Will exchanges hacked by hackers affect the price of BTC?

[BitcryptoHan 2557]

No exchanges can be hacked by hackers and affect the price if bitcoin or other cryptocurrencies. They are hacked and bitcoin colume still remain the same. 

[iloveyobit 6599]

Yes, penetration of platforms can affect the market a lot, especially if the platform that was hacked is large and has an echo in the field. Indeed, this has happened before many times.

[ram007 391]

price of bitcoin gets affected also by news and when hacking happened,it spread so fast on news or social medias that's why it is possible to fell sharply as most people reacted to the news.

[Seedra 222]

On 12.12.2019 at 05:47, Binjit said:

Everythings is possible in this world if you are not keep safe your data because its a digital world
as we know scammers are everywhere just beaware 

Maybe , we can protect our selves, but our accounts it is defficult, because hackers always exist,. We have to take care about our exchange and currencies

[cryptoya11 479]

Now hackers are waiting for any chance of a hack, but after protection updates they no longer have any chance to think about stealing something. About what happened in the past is based on safety updates so that it does not happen again.

[Nakamoto 279]

59 minutes ago, Satyam said:

if exchanges are hacked by the hackers then it definitely not affect the value or amount of Bitcoin but they are the risk of getting your money stolen online fraud by the hackers

Of course that will affect the price of bitcoin. Hackers will sell their bitcoins. But now it will be increasingly difficult for them. Exchanges apply strict rules on large sell that force hackers to sell in the black market which will eventually lead the police in discovering them.

[Iamstrong 563]

I think that no they will not affect the price of bitcoin, they will only affect the trust of users to specific exchanges.

[Whited35 15285]

Yeah it can affect the price of BTC in the market. If that hacked exchange is the most reputed exchange than the problem can be the huge. You can take the reference of the last Bitfinex and Cryptopia hacked cases. Scammers capture and sells the crypto after the hacks.

[Ashkwik 122]

Any exchange site is hacked, it has a bit of an effect on the price of bitcoin recovering because many people will be scared and don't invest.

[hangomao 15]

On 12/4/2019 at 7:10 AM, 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.

There are the big people that hack the excahanges and than they are making good money by decreasing the prices.

[bentayebsalah 2280]

Of course, this will have an impact on the price of bitcoin when bitcoins are stolen from platforms by hackers

[Trader21 1199]

Of course, the price shows weakness after the hack event, there is no way to stop this effect unless the market is in the trend. Hack event can't change the main market trend, so no worries by myself.

[idena 7]

Surely it will affect the price. Unless the hacker doesn't sell it, he only saves it. Then the effect will be seen when they sell the results in large quantities.

[MrGeany 297]

if exchanges get hacked it is not bitcoins fault cause bitcoin in itself is very safe but exchange sites have bug so when it happens it has only short shock on bitcoin price but nothing big cause it is peoples reation on it but after time it  recovers and is nothing

[scorpiali 5626]

Only the strong exchange who have hacked can resist and still work after that you can see that binance bithump and other strong still with us but the small exchange like cryptopia will fall down 

And thanks for all those information about hacking exchange 

[teminalibug 309]

Just now, Jihadoo07 said:

Hacker always become evil for all of us, security system already have be careful with our device but hacker always can hacked

You are correct, but still does not answer the question, if it is will affect the price of a hacked coin or not and additionally i like t know how; positively or negatively?

[CryptoMaxim 3829]

Such influence is possible but I believe not significant. Since the volume of the total number of bitcoins and hacked is significantly different.

[Grease Lightning 169]

On 3/18/2020 at 3:01 PM, Mishadima said:

I love think it will affect some altcoin that depends on bitcoin but it will not affect the marketplace value and reputation of bitcoin 

This might affect prices because investors fear hackers will sell their coins which will cause a big dump. This is natural. But with the KYC now hackers will have difficulty drawing their money from the exchange. That is one of the positive effects of KYC. The negative impact is when there is leakage, and customer information is widespread

[tienda 8776]

I think yes is possible if any big website exchange is hacked by hackers will affect the Bitcoin price, but if the hackers sell those Bitcoins at lower price, if they dont sell them is possible the Bitcoin price will not affected.

[Lover840 0]

On 12/4/2019 at 7:40 AM, 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.

I think so but only if the exchange is containing a large number of bitcoin. Because small number of bitcoin doesn't affect the price in the market. Hackers are ruining the cryptoworld 

[michael3 34]

On 12/4/2019 at 9:10 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.

I totally agree with your statement, usually after the announcement of the exchange has been hacked out a lot of panic sellers that make prices dump in a short time.

[Ms.o 3322]

Yes it made huge impact on the price of a crypto that is being hacked on an exchange platform. Basically,those hackers will withdraw a certain coin which they steal on that exchange that will cause dropping in price,and will cause also panic so many traders will also sell their token out.

[bliznec 22268]

Of course, stolen coins that are indicated in the exchange can affect the price of bitcoin. In a post, top cryptocurrency exchanges are presented. No one is safe from scammers today. It becomes sometimes scary from such actions by hackers. 

[Syed Al Mamun 876]

Exchange site is our bank and safe zone. But when it becomes hack by hacker's that is so bad for Crypto currency's development. I know about a exchange name which is hacked by hacker's that name is cryptophia . 

[bliznec 22268]

16 minutes ago, Lativak said:

If the amount of stolen funds is significant it can affect the price of bitcoin because the hackers will send those bitcoins to exchanges and sell it for cheap at market price.

Of course, those who dump bitcoin at a low price will lower bitcoin. This is not worth it, since the price is dropping bitcoin. However, these are scam properties.