Monday, 15 October, 2018

Bitcoin tumbles most in two weeks amid South Korea hack

Korean crypto exchange Coinrail loses over $40M in tokens following a hack		
		
	Jon Russell

       @	   
   	7 hours Korean crypto exchange Coinrail loses over $40M in tokens following a hack Jon Russell @ 7 hours
Laurie Berry | 11 June, 2018, 15:26

Bitcoin has dropped 11% since 5pm NY time on Friday and was trading at $6,784.04 as of 10.21am in Hong Kong on Monday, bringing its year-to-date loss to 53%.

Coinrail confirmed in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it did not quantify its value.

Coinrail's announcement Monday sent bitcoin prices tumbling to a two-month low. The exchange has not yet given an estimate of the loss, but local news outlet Yonhap News reports stolen funds amount to approximately $37.2 million. The latest to fall victim is the South Korean cryptocurrency exchange, Coinrail.

On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,763.96, down a sharp 11.2 per cent from Friday, having fallen roughly 65 per cent from its all-time peak hit around mid-December 2017. First and foremost is the news that another South Korean exchange has been hacked.

The firm, which trades more than 50 cryptocurrencies, added that it had frozen all exposed coins - Fundus X, Aston, and Enper - and other units had been taken offline in a "cold wallet".

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Coinrail is not a member of the group that promotes self regulations to enhance security.

In South Korea, 14 major local cryptocurrency exchanges adopted measures aimed at better protecting users in January this year, including restrictions on creating more than one account. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the money.

Coins other than Pundi X seem to have been transferred to a wallet at another decentralized cryptocurrency exchange, Etherdelta.

"We began the investigation immediately after receiving reports from the company".

The price plunges were also linked to a report on Friday from the Wall Street Journal (paywall) that United States regulators are investigating four major crypto exchanges, including Coinbase and Bitstamp, for price manipulation.

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