Bitcoin Drops By 10% After South Korean Exchange Gets Hacked

Bitcoin Drops By 10% After South Korean Exchange Gets Hacked

Analysis
Jun 11, 2018 by Mitchell Lee
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Bitcoin has stretched its losses to 53% this year after falling another 12% over the weekend marking it the biggest drop since April 09. A relatively small South Korean exchange, Coinrail, tweeted that there was a “cyber intrusion” in its system. Bitcoin hit a low of $6,647.33, its lowest since April 09. Some lesser-known cryptocurrencies such as
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Bitcoin has stretched its losses to 53% this year after falling another 12% over the weekend marking it the biggest drop since April 09. A relatively small South Korean exchange, Coinrail, tweeted that there was a “cyber intrusion” in its system.

Bitcoin hit a low of $6,647.33, its lowest since April 09.

Some lesser-known cryptocurrencies such as Pundi X were among the most affected currencies. According to the data by CoinCapMarket, the pair, Pundi X – Bitcoin is the most traded on Coinrail. Other major cryptocurrencies also fell. Etherium dropped to nearly 14% to $514 and Litecoin fell more than 11% to $104.

The declines were followed by reports from the Wall Street Journal that U.S. regulators are investigating a potential price manipulation by the four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit and Kraken.

Coinrail has said in a statement on its website that it was reviewing its system due to hacking attempts. The exchange says it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet.

The statement though is only content available on the exchange’s home page but the contact information could not be readily located. It trades over 50 cryptos and was the 98th largest, with a 24-hour volume of about $US2.65 million.

Mitchell Lee is a spirited cryptocurrency enthusiast who believes in the infinite potential of the blockchain and its upcoming causal effects. He implements his knowledge in this ambit and scoops out fascinating pieces of news, keeping our audience updated with the latest ongoing of the ecosystem. With his exquisite penmanship, he has been successful in harbouring an audience on our website. In his free time, Clark likes to wrote futuristic poetry and listens to Beethoven.

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