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Bitcoin value dips in wake of South Korean exchange hack

11 June 2018, 03:27 | Austin Hogan

Bitcoin value dips in wake of South Korean exchange hack

Bitcoin value dips in wake of South Korean exchange hack

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 heist at Coinrail, a relatively small South Korean cryptocurrency exchange, sent the price of bitcoin tumbling to two-month lows as it once again highlighted the security risks and the weak regulation of global cryptocurrency markets".

Coinrail has confirmed that it suffered a "cyber intrusion" and while it did not specify the value of the coins stolen, local news outlet Yonhap News estimated it to be $37.28 million based on a loss of about 30 percent of the coins traded on the exchange.

The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now.

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a $46 billion selloff and extending this year's Bitcoin slump to more than 50 percent.

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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. Two-thirds of the stolen assets - which the exchange identified as NPXS, NPER and ATX coins - have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies, it said. The venue added that 70 percent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

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

There were numerous hacker attacks on cryptocurrency exchanges throughout the past year.

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



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