Bitcoin tumbles as hackers hit S.Korean exchange Coinrail

11 June, 2018, 15:27 | Author: Billie Castillo
  • Korean crypto exchange Coinrail loses over $40M in tokens following a hack		
		
	Jon Russell

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That widens Bitcoin's losses for the year to 53 per cent.

There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

Coinrail have since confirmed that they have been victim of an attack, which has seen around a 30% loss of coins traded on the exchange, this comes in at an estimated value just shy of $40 Million.

A tweet from Coinrail confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.

About $1.1 billion worth of cryptocurrency has been stolen by hackers in the first half of this year, according to a recent report from cybersecurity company Carbon Black.

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The exchange said it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

The hack brought an abrupt end to two weeks of calm for the biggest virtual currency and reignited concerns about the security of lightly regulated crypto exchanges. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp in Singapore.

In a statement, a representative from the Korea Blockchain Industry Association, a self-regulatory group, revealed the exchange wasn't a member of the working group.

Coinrail said in a statement on its website that it's inspecting its systems due to hacking attempts. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the United States and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government. The company wasn't immediately available for further comments.

"The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers."

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