Bitcoin tumbles as hackers hit South Korean exchange Coinrail

Postado Junho 11, 2018

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.

Bitcoin has dropped 11% since 5pm NY time on Friday and was trading at $6,784.04 as of 10.21am in Hong Kong on Monday, bringing its year-to-date loss to 53%.

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.

Japan in February carried out raids on a number of exchanges following the Coinbase hack, which exceeded the US$480 million in virtually currency stolen in 2014 from another Japanese exchange, MtGox.

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.

Bitcoin is now trading at $6,752 - down from an all-time peak of almost $20,000 in the week before Christmas.

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin extended losses for a third day, tumbling 12 per cent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. The venues have come under growing scrutiny in South Korea, the US and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet.

The largest cryptocurrency declined 5% to $7 247 as of noon in NY, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing.

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

Without disclosing the exact amounts stolen, Coinrail revealed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project.

Some Asia-listed stocks with exposure to digital currencies fell on Monday.