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profishingrods.com October 22, 2018


Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

11 June 2018, 05:57 | Joann Bryant

Bitcoin logos are displayed at the Inside Bitcoins conference and trade show in New York on Monday

Bitcoin

Bitcoin's price has fallen to $6,627 (on the Bitstamp exchange) on the news of a hack of a major cryptocurrency exchange in South Korea - Coinrail.

While not as large as some other trading platforms, Coinrail still ranks amongst the world's top 90 digital currency exchanges.

Bitcoin was one of those affected, falling 10 percent to its lowest price in two months. That brings Bitcoin's losses for the year to about 52 percent.

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 did not quantify the value.

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. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet.




"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".

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.

The Korean National Police Agency didn't immediately reply to a request for comment. The nation's cleanup of initial coin offerings and Bitcoin exchanges has nearly been completed, the newspaper said, citing Sun Hui, an official at the Shanghai branch of the central bank.

Coinrail did not specify the value of the currency that was taken in the attack at the weekend but said it was working with authorities and other coin developers to track down the culprits. South Korea's Omnitel Inc. and Vidente Co. both retreated at least 4%, while Japan's Remixpoint Inc. slumped about 6%.



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