Will exchanges hacked by hackers affect the price of BTC?

[jacker 1095]

In the world of cryptocurrencies, there are a lot of hackers and scammers, they are very cunning and smart, they make us hard to guess, but I think it will not affect bitcoin price much, if the exchange value The rent is effective, but not much

[Naga 1250]

i think it will depend on the exchanges because there are some big exchanges like binance that will definitely affect us on the market but small exchanges wont be much change to the price

[Nakamoto 279]

Yes. These events have caused prices to fall in the past because people are afraid that hackers will dump their coins. But for now, we don't need to be afraid because the exchange will block and detect coins from the hacker's address. So they can't sell their coins.

[Jimmy 437]

As you said, I think it's not really affecting the price because stoled bitcoin can't move anywhere or atleast have limited place to move because i'm sure hacker was also confused to sell the bitcoin too when exchange was working together to ensure the stoled fund can't move anywhere.

[shafi123 187]

Yes it is possible to hacked any account in which hackers steal currency. By the hackers many other currencies affecred by the scammers and hackers but i think btc is not affect by the hackera. But exchane wallet safe and sound you sould be.

[guatazoo 7150]

On 12/14/2019 at 10:12 PM, Moneykiller said:

I don't think so btc is affected by any hacking or scam.beside this everyone know that other coin depends on the btc and btc doesn't depend on any other coins.so btw will not be affected.

You Are wrong, hackers affect the price as they cause panic especially when big exchanges are hacked.

[miskyming 1588]

If big exchanges hacked by the hackers I'm sure the price of bitcoin will affected and not only bitcoin, but all altcoins will affected because you know hackers will convert their stolen cryptos into fiat.

[Ali abbas 15]

Yes it might be happen that exchanges can hacked by hackers so we should be aware of them

[Grease Lightning 169]

BTC investors will immediately sell their coins because they are afraid the hacker will dump. Yes, the impact of the hack is very huge. Let's trade on a safe exchange.
 

[Hatred 1388]

On 12/4/2019 at 10:10 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.

In other words, even though an exchange is been hacked, it will not affect or influence the price of Bitcoin. BTC will just lost some users because of that incident that it will not change its price.

[talo122 735]

If it is big exchange then it will sure effect,the biggest effect of bitcoin's price happened with binance and cryptopia exchanged hacked while ago, bitcoin dropped hard that time. 

[duncun007 3577]

On 12/29/2019 at 9:24 PM, laska smrtici said:

Certainly, there will be an impact on the price of bitcoin if a strong platform is hacked and much of the currency is stolen and sold, which causes a decrease in bitcoin.

but this is not applying to all exchanges because some exchanges barely have 50 bitcoins in total volume, we only talking about the big exchanges like binance and bitfinex

[scorpiali 5626]

18 minutes ago, Tangible Belal said:

I think 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

Specially if the exchange is most famous like Binance , the impact of the hacking  effect the price even he he can anticipate that

[TasinHasan 421]

yes if any big exchange hacked by hackers then it will affect bitcoin price because these scamers will sell btc and bitcoin will dump instant.

 

[Soaib khan 1035]

Yes I think if popular exchanges hacked by hackers maybe affect to bitcoin price because hacker selling funds for convert flat currency and maybe price dump.

[Shobuj12 5]

If yes, then it is my mind that bitcoin will be stolen, but yes we have to be careful of the possibility

[MOProgress 363]

It depends on the amount of coins that are hacked, If there are large number, like the one that was done on Binance, if they are sold at the same time, it must surely affect Bitcoin price, because it will cause serious panic to investors.

[ammarfares 95]

Sure the exchanges hacked will decrease the price of BTC and anther cryptocurrencies because hackers will sell the bitcoin or any anther coin they stole cheap.

[mani982 286]

Some times hacker find the some bugs in exchange security and they take the edge of these bugs and hacks the exchanges and also some crytpto funds but it can not effect more on the price of crypto.

[ETheHedgehog 3104]

Hacking wouldn't affect bitcoin prices, it's like saying that stealing fiat money can affect it's prices, yes it may fluctuate a bit when it's hacked but it will com back again and recover

[Ayush Singh 1175]

Yes there is a possibilites of exchanges getting hacked and it will definitely effect the prices of bitcoin when there will be hacking exercised in exchanges then most of the users will not feel safe to invest on it or doing trade with it which will reduce the investment and it can cause reduction in price.

[Gunhoo 91]

If they hacked a very huge amount of bitcoin, I think it will have some effect on bitcoin's price. More over if they sell their stolen bitcoin at once, it will make the price of bitcoin goes down quite a lot. 

[Ashkwik 122]

On 12/4/2019 at 8:10 AM, Yanadia said:

 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

Yes i agree with you my friend, its digital world as we know criminals are everywhere,just be ready for everything happened

[Razan alikac 1899]

Thank you my friend, although your topic is very long, yes I think that will affect the price of bitcoin and decrease

[Nickibae 130]

On 12/4/2019 at 3:10 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.

Well mate I can't seem to place my hands on this but I don't think the exchanges hacked by hackers can actually affect the price of bitcoins I think Bitcoin can really account how it's price is being affected by some other reasons

Edited February 6, 2020 by Nickibae