Bitcoin falls most in three months after Korean exchange hacked

Korean crypto exchange Coinrail loses over $40M in tokens following a hack		
		
	Jon Russell

       @	   
   	7 hours

Korean crypto exchange Coinrail loses over $40M in tokens following a hack Jon Russell @ 7 hours

It said it had frozen the tokens that were stolen and halted all trading across the exchange to help with a police investigation.

Coinrail said in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it didn't disclose how much.

When the bitcoin price fell more than $1,000 and the cryptocurrency market cap shed more than $40 billion on "Bloody Sunday", many media commentators attributed the decline to a security breach at a small cryptocurrency exchange in South Korea.

Even with the recent sharp slip, bitcoin has gained more than 130 percent in value since June 11 of 2017. Exchanges in South Korea have a history of being hit by cyberattacks. Coinrail is one of its less-well-known trading platforms. The Coinrail virtual currency exchange was breached over the weekend.

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Last November - before December's pricing peak - the amount of bitcoin held for investment was roughly three times that held by traders. Almost $30 billion in cryptocurrency wealth was wiped in about seven hours of trading, according to data provider Coinmarketcap.com. Bitcoin was one of those affected, falling 10 percent to its lowest price in two months. "At this stage, obviously, the standard is not high enough". Again that date might not seem very long ago, but in the wildly fluctuating world of cryptocurrency values, it's significant.

Japanese exchange Coincheck was hacked in January and lost over $500 million in digital currency.

"Though the CoinRail hack may have set us off-track, I don't think that this will have very significant ramifications in the long run", he said. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the USA 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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