Thursday, 18 October, 2018

Coinrail Hack See's Markets Crash As $40 Million Stolen

Bitocion price tumbles after cryptocurrency exchange Coinrail gets hacked Another hack on a Bitcoin exchange sees the digital currency's price fall
Ginger Lawrence | 11 June, 2018, 15:26

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017.

It notes that Bitcoin was trading at $6,790.88 on Bitstamp, a drop of 10.8 percent from Friday and a massive dip from its December 2017 peak, when it hit an all-time high of nearly $20,000. The exchange has not yet given an estimate of the loss, but local news outlet Yonhap News reports stolen funds amount to approximately $37.2 million.

Coinrail's announcement Monday sent bitcoin prices tumbling to a two-month low.

About $1.1 billion worth of cryptocurrency has been stolen by hackers in the first half of this year, according to a recent report from cybersecurity company Carbon Black.

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In 2014, Tokyo-based Mt. Gox, which once handled 80 percent of the world's bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars. Popular cryptocurrency exchange, Bitfinex - infamous for its $68 million hack in 2016 - suffered a domain denial of service (DDoS) attack last week.

The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.

Coinrail said in a statement on its website that it's reviewing its system due to hacking attempts. 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. The venue added that 70 percent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

Coins other than Pundi X seem to have been transferred to a wallet at another decentralized cryptocurrency exchange, Etherdelta. "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers". The company wasn't immediately available for further comments.