S.Korean exchange Coinrail says hit by hackers, bitcoin slides

  • S.Korean exchange Coinrail says hit by hackers, bitcoin slides

S.Korean exchange Coinrail says hit by hackers, bitcoin slides

Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER.

South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations.

While South Korea has become a hotbed of trading in cryptocurrencies, Coinrail is among South Korea's smaller trading platforms.

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However, by April 2018, the data show the amount held by investors - about 6m bitcoin - was much closer to the amount held by short-term speculators, with 5.1m bitcoin.

Bitcoin was trading at around $6,750 in early afternoon trading in Asia.

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. "It actually doesn't take a lot of money to move the market significantly".

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 price of bitcoin fell more than 10% after South Korean cryptocurrency exchange Coinrail said it had been hacked and that the hackers made off with some of the lesser-known cryptocurrencies, such as NPXS.

The largest cryptocurrency declined to US$6,840 as of 4pm in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing. "Also, please understand that all related matters are hard to share all progress to exclude all possibilities that may interfere with the investigation due to an investigation by police agencies".

In China, the Communist Party-run People's Daily reported on Friday that the country will continue to crack down on illegal fundraising and risks linked to Internet finance, quoting central bank officials.