Friday, 21 September, 2018

Coinrail Exchange Hacked With $40 Million in Crypto Stolen, BTC Plummets

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists including the nearly $500 million theft from Japanese exchange Coincheck Inc. in late January Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist
Orlando Vargas | 11 June, 2018, 17:58

The news sent cryptocurrencies tumbling, with bitcoin losing about 13 per cent, ethereum down 12 per cent and ripple nearly 20 per cent lower as traders fret over the safety of their investments.

Some observers pinned the latest retreat on the hacking of a South Korean exchange, while others pointed to lingering concern over a clampdown on trading platforms in China.

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.

The price of Ethereum also fell 9.14 percent to reach 570,000 won and Ripple dropped 9.34 percent to 640 won. After opening a probe into possible bitcoin price manipulation, the government agency is asking platforms like Coinbase, Kraken, itBit and Bitstamp to hand over relevant trading data from December of previous year and on so authorities can see if manipulative bitcoin futures trading has had any effect on the price.

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. The cryptocurrency slumped by more than 13 percent Sunday, the biggest intraday drop since February 6, according to data compiled by Bloomberg from Bitstamp pricing.

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Coinrail said it was co-operating with police and suspended trading. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet.

A South Korean cryptocurrency exchange says hackers have stolen about one-third of the coins traded on its market.

The largest cryptocurrency declined to US$6,840 as of 4pm in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

The Korean National Police Agency is investigating the case, an official said by phone.

Bitcoin took a hit over the weekend.

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