wry Posted February 25, 2019 #1 Posted February 25, 2019 Well I hope everyone enjoyed the pump yesterday, I know I sure did, as short lived as it was because today it's back to more disappointing news from the crypto ecosystem. South Korean exchange Coinbin has declared itself bankrupt due to internal theft, i.e. embezzlement. It turns out that Coinbin had acquired Youbit in 2017. Youbit itself had been the victim of two "hacks" which increasingly look like inside jobs. Coinbin is report the loss of $26 million USD due to embezzlement and shut down withdrawals last week. This except was just classic: Quote The exchange further cited “corporate executive moral hazard” as one of the reasons for its bankruptcy. It explained that an executive from Youbit had “lost” paper wallets containing “hundreds” of cryptocurrency private keys last November. This is just one of the reasons that serious investors do not take crypto seriously. This sort of baseline incompetence in exchanges that are responsible for millions of dollars of coins is just inexcusable. I worry the crypto industry will never be successful with these types of buffoons being in charge of important businesses. Link: https://www.coindesk.com/south-korean-crypto-exchange-declares-bankruptcy-citing-embezzlement
bicoinman Posted February 26, 2019 #2 Posted February 26, 2019 What do you have to do to conceal these bastards? because for my part I invest serenely on cryptomonaie..may it raise awareness of the managers of our investment fund? ... but also that tells us that this loss e sensitive documents is not only reason for to make you drop the bet? so that you can leave with your money? so be careful Cheers...!
skillex Posted February 26, 2019 #3 Posted February 26, 2019 Its very sad news really. Hoping theres no suspicious reason behind this bankrupcy they had. Hoping they are really telling the truth that they've been really hacked or maybe they are just making an excuse just to run from accusations. How pitiful are the investors with huge funds on it.
williamshennie9 Posted February 26, 2019 #4 Posted February 26, 2019 5 hours ago, wry said: Well I hope everyone enjoyed the pump yesterday, I know I sure did I know we all enjoyed it, but for those of us holding, we need a long term pump to keep the value high. Sadly it was short lived
KiXxnTRiXx Posted February 26, 2019 #6 Posted February 26, 2019 6 hours ago, wry said: Well I hope everyone enjoyed the pump yesterday, I know I sure did, as short lived as it was because today it's back to more disappointing news from the crypto ecosystem. South Korean exchange Coinbin has declared itself bankrupt due to internal theft, i.e. embezzlement. It turns out that Coinbin had acquired Youbit in 2017. Youbit itself had been the victim of two "hacks" which increasingly look like inside jobs. Coinbin is report the loss of $26 million USD due to embezzlement and shut down withdrawals last week. This except was just classic: This is just one of the reasons that serious investors do not take crypto seriously. This sort of baseline incompetence in exchanges that are responsible for millions of dollars of coins is just inexcusable. I worry the crypto industry will never be successful with these types of buffoons being in charge of important businesses. Link: https://www.coindesk.com/south-korean-crypto-exchange-declares-bankruptcy-citing-embezzlement What?... had "lost" paper wallet?... common now!.. that just sounds fishy to me!.. i know its possible for it to happen, but any responsible company/executives would have preventive measures in place to avoid such a thing to happen.. i mean., thats just outright ridiculous and honestly irresoonsible sad excuse!.. and perhaps you are right, maybe this is why investors are second guessing or not even wanting fo consider in investing in crypto!.. thats like having a bank saying, oops.. we are bankcrupt, our bank manager just lost all accounts.. sorry... lol such bs!
wry Posted February 27, 2019 Author #7 Posted February 27, 2019 19 hours ago, KiXxnTRiXx said: thats like having a bank saying, oops.. we are bankcrupt, our bank manager just lost all accounts.. sorry... lol such bs! @KiXxnTRiXx you totally nailed it! It makes the crytpo ecosystem look like it is run by a bunch of idiots. I think this is why so many people now just assume these kinds of hacks and stories are just examples of insiders outright stealing from users. It's a shame. Hopefully more professional organizations will come into the area, though that will make it less fun and more regulations.
Kate Posted February 27, 2019 #8 Posted February 27, 2019 Never heard about the exchange until now. But are exchanges these unorganised to be victims of things like private key lost ? If it was a person we can understand but its an exchange how ?!
irawk0 Posted February 27, 2019 #9 Posted February 27, 2019 Yup that issue is the only major obstacle blocking crypto from skyrocketing, the internet insecurity of it. I fear with hackering/scamming becoming more advanced as the years go on this'll only get worse. It doesn't help that the anonymity attracts owners of exchanges to just steal everything and run and no one the wiser -.- We should just keep funds on Stake not even joking lol >.>
Shaniqua Posted March 6, 2019 #10 Posted March 6, 2019 On 2/26/2019 at 6:34 PM, Kate said: Never heard about the exchange until now. But are exchanges these unorganised to be victims of things like private key lost ? If it was a person we can understand but its an exchange how ?! i hadnt heard about it either till now, but wow seriously thats not professional at all, gives the rest of the crypto community in general a bad impression to those who n know nothing of it and hearing about it for the first time via a case like this =( RIP
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