South Korean Cryptocurrency Exchange, Coinrail Hacked | Bitcoin Price Tumbles
Bitcoin price fell more than 10% yesterday to its lowest price in two months, after a relatively small crypto exchange in South Korea reported a hack. The crash widens bitcoin’s year-to-date losses to as much as 50%, wiping about $120 billion off its market value this year.
Coinrail, which is among the world’s top 100 crypto exchanges by trading volume, said in a statement that some of the lesser-known cryptocurrencies, such as NPXS, belonging to its users were stolen by hackers. It said it had frozen the tokens that were stolen and halted all trading across the exchange to help with a police investigation.
Coinrail said 70% of its digital assets have been moved to what is known as a cold wallet, storage that isn’t connected to the internet—and that it is working with authorities on finding the lost assets.
Bitcoin has dropped 11 percent since 5 p.m. New York time on Friday and was trading at $6,781.19 as of 11:43 a.m. in Hong Kong on Monday, bringing its year-to-date loss to 53 percent. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by Coinmarketcap.com to a nearly two-month low of $294 billion.
Other major cryptocurrencies including ethereum and ripple also tumbled, with about $45 billion wiped off the total crypto-market value in the last 24 hours, according to CoinMarketCap.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.