Bitcoin and Ethereum plummet after Coinrail hack

Bitcoin and Ethereum plummet after Coinrail hack

Bitcoin and Ethereum plummet after Coinrail hack

Bitcoin extended losses for a third day, tumbling 12 percent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. Coinrail's statement said officials took the exchange offline and moved the remainder of its assets to cold storage as officials review the security system and work with law enforcement to investigate what happened.

Although Coinrail didn't specify the value of the heist, a wallet address that has been linked to the alleged attacker appeared to have stolen more than $40 million worth of cryptocurrency, TechCrunch noted. The Wall Street Journal reported Friday that U.S. investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets.

Bitcoin was trading at $6,780 on Monday, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

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As always the cryptomarket is a volatile space where trading trends are created by emotion as much as any actual outside force but in the case of this weekends carnage, there are at least two contributing factors to blame.

The 2018 selloff in cryptocurrencies deepened, wiping out US$42 billion of market value over the weekend and extending this year's slump in bitcoin to more than 50 per cent.

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It has also been confirmed by Coinrail in a statement on its website, that around 30% of token reserves have been compromised, with the rest being safely stored. Exchanges in South Korea have a history of being hit by cyberattacks.

In South Korea, 14 major local cryptocurrency exchanges adopted measures aimed at better protecting users in January this year, including restrictions on creating more than one account. "The company wasn't immediately available for further comments".

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