The world’s largest bitcoin exchange OKCoin has suspended some of its services indefinitely, following a malicious cyber attack from unknown hackers.
Due to an increasing number of complaints on bitcoin forums and panels including Bitcointalk.org and Bitcoin Reddit, OKCoin, which processes almost 40% of all bitcoin trades, announced to its users:
“OKCoin is currently suffering from malicious cyber attacks and as a result, some services may be suspended, Sorry for the inconvenience.”
Approximately at 3 AM users begin experiencing problems with the server and fail to access their accounts. Based on the BTC/CNY chart below, the bitcoin price begins to decline gradually around this time, and plummets at 6:30 AM when OKCoin announced to its users that some of its services have been suspended.
For a few straight hours, users were unable to withdraw or deposit funds while watching the bitcoin price fall by 9.24% percent. As a result, some users have requested the exchange to set a bitcoin bounty to catch the hackers behind the cyber attack and help resolve server issues as soon as possible.
“There is always an inherent third party risk