Bithumb Hacked Out of 3 Million EOS and 20 Million XRP by Insiders
One of South Korea’s biggest exchange, Bithumb, had about 3 million stolen from their hot , which is now confirmed, and it is rumored another 20 million XRP was stolen.
Bithumb said deposits and withdrawals have been temporarily suspended after cryptocurrency which belongs to the company was stolen. They do not specify which crypto or the amounts, with Bithumb :
“As a result of the internal inspection, it is judged that the incident is an ‘accident involving insiders.’
Based on the facts, we are conducting intensive investigations with KISA, Cyber Police Agency and security companies.”
EOS Block Producers have been asked to take action with the following screenshot now confirmed as authentic:
Bithumb hack, March 2019.
A representative from said “we’ve been working with exchange for over the last 15 hours,” with it unclear whether they can reverse these transactions.
The hack occurred yesterday on the 29th of March with drained. The funds were then sent to Huobi, HitBTC, WB, EXmo and other exchanges.
With more updates numbers on stolen fund distribution (number of ) and the hacker’s address still holds 1.9Million
The “hackers” therefore may have sold these stolen funds to others on exchanges, making any reversal of transactions even for the relatively centralized potentially a difficult endeavor.
Rather than an actual hack, it appears this was a theft from previous or current employees.
Bithumb recently laid off about half of its staff as the exchange may have expanded too quickly, with their staff reduced from 310 to around 150.
That’s quite a lot of people, so it appears one of them has just taken the private key, with Bithumb stating “we only focused on defense of outside attack and lack of verification of internal staff.”
Bithumb was hacked out of $30 million last year with mainly . Making this the second hack in just a few months as millions are now stolen again.
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Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis. Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more efficiently, and sometimes even in their sleep.
Also read: Trading and Technical Charts
Cryptocurrency Algorithmic Trading Bots
Lots of bitcoin traders use trading bots to perform quicker trades than humans can naturally process by themselves. Trading bots became popularized in the cryptocurrency environment years ago, with the infamous Mt. Gox “” bots back in 2013. These alleged bots were accused of pushing the price of bitcoin up faster than a natural bull run. However, bots are not necessarily bad tools and they have been used in computational trading since the seventies. They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously without having to rest.
Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market actions, such as time, price, orders, and volume. Bots or program trading is used within many global stock exchanges and is a legal practice for the most part. bitcoin trading bots are said to establish more efficient trading and can be utilized on many well-known cryptocurrency exchanges today. There are bots that are free of charge and can be downloaded online. Some people have also designed their own . Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.
Subscription Bot Services
Haasbot
The algorithmic trading software, created by Haasonline, trades bitcoin and over 500 altcoins on many popular exchanges. This includes fully automated trades on platforms such as GDAX, Poloniex, Bitfinex, Kraken, Huobi, BTCC, Gemini and much more. Haasonline details the bot is customizable and enables a variety of technical indicator tools.
“Our bitcoin bot utilizes industry leading indicators such as StochRSI, MACD-Histogram, PPO, Ultimate Oscillator, Ulcer Index, Regression Slope Cross, and more,” explains Haasonline.
BTC Robot
considers itself the world’s first electronic cryptocurrency robot. The trading robot offers multiple plans for different types of software and membership. The cheapest robot plan is US$149 for the silver software, which gives traders a downloadable version for various Windows operating systems. Mac users have to pay a touch more. The company notes that its algorithmic trading does not predict markets perfectly, and there will always be losing and winning trades. It further added that:
100% winning systems are impossible, so don’t be fooled by so called “get rich scams” promising such impossible results.
Cryptotrader
is a cloud-based automated bitcoin trading bot that claims to allow users to build algorithmic trading programs in minutes. The company also offers a “Strategy Marketplace” where users can purchase and sell trading strategies. Cryptotrader says that it is supported by most of the popular exchanges such as Coinbase, BTCe, Bitstamp, and more. The business states that its automated trading bots in are unique compared to the current bots on the market today.
Trade While You Sleep
Bot trading may not be for everyone as the software can be difficult for inexperienced traders to understand. Furthermore, traders have to trust in the efficiency and reliability of companies or the free software that offers algorithmic cryptocurrency trading. There are many different businesses online offering bot services, and some of them may not be legitimate. Alongside this, free trading bot programs can be found on sites like Sourceforge, but people should research diligently before trusting any free software. However, reputable and functioning trading bots may increase trade profits, if used correctly.
What do you think about trading bots? Let us know in the comments below.
Images via Pixabay, Haasbot, BTC Robot, Cryptotrader websites.
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