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Bitcoin crashed after another crypto exchange got hacked

11 June 2018, 05:57 | Melvin Schneider

Bitcoin tumbles most in two weeks amid South Korea hack

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Korea Internet & Security Agency, now carrying out the investigation with police, said only four of the country's largest exchanges are subject to the Information Security Management System certification (ISMS) requirement.

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

The price of Ethereum also fell 9.14 percent to reach 570,000 won and Ripple dropped 9.34 percent to 640 won.

Bitcoin has dropped 11% since 5 pm NY time on Friday and was trading at $6,784.04 as of 10:21 a.m.in Hong Kong on Monday, bringing its year-to-date loss to 53%.

"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. Coinrail said it is cooperating with the police investigating the hack and said it will release an announcement with more details as soon as possible.

Japan in February carried out raids on a number of exchanges following the Coinbase hack, which exceeded the US$480 million in virtually currency stolen in 2014 from another Japanese exchange, MtGox.

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said.

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"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".

Coinrail said the balance 70% of virtual coins are now secure in its "cold wallet", which operates on platforms not directly connected to the internet.

The largest cryptocurrency declined to $6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

Bitcoin was trading at $6,780, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

The Korean National Police Agency didn't immediately reply to a request for comment.

On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,790.88, down a sharp 10.8% from Friday, having fallen roughly 65% from its all-time peak hit around mid-December 2017.



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