Hacked Crypto Exchange Coinrail Suspected of Money Laundering

by | Jun 14, 2018 | Cryptocurrency News

South Korea Crypto exchange Coinrail | Coinrail hacked | Korea Internet & Security Agency | KISA | Coinrail money laundering

Coinrail, which is among the world’s top 100 crypto exchanges by trading volume, was hacked on 10th June where hackers had stolen some of the lesser-known cryptocurrencies, such as NPXS belonging to the users. It said it had frozen the tokens that were stolen and halted all trading across the exchange to help with a police investigation.

However, it has come to light that they were some suspicious transactions that had taken place, months before the hack. A local publication had said that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the incident.

It is a bit unclear if the Coinrail exchange is being investigated in regards to money laundering, although it seems safe to assume that is exactly what Korea Internet & Security Agency (KISA) is investigating as of right now. Any responsibility for this cyber attack lying with the exchange itself needs to be scrutinized, for rather obvious reasons.

Another local media house in Korea, the Korea Times noted that National Police Agency Cyber Bureau said,

“Investigators visited the exchange yesterday to ascertain whether it was an accident or a crime. KISA has been on the scene since the day of the 10th and is analyzing the cause of the incident jointly with the National Police Agency.”

In the meanwhile, news of hacking Coinrail, South Korean top cryptocurrency exchange, has strongly impacted alternate currency coins with Bitcoin prices biting two-month lows.

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