Bitcoin price plunges after cryptocurrency exchange is hacked

11 June, 2018, 18:00 | Author: Brooke Harris
  • Bitcoin price plunges after cryptocurrency exchange is hacked

The heist at Coinrail, a relatively small South Korean cryptocurrency exchange, sent the price of bitcoin tumbling to two-month lows as it once again highlighted the security risks and the weak regulation of global cryptocurrency markets.

Accorgint to Coinrail, the hackers struck on June 10 and made away with a number of different cryptocoins, including the recently launched Pundi X (NPXS), which makes roughly two thirds of Coinrail's trading volume.

Coinrail later said in a statement on its website that its system was hit by "cyber intrusion" on Sunday, causing a loss for about 30% of the coins traded on the exchange.

The price of Ethereum also fell 9.14 percent to reach 570,000 won and Ripple dropped 9.34 percent to 640 won. That widens Bitcoin's losses for the year to 52 per cent. During the early morning hours, the father of cryptocurrencies was trading for as low as $7,200, though at the time of writing, bitcoin has dropped even further down to $6,700 - approximately $900 less than where it stood just 24 hours ago.

The attack on Coinrail comes months after Japanese firm Coincheck said it had lost more than US$500 million in a January hack.

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It was a generation of brutal players and the best player in the world (Lionel Messi). He never told me face to face", he added.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", Innes said.

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fuelling a $46 billion rout and extending this year's Bitcoin slump to more than 50%.

Coinrail said "70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]".

The Korean National Police Agency didn't immediately reply to a request for comment. South Korea's Omnitel Inc. and Vidente Co. both retreated at least 3.9 percent, while Japan's Remixpoint Inc. slumped about 5 percent.

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