Billions in cryptocurrency wealth wiped out after hack
 

D'oh!
Bitcoin price plunges following Coinrail exchange hack

Dead silence hear about this. All those threads here about Bitcoin reaching $10k by year's end :helpme:

Thank goodness I do not use that site. :(

could happen at any exchange

↑↑↑ Why I don't do cryptocurrency.

This is why I dont do crypto..

↑↑ :1orglaugh:thumbsup

It has been a while since I have heard of any exchange hacks.

Can't you store your shit on a thumb drive? So it doesn't matter who gets hacked or what? As long as you have it off the grid you are safe? I'm confused on that.

I never put any single coin in any exchanges. I store all my coins in my wallet.

You can't trade from your thumb drive..

Luckily we have choices:

A. (safest) keep on hardware wallet, safe
B. (safe) trade on reliable (more secure) exchanges like Bitfinex/Binance/Bitmex
C. (HIGH risk) trade on 100th biggest exchange with only $2mn daily volume, less volume, less profit, less security team, like Coin(de-)rail'd

Also, a much better article with more relevant title, not clickbait
"Korean Cryptocurrency Exchange Coinrail Suffers $40 Million Theft"

compared to clickbait CNN title:
"Billions in cryptocurrency wealth wiped out after hack"

... billions obviously gets more clicks than millions :disgust

Does these "hacks" result in a lost for the trader? Or do they have some kind of insurance. Because if this is not the case, then it would be easy for the exchange to stage a hack and run off with the money.

$37.2 million was stolen

$40 billion of wealth was wiped out in 7 hours from scared investors pulling their money out and devaluing the currency.

It's shocking how easily a $37.2 million theft can result in devaluing crypto by $40 billion in just 7 hours.

Bitcoin value dropped 7% in 7 hours. Imagine that happening on the stock market during a 7 hour period.

It's great that investigators are on it to see if market manipulation is occuring.

"Lai said the Coinrail hack intensified an already negative mood in cryptocurrency markets. The Wall Street Journal reported Friday that US investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets."

exchanges make a killing...they do not need to stage anything...imagine having an exchange and the ability to punch in zeroes when trading or even just slowing shit down for others when a move is coming :2 cents::2 cents::2 cents:...or lending out "air" money on margin and wiping it out :2 cents::2 cents::2 cents:

https://i.imgur.com/WJyhpRh.gif

They fake volume, fake ddoses, and fake hacks.

https://i.imgur.com/XYy5Iyz.jpg

Your back flip on bitcoin is about as genuine as your expertise.

They fake volume, fake ddoses, and fake hacks.

https://i.imgur.com/XYy5Iyz.jpg

Your back flip on bitcoin is about as genuine as your expertise.[/QUOTE]

No shit, but you can HOLD.