Published: Tue, June 12, 2018
Business | By Tara Barton

Bitcoin plummets after South Korean exchange hack

Bitcoin plummets after South Korean exchange hack

Led by a drop in bitcoin's price, the value of cryptocurrencies fell by more than $40 billion over the weekend and into Monday.

There were numerous hacker attacks on cryptocurrency exchanges throughout the past year.

Coinrail said: "Seventy percent 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 exact damage of the leaked coin/token is now being confirmed, which may require some time to be taken with the coin".

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The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now. But Coinrail is small relative to its competitors. In comparison, the top two cryptocurrency exchanges, OKEx and Binance, have roughly $1.7 billion traded on each of their exchanges, a day.

George Zarya, chief executive of Sequant Capital, said that although regulation within cryptos has improved, there is still a way to go in a sector that many regard as a "wild west" and that monitoring of accounts with suspicious activity should be stepped up. The venues have come under growing scrutiny in South Korea, the U.S. and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering.

It is believed up to $40 million in cryptocurrencies were made off with in the heist, reports TechCrunch. Since the unprecedented bull market of 2017 came to a crashing halt the threat and hand-wringing of government agencies around the world have caused dips and spikes in the market everytime an official makes a statement concerning the status of Bitcoin or the legality of ICO's.

The price of bitcoin slumped more than 7% after South Korea's Coinrail announced that it had been targeted by cyberthieves. At press time, ETH is trading at $532.63 a coin, down -6.58%.

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