hl5460



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LegendaryActivity: 1621Merit: 1000news.8btc.com BTC38 hot wallet got hacked and lost 1.5 million December 22, 2016, 06:37:42 AM #1



As a result of the server logic problems on 21st Dec, more than 10 million Bitshares, over 10 million NXT and some BTC/LTC were stolen from the exchanges hot wallet (estimated total loss of 1.5 million RMB). We shut down the server immediately and stayed up all night to fix the problem. We have reviewed our wallet deployment plan and made new adjustments. We will take full responsibility for the total loss of the digital asset (market buyback). The most important assurance is that all funds are safe in the hands of BTC38.

BTC38 explained the delay to calm down the market:As we are currently redeploying the wallet, the service for certain coins will be resumed gradually.



http://news.8btc.com/exclusive-btc38-hot-wallet-got-hacked-and-lost-1-5-million 2 hours later, another 8btc thread gave out the true reason: BTC38 was hit by a hacker with approximate loss of 1.5 million RMB.As a result of the server logic problems on 21st Dec, more than 10 million Bitshares, over 10 million NXT and some BTC/LTC were stolen from the exchanges hot wallet (estimated total loss of 1.5 million RMB). We shut down the server immediately and stayed up all night to fix the problem. We have reviewed our wallet deployment plan and made new adjustments. We will take full responsibility for the total loss of the digital asset (market buyback). The most important assurance is that all funds are safe in the hands of BTC38.BTC38 explained the delay to calm down the market:As we are currently redeploying the wallet, the service for certain coins will be resumed gradually. Latest crypto twitter from China

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MingLee



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Hero MemberActivity: 490Merit: 520 Re: BTC38 hot wallet got hacked and lost 1.5 million December 22, 2016, 06:45:45 AM #2 Holy shit.



I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn't get too interested in it.



You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.

sportis



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Veni, Vidi, Vici







Sr. MemberActivity: 336Merit: 252Veni, Vidi, Vici Re: BTC38 hot wallet got hacked and lost 1.5 million December 22, 2016, 07:25:51 AM #3 Quote from: MingLee on December 22, 2016, 06:45:45 AM Holy shit.



I think I remember reading about this site and thinking about using it at some point in the near future too. Probably a good thing that I didn't get too interested in it.



You mention that 1.5m RMB was lost though, what is/was the conversion rate to USD? It can mean a huge difference as to what the noted losses are.



What concerns me is not only the amount of money have been lost but how easy site's security gap found and they fell victim of hacking. This proves that administrators, and anybody is responsible about security of these exchange sites must be anytime in alert because even though they said that they take full responsibility about digital assets loss they lost forever their customer's faith. What concerns me is not only the amount of money have been lost but how easy site's security gap found and they fell victim of hacking. This proves that administrators, and anybody is responsible about security of these exchange sites must be anytime in alert because even though they said that they take full responsibility about digital assets loss they lost forever their customer's faith.

bering



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LegendaryActivity: 1876Merit: 1004 Re: BTC38 hot wallet got hacked and lost 1.5 million December 22, 2016, 08:52:43 AM #8 after bitfinex incidents and now this exchange and apparently china exchange will be the next aim by the hackers because before BTC38 several times ago bter also has announce they got hack and lost a lot of bitcoins however i was wondering whether this is will have bad influence for altcoins market because this exchange is the top 3 exchange in china

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LegendaryActivity: 1050Merit: 1001 Re: BTC38 hot wallet got hacked and lost 1.5 million December 22, 2016, 09:44:15 AM #10 Quote from: Pursuer on December 22, 2016, 08:02:33 AM yet another place hacked and a big amount of money stolen and we are still not seeing any change in these services security measures. and people are also continue trusting them with their money.

I wonder when this is going to change if ever!

yeaa i even wondering is all this time hacked issue in exchanges just a mere drama?

too much incident within a year involve 'exchange' and 'hack'.

are they did not even learn? or they are actually a great hacker group that operating in bitcoin exchanges hack. yeaa i even wondering is all this time hacked issue in exchanges just a mere drama?too much incident within a year involve 'exchange' and 'hack'.are they did not even learn? or they are actually a great hacker group that operating in bitcoin exchanges hack.

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LegendaryActivity: 2170Merit: 1420 Re: BTC38 hot wallet got hacked and lost 1.5 million December 22, 2016, 10:16:41 AM #12 Quote from: Pursuer on December 22, 2016, 08:02:33 AM yet another place hacked and a big amount of money stolen and we are still not seeing any change in these services security measures. and people are also continue trusting them with their money.

I wonder when this is going to change if ever!



It will never change. Hot wallets are connected to the internet, and thus a very interesting target for hacker thieves. It's not that all people keep their coins on exchanges without withdrawing them. Plenty of people are trading where the trading sessions can last days, perhaps even weeks depending on the intensity of the volatility. In that regard, traders must have a certain amount of coins and money in their exchange account in order to continue trading. What I personally do is, when I am done trading, I withdraw all my coins. That's a basic rule for me. If I am going to trade again, I simply deposit coins, and do what I want to do, where after that I withdraw them again. Very simple. It will never change. Hot wallets are connected to the internet, and thus a very interesting target for hacker thieves. It's not that all people keep their coins on exchanges without withdrawing them. Plenty of people are trading where the trading sessions can last days, perhaps even weeks depending on the intensity of the volatility. In that regard, traders must have a certain amount of coins and money in their exchange account in order to continue trading. What I personally do is, when I am done trading, I withdraw all my coins. That's a basic rule for me. If I am going to trade again, I simply deposit coins, and do what I want to do, where after that I withdraw them again. Very simple.