • marseille
    2 months ago marseille

    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.

  • theothersmith
    2 months ago theothersmith

    Go 100% cold with hardware wallet. Ptoblm solved?

  • pinkflower
    2 months ago pinkflower

    Quote from: hl5460 on December 28, 2016, 05:32:30 AM

    Quote from: merchantofzeny on December 27, 2016, 05:12:50 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.

  • Youresioure
    2 months ago Youresioure

    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.

  • UGMZ
    2 months ago UGMZ

    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!

  • Wind_FURY
    2 months ago Wind_FURY

    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.

  • MarcoPoloniex
    2 months ago MarcoPoloniex

    another hot wallet bites the dust

  • lottery248
    2 months ago lottery248

    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.

  • pinkflower
    2 months ago pinkflower

    Quote from: lottery248 on January 01, 2017, 02:53:29 AM
    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.

    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?

  • Herbert2020
    2 months ago Herbert2020

    Quote from: pinkflower on January 01, 2017, 05:15:34 AM

    Quote from: lottery248 on January 01, 2017, 02:53:29 AM
    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.

    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.

  • aubert
    2 months ago aubert

    Quote from: UGMZ on December 31, 2016, 08:50:30 PM
    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!
    When hackers are trying to hack some popular exchanger site with purpose to steal the bitcoin then they can just do it, it doesn’t matter whether the price is at its highest point or whatever because after they steal those bitcoins then they’re actually owning it and no one could take over its access unless the private key were stolen or  the hackers getting compromised by someone else. So, the current rate doesn’t really affect to the hackers

  • tusziget
    2 months ago tusziget

    Quote from: hl5460 on December 22, 2016, 06:37:42 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 am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.I hope Btc38 will cover the losses and the people will get their coins back.

  • warwar
    2 months ago warwar

    Quote from: tusziget on January 01, 2017, 06:04:17 AM

    Quote from: hl5460 on December 22, 2016, 06:37:42 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 am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.I hope Btc38 will cover the losses and the people will get their coins back.

    Im glad too that i havent store any BTC in that exchange and also im so sorry for those looses their btc. Well i do agree sort of you will store not all your btc in exchanges just put some of it and put on other so that your btc is distributed properly and we could say that if on of it been hacked then you do have extra btc save from other exchange or wallet.

  • Amph
    2 months ago Amph

    the fact that all these exchange can not learn anything from the mistake of the other and still leave a great amount of coin in a hot wallet, is telling me that the hacker is an insiderreally they can’t be that stupid, it must be on purpose…

  • subvolatil
    2 months ago subvolatil

    yet another example why you should not keep bits in online wallets or exchanges. Hail to the evil hackers community.

  • Sithara007
    2 months ago Sithara007

    When compared to their overall trade volumes, the stolen amount is significant. But still, it is not that big to disrupt the daily operations. IMO, they must be able to cover up this loss from a few months revenue.

  • Red-Apple
    2 months ago Red-Apple

    Quote from: Sithara007 on January 01, 2017, 11:01:46 AM
    When compared to their overall trade volumes, the stolen amount is significant. But still, it is not that big to disrupt the daily operations. IMO, they must be able to cover up this loss from a few months revenue.

    they are not that popular to my knowledge and that means lower volume compared to other exchanges and if they were really hacked and this is not a fake story , it will take they a long time to make it back with fees on exchange with a low volume.

  • coolcoinz
    2 months ago coolcoinz

    Quote from: Script3d on January 01, 2017, 08:16:04 AM

    Quote from: hl5460 on December 22, 2016, 06:37:42 AM
    I am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.
    i never heard about btc38 and i dont trade but giving warnings to people it will not stop them or they just trading daily and doesnt keep their coins in exchange.
    Because it’s one of the smaller Chinese exchanges. I bet you haven’t heard about many other. If they kept $200k they had to be prepared to cover the losses in case something went wrong. You never keep more in a hot wallet, unless you’re dumb like Karpeles 

  • Wind_FURY
    2 months ago Wind_FURY

    Quote from: Amph on January 01, 2017, 07:51:02 AM
    the fact that all these exchange can not learn anything from the mistake of the other and still leave a great amount of coin in a hot wallet, is telling me that the hacker is an insiderreally they can’t be that stupid, it must be on purpose…

    Yes, everyone is doing it. There are many people out there that made it their modus operandi to scam Bitcoiners out of their precious Bitcoins. With Bitcoin going above $1000, we better store them all in our wallets with private keys we ourselves control.

  • hollandvan
    2 months ago hollandvan

    Quote from: hl5460 on December 22, 2016, 06:37:42 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

    So did the hacker withdraw those huge amount of coins? BTC38 didn’t have full security to check such huge withdrawal? I can’t believe it happened

  • densuj
    2 months ago densuj

    Quote from: subvolatil on January 01, 2017, 08:29:35 AM
    yet another example why you should not keep bits in online wallets or exchanges. Hail to the evil hackers community.
    Exactly, and slow or soon the hackers will sell the coins and it is mean the price will going down, so we must becareful for anticipate about possibilities the price going down.If we are careless be ready for lost our money because of buy high price.

  • royalfestus
    2 months ago royalfestus

    How do they make all this hacked exchanges to get back easily into the business after a suspicious note of inside job? Anonymity of bitcoin is believed to be limited and there is record to all transfer, in a blockchain there should be a way to trace the stolen bitcoin. The end to price rise of bitcoin may not be near and most hacks are around the spiking price, people should still be careful of this

  • Script3d
    1 month ago Script3d

    Quote from: hl5460 on December 22, 2016, 06:37:42 AM
    I am glad that I didnt used Btc38.Im sorry though for the people who stored their coins there.There have been many warnings to people not to keep their coins on exchanges when the Bitcoins price is rising suddenly,because there is a possibility for that exchanges to be hacked.If you want to store your coins on exchanges better store a small amount of them there,that you can afford to loose.
    i never heard about btc38 and i dont trade but giving warnings to people it will not stop them or they just trading daily and doesnt keep their coins in exchange.

  • Monnt
    1 month ago Monnt

    Quote from: SvenBomvolen on December 27, 2016, 07:02:35 AM

    Quote from: aubert on December 27, 2016, 06:42:00 AM

    Quote from: strasboug on December 27, 2016, 06:27:40 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 .

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