No, Bittrex Wasn’t Hacked. Here’s What Happened

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Fri, 01/18/2019 - 18:17
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    Bittrex users can sleep in peace tonight as the exchange claims that the hacking allegations are absolutely false

Cover image via U.Today

As U.Today reported on Dec. 17, a Redditor, whose post is now deleted, claimed that Bittrex could have experienced a security breach given that almost $2 mln had been transferred to an unknown wallet. However, these allegations are completely false, the exchange’s statement reveals.     

An expected overreaction

Despite the fact that the exchange had preliminarily warned about the upcoming movement of funds, some of its users were put on alert by the aforementioned post. Their overreaction, however, is quite understandable – the Cryptopia hack, for instance, was the most recent ‘black swan’ situation.             

Subsequently, Bittrex management made a separate statement to bring more clarity to the table and bury the hack rumors.

Keeping things quiet 

Avoiding rumors in the FUD-driven industry is not an easy feat. However, Coinbase recently went a tad further by moving a whopping $5 bln worth of crypto to its generation 4 cold storage in complete secrecy.

Bittrex has contacted U.Today by email, claiming that the exchange makes ‘significant cybersecurity investments’ in order to protect its users’ funds. Still, one has to admit that some investors find it hard to remain level-headed in this yo-yo industry. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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