Bitcoin plummets after small crypto exchange hacked

Antana  Flickr
Antana Flickr

12 June, 2018

And as another observer pointed out, it's not just bitcoin that felt the heat this weekend - numerous world's largest cryptocurrencies by market capitalization saw downward price moves.

A South Korean cryptocurrency exchange said it suffered a "cyberintrusion", prompting bitcoin prices to fall sharply toward year lows. That's a drop of more than 60 percent since bitcoin's all-time high of almost $20,000, which it reached last December.

However, the fallout of the hack means Bitcoin took a major tumble, dropping 5.1 per cent, which might not seem like much but is the biggest drop since 23 May, according to Bloomberg.

The markets are down this morning in the wake of an alleged $40 Million hack of 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.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", Innes said.

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A tweet from Coinrail - a relatively small South Korean cryptocurrency exchange - confirmed the cyber-attack, The report nearly immdiately sent the price of bitcoin tumbling 10%, to two-month lows.

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.

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.

Of the holdings stolen from Coinrail, the exchange says two-thirds are covered by freezing or recalling them - and that the remaining third is being investigated by police and industry experts.

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

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