Bitcoin crashed after another crypto exchange got hacked
Bitcoin crashed after another crypto exchange got hacked
Bitcoin tumbles most in two weeks amid South Korea hack
11 June, 2018, 15:26
Cryptocurrencies plunged in Asia on Monday (Jun 11) after a hack on a South Korean exchange sparked fresh concerns about the safety of the digital units.
The world's most valuable digital currency is now trading at $7,229 per coin, widening losses for the year to 48%.
Coinrail released an official statement on June 10 saying that a "cyber intrusion" had taken place, leading to a loss of 30% of its total coins in trade. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen.
The news sent cryptocurrencies tumbling, with bitcoin losing about 13 per cent, ethereum down 12 per cent and ripple nearly 20 per cent lower as traders fret over the safety of their investments.
South Korea is one of the world's major cryptocurrency trading centers, and is home to one of the most heavily trafficked virtual coin exchanges, Bithumb.
Investors and regulators were jolted earlier this year after Japan's cryptocurrency exchange Coincheck was hacked in a high-profile theft of over half a billion dollars worth of digital currency.
Without disclosing the exact amounts stolen, Coinrail revealed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project.
Coinrail is not a member of the group that promotes self regulations to enhance security.
First of all, CoinRail cooperates with the investigating agency as much as possible to protect your assets as much as possible and to hackers as a criminal measure in order to minimize and recover the damage. "Coinrail said the balance 70 percent of virtual coins are now secure in its cold wallet, which operates on platforms not directly connected to the internet".
Coins other than Pundi X seem to have been transferred to a wallet at another decentralized cryptocurrency exchange, Etherdelta.
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