Will exchanges hacked by hackers affect the price of BTC?

[Thekingcallme 1975]

I do not think that will affect as long as the cryptocurrencies are present and only the owner has changed as you become the property of the pirates and they can sell them to the platforms and this will make the water return to its course again

[Raqeebzy 6456]

Definitely, it will have its effects. If we look back in history of various exchange platform which the security system was compromised, January 2018 when coincheck was hacked, February 2018 when Bitgrail was hacked and October that year too when Trade.io was also hacked. There is always a very sharp decrease in the price of bitcoin. 

[Jami273 2020]

Thanks for such a good and so imformative posts.Yes,we all have seen so many exchange has been hacked and lost a huge amount of money.I am agree with you that after get hacked it is normal to have some bad effects of it.all the traders may become scared,so just for a little time the price of cryptos will decrease,,but it became all right soon.

[scorpiali 5626]

On 3/31/2020 at 1:44 PM, Basad said:

Exchanges hack by hackers will face a huge amount of loss, which will have a negative impact on the price of bitcoin, and it will recover in some days

If the Exchange who have this attack form hacker is Binance or any other famous exchange i think the price will fall down because traders are afraid and dont want that happent 

[ProjectJourneyman 170]

It can have a larger effect on smaller altcoins, where a larger percent of the total coins could be included in the theft.  I think the altsbit hack with pirate chain was a problem because it was the biggest exchange for that coin.  Bitcoin is so spread out that it's harder to have as large of an effect.

[jamesvince 2389]

Definitely when hackers hacked huge quantity of different coins and tokens from any exchange then high chance of dumped of crypto market in few quick hours or minute due to selling pressure on market or buying pressure makes pump or dump. Therefore be aware about this factor of crypto market. 

[NevermindNe 549]

I think that Yes, they have already affected the price of bitcoin, when a huge number of coins are transferred from exchanges to other wallets, the price of bitcoin falls 

[MrGox 880]

Absolutely yes if exchanges will hacked by scammers or hackers, this event will affect either BTC price or altcoins. It will influence very badly to the world. 

[Magnom 0]

Sure especially if an exchange has hacked so all people will send their coins to their wallets! And they wouldn't trust any exchange! Hope that wouldn't be happen because the safety and security are really important!

[Kamila 291]

I think this is unlikely, since almost in the crypto community learn about this news, the market does not react in any way to the fact that some exchange has been hacked.

[Rendra808 92]

I assume hackers will really avoid reputable exchanges to sell stolen cryptocurrency, due to the fact on the way to get them caught, and the deep net direction or illicit change is probably an alternative to promoting hacked coins,

[gourav789 2834]

this is normally when exchange are hacked then hackers took everything whatever they find . 

let's us assume if hackers stole 10K btc then Trading value is decreased in market as a result price is going decreased .

[Calvinpriva 17296]

I don't think that. Because there are some exchanges which have fail for some reasons and they have been closed but until now the price of btc its still good because there are many other exchanges which they are doing good in the market.

[magd 5231]

This relates to the type of exchange and its content in cryptocurrencies. It is certain that the exchanges that are penetrated and the theft of the money in it will affect a lot on the price of bitcoin, for example if the most famous platform, which is Binance, which contains huge amounts of money, is stolen, then it is certain that the price will be affected.

[Yomose 3704]

2 hours ago, magd said:

It is certain that the exchanges that are penetrated and the theft of the money in it will affect a lot on the price of bitcoin

@magd In my view, too can not just say the price of bitcoin will be affected, trading is what affect bitcoin price through buying an selling of bitcoin not hacking at all. Bitcoin is not converted but only hacked, the price of bitcoin will not be affected. 

[Saj555 2250]

Somehow still the news of the outside world sometimes affect the prices of the cryptocurrencies. If a user get to know about a exchange getting hacked then he will always be in a anxious situation  about his stored funds too. Somehow in that situation he will decide to sell it. And that's how there becomes a major price difference and demand in the market. And thus the price fall. So the answer is yes actually. 

[Virgil dijk 1431]

I think when an exchange is being hacked and a very large amount of bitcoin was stolen from the exchange at the main moment the price of bitcoin will be affected depending on what the stolen bitcoin will be used for , but after some weeks the price will bounce back to it's normal price .

[malik6314193 5449]

Yes definitely it effect the price of bitcoin. When someone hack bitcoin then its trading volume goes down which lead to price fall. Further people convert their bitcoin to stable currencies or their local currencies which affects the price. It is proved by history. Whenever any exchange was hacked it affects the price. 

[Zaino34 0]

Yes, I think that this may affect the price of digital currencies, especially if they convert these currencies at once and this effect depends on the size of the currencies that are stolen and the size of these exchanges.

[DreamStage 2105]

Basically most of the time what happens during such hackings it that investors will try to run out of the exchange for quickly as possible thus selling their investments into profit therefore price goes down way quickly.

 

Then they will invest somewhere else and buy and price gets back again.

 

Or the hackers might as well sell and price gets even more lower.

[Jessica Karren 1242]

I also heard that Kraken exchange is also hacked and data of it's users were leaked. Yes price of Bitcoin is affected if huge amount of Bitcoin is stolen from any exchange as in 2018 when the Coincheck exchange hacked and suffered a loss of $530 millions the the price of Bitcoin dropped about 10% according to coinmarketcap.

[Nyamwari 3]

Bitcoin exchange hacks definitely affect bitcoin price, this comes from panic, nobody likes loosing money weak hands sell their bags and exit the Crypto market all together. However this is to be expected as the price of BTC is always a roller coaster affected and this price movements are what bring in the profits.

[Yomose 3704]

On 6/28/2020 at 7:35 PM, guatazoo said:

If the hackers already succeeded to  be stolen the cryptocurrencies, they can use them at any exchange to sell without being caught because there will have no any signs of hacked cryptocurrencies. 

But you are against the topic, the right answer is that people using the exchange can convert their cryptocurrencies to fiats and if much, it can result to cryptocurrencies  process to be affected negatively, and bitcoin is not left out. 

[Solex 2262]

I think this will depend on the exchange that got hacked, if the exchanger they hacked has a lot of bitcoin in it then definitely the price of bitcoin will be affected thereby falling down but the price will surely return to it normal state after sometime so other people don't have to panic to sell.

[estee369 489]

Yes it will affect the market. We have seen this in past. Every time a big exchange hacked price of crypto market crashs. Those hacked send their stolen fund in various exchange and heavily dump the price.