Friday, 22 June, 2018

Bitcoin falls most in three months after Korean exchange hacked

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist Bitcoin tumbles most in two weeks amid South Korea hack
Russell Knight | 11 June, 2018, 15:28

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.

Bitcoin has once again demonstrated its volatility, dropping in value by 10 percent following news of an attack and theft from the South Korean exchange Coinrail.

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.

Although Coinrail didn't specify the value of the heist, a wallet address that has been linked to the alleged attacker appeared to have stolen more than $40 million worth of cryptocurrency, TechCrunch noted.

Coinrail's announcement Monday sent bitcoin prices tumbling to a two-month low.

"Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies". Another Korean cryptocurrency exchange Youbit lost bitcoins worth around 20 billion won previous year to cyberthieves twice, once in April and again in December.

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Bitcoin is now trading at $6,752 - down from an all-time peak of almost $20,000 in the week before Christmas.

Coinrail said in a statement on its website that it's inspecting its systems due to hacking attempts.

South Korea is one of the biggest markets for trading in digital currencies but the boom in their popularity has forced the government to tighten regulations, following similar moves in other countries. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet.

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

Korea Internet & Security Agency, now carrying out the investigation with police, said only four of the country's largest exchanges are subject to the Information Security Management System certification (ISMS) requirement.

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

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