Cryptocurrencies tumble after S Korea hack

11 June, 2018, 15:23 | Author: Regina Silva
  • Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

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. It did not quantify its value, but in an unsourced report local news outlet Yonhap news estimated that about 40 billion won ($37.28 million) worth of virtual coins were stolen. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by Coinmarketcap.com to a almost two-month low of $294 billion. The latest to fall victim is the South Korean cryptocurrency exchange, Coinrail.

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.

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.

Coinrail was mostly trading ERC20 tokens, according to CoinMarketCap.

The frozen tokens are Pundi X (NPXS), Aston (ATX) and Nper (NPER), according to the local crypto exchange. "It is a minor player in the market and I can see how such small exchanges with lower standards on security level can be exposed to more risks", Kim Jin-Hwa, a representative at Korea Blockchain Industry Association. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the U.S. and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government.

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First of all, CoinRail cooperates with the investigating agency as much as possible to protect your assets as much as possible and to hackers as a criminal measure in order to minimize and recover the damage.

The remaining coins within Coinrail seem to have been secured by Coinrail through the migration of assets onto cold storage wallets.

The price plunges were also linked to a report on Friday from the Wall Street Journal (paywall) that United States regulators are investigating four major crypto exchanges, including Coinbase and Bitstamp, for price manipulation.

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

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