ibusinesslines.com
ibusinesslines.com August 22, 2018


Cryptocurrencies lose $46 billion after S. Korean bourse hack

11 June 2018, 03:28 | Kelvin Horton

An electronic board showing exchange rates of cryptocurrencies in Seoul

Cryptocurrencies tumble after S. Korea hack

The hacking attack on Coinrail comes after Japan's cyrptocurrency exchange Coincheck was hacked earlier this year in a high-profile theft of its digital currency.

Bitcoin fell more than 10% yesterday (June 11) to its lowest price in two months, after a relatively small crypto exchange in South Korea reported a hack.

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.

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.

Bitcoin was trading at $6,780, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

"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", said Stephen Innes, head of Asia-Pacific trade at OANDA.


"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said.

Bitcoin extended losses for a third day, tumbling as much as 12 per cent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. "It actually doesn't take a lot of money to move the market significantly".

Coinrail claims 70 percent of its cryptocurrency reserves are safe and have been transferred to cold wallets for security reasons; their transactions and withdrawals will resume as usual once the exchange service is stabilized.

Pundi X stated on its blog that the decentralized cryptocurrency exchange IDEX (where the stolen funds had been moved) agreed to urgently freeze the trading of NPXS coins on its platform, and all the stolen coins remain traceable for now.

The largest cryptocurrency declined to $US6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing. The company wasn't immediately available for further comments.



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