Will exchanges hacked by hackers affect the price of BTC?

[thachnguyen 35]

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.

[AAYAN 108]

30 minutes ago, thachnguyen said:

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.

Yes i think. If any exchange i mean top exchange where are so much bitcoin , when this exchange hacked and stall all btc from there its affect on bitcoin price, Who stall btc and if hacker want to sell bitcoin low price then bitcoin price will become low and if hacker who hackked btc buy bigger price so much bitcoin then bitcoin price incress.

So i think if exchange the hacker efect bitcoin price

[Yanadia 1517]

 It is possible. There is but exchanged also have anticipated this before.  Its digital world as we know criminals are everywhere.just be ready for evrything happend and be smarth made choice for the exchanged you used/choice

[dmnqe07 365]

Well there is a possibility, hackers or criminal on web surface in digital currency or crypto currency are everywhere and doing anything just to earn the easiest money they can. but i think it will be too difficult to them to hack it alone so maybe a team of hacker's can do it. 

[nicolas1234789 2566]

I think hacked will not become the main reason into bitcoin price. Bitcoin only move because buyer and seller activity if exchanges hacked that is their security problem. Hacked will dump users trust into exchanges and many people will leave the exchange if they can't give solutions about it.

[samar 15]

Cryptocurrency exchange hacks are particularly damaging because they ... exchanges can be affected by a variety of vulnerabilities, making them a prime target for malicious actors.Despite the fact that we are now in 2019, hackers still managed to . The price of Bitcoin plunged as a result of the hack.

[nasipadang 399]

It depends on the amount of lost bitcoin, as you post, almost all of them are of great value and indeed affect bitocin, instead of 2018 there was hacking in Japanese exchangers if I'm not mistaken. It also reduced the value of ethereum at that time.

[Bibhuti Naik 9]

Hacker can steal BTC of the exchange by hacking. Later they can sell them and get profit. But in case of BTC manipulation they can't because it needs a huge btc amount to change the market situation. Ofcourse they only meant to sell. But the panic situation is continuous sell opportunity. They can't hack a larger amount. I mean 100000 btc-1000000 btc

Edited December 12, 2019 by Bibhuti Naik

[Satya31 865]

I think it will effect the price in a obvious manner. But for some time. Because the hacked bitcoin will also come to market for the fait money when they become in the market again it will be normal. But obviously there will be an effect for that period. 

[mohanag 1]

i really think of decentralization. The Best bitcoin is scam never....... so we need realy bitcoin exhange.......................

[guatazoo 7150]

It does not lucky most hackers do not real spend those coins, and even if sold them the other guy buying them he will be buying BTC so the circulation will continue.

[xprince1996 865]

On 12/4/2019 at 10:10 AM, thachnguyen said:

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.

There is no effect as of now because the hackers are still not selling their hacked bitcoins because they know that bitcoin has a big potential so they patiently waiting for the right time to dump it.

[SyntaxEr. 709]

3 hours ago, Warrior said:

Yeah if a exchanger got hacked then hackers sell all Bitcoin with low price then Bitcoin goes down again and this affect Bitcoin price

Yeah you are right but if they didnt sell it asap it wont affect the price after all but it will surely create a fud that will result in panic selling.

[khan22 3478]

Yes this time most of exchanges are not hacked because now the market is in loss and all the coins are in low price but when the price is high on that time may be the big exchanges are go to hacked because hackers are just attack on the big exchanges not on low exchanges because in big they got huge amount of profit.

[tranhungritc 191]

Condolences to you for hacking assets, no matter how big or small you sweat and effort, thanks for sharing so that the following players will not be swept into the stream and then hacked into such accounts.

[positive 97]

There's always 90% chance that cryptocurrency exchange hack will affect the price of the market but if the exchange that was hacked have a solid solution for the hacked fund that market will only experienced a slight dump in price.

[dinabolt 514]

The exchanges will get worst reputation from users and need time to get member trust again. Hacker always become evil for all of us, security system already have be careful with our device but hacker always can hacked. Report to the police maybe become the best solution, they do is crime isn't? 

[Ufra 197]

I think that a cryptopia exchange had a large amount of bitcoins but it was blocked for hacking. But if this exchange remain opened. I think that the bitcoin prices get up to more than thousand dollars up if cryptopia remain opened.

[Kusumo234 400]

in every hacking event a cryptocurrency exchanger that results in a large enough loss will usually affect the psychology of traders to put assets on an exchanger and usually has a short or medium effect, recently a Korean exchanger upbit was also said to experience hacking and caused 324k eth to disappear, but parties  Upbit stated that it is ready to compensate for the loss, otherwise it might still be fresh in our memories of the exchanger owner who died without leaving the access code to open a cold wallet which is used to store cryptocurrency assets in the exchanger he manages.

[melikf78 987]

yes it will.any bad news about crypto can make bad effect on btc price and if a exchange get hacked its gonna make btc price down

[ishiro 52]

News of exchange hacks whether successful or not always send panic down the spines of everyone in the crypto world. We are still at the very early stages of this technology and confidence tends to have a great bearing on the price at current levels and of course news of a hack or hacks as the case may be negatively impacts the confidence levels which also impacts the price negatively.

[Kusumo234 400]

36 minutes ago, ishiro said:

Berita pertukaran hacks apakah berhasil atau tidak selalu membuat panik semua orang di dunia crypto. Kami masih berada pada tahap paling awal dari teknologi ini dan kepercayaan diri cenderung memiliki pengaruh besar pada harga di level saat ini dan tentu saja berita peretasan atau peretasan karena kasus ini dapat berdampak negatif pada tingkat kepercayaan yang juga berdampak pada harga secara negatif .

therefore, place sufficient assets in your exchange wallet, even though the status of the exchange you are using is a large exchange, it does not mean the security of your assets will be 100% safe,

if you want to exchange cryptocurrency you should put it sufficiently, and for hodling purposes, it helps us save it on a private wallet based on cold wallet...

[duncun007 3577]

you already know lots of exchanges has already been hacked but i think they were all small exchanges, only mtgox was the biggest hack and that what drove the market down but other exchanges dont even have that much volume just like cryptopia hack didnt change a thing in the market.

[Akbor 1042]

I thin it only affect the exchange reputation. when a exchange become hacked then many people loss their asset but the price of btc not depend on one exchange.

[BitcoinTurk 207]

If the purse or balances of the Exchange services fall into the hands of malicious people, of course it will be reflected in this price because they usually have very high money in their wallets. Since this stolen amount of money stolen will increase the supply of sales, the price will of course fall, albeit temporarily. If the Bitcoin wallet of a service is stolen, the natural stealing person will sell and the price will decline.