A lot of cryptocurrency exchange hacks happened in 2019. Let's review the major hacks with VBC, and see the reaction of BTC price after the time of the hack.
1. Cryptopia: $ 16 million
The Cryptopia exchange was hacked on January 15 and lost $ 16 million. Then on May 15, the exchange declared bankruptcy, ceasing all trading activities. Below is the BTC price response after the exchange was hacked
2. DragonEx: 7 million dollars
On March 24 this year, Singapore-based DragonEx exchange announced a loss of $ 7 million. DragonEx has not promised to refund customers as other exchanges do. Instead they will refund by Tether or Dragon Token. Below is the BTC price response after the exchange was hacked
3. Bithumb: $ 13 million
On March 30, the Bithumb exchange was hacked. This exchange has lost USD 13 million of EOS and USD 6.2 million of XRP. Earlier in 2018, the exchange was also hacked by $ 31 million. Bithumb suspects that this incident was done by insiders and all the money of the users are guaranteed to be safe. Here is the reaction of BTC price after this exchange was hacked
4. Binance: $ 41 million
On May 7, the Binance exchange was hacked over 7,000 Bitcoins equivalent to about $ 41 million at the time. In its announcement, Binance confirmed that the hackers stole the API code, two-factor authentication code and user information. All affected users are paid for by Binance. Below is the BTC response after this exchange was hacked
5. BiTrue: 4.2 million dollars
On June 27, the Singapore BiTrue Exchange was hacked, causing losses of around $ 4.2 million. Bitrue said that 9.3 million XRP (valued at $ 4.01 million) and 2.5 million Cardano (ADA) (worth $ 231,800), were hacked and removed from the exchange. Below is the BTC price response after the exchange was hacked
Upbit: $ 49 million
On November 26, hackers attacked the Upbit exchange. The exchange said an unusual transaction transferred 342,000 ETH in minutes. The exchange said it was not user money, the exchange was locked for 2 weeks.
Shortly after this information, BTC price dropped below the $ 7,000 mark, but recovered in the following days
Summary: There doesn't seem to be any correlation between the severity of the hack and the price of BTC and the market cap of the market. Yes, the price of BTC will be affected in the short term after the hacked information is published, but in the long term, the price of BTC is more dependent on the cycle and the team.
