Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Popular cryptocurrency exchange, Bitfinex - infamous for its $68 million hack in 2016 - suffered a domain denial of service (DDoS) attack last week. The venues have come under growing scrutiny in South Korea, the USA and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering. Tron, which is one of cryptocurrencies hacked this time, dropped 16.12 percent to 52 won.

Coinrail's announcement Monday sent bitcoin prices tumbling to a two-month low. At the height of the global crypto-mania in early January, they were worth about $830 billion.

Bitcoin is now trading at $6,752 - down from an all-time peak of almost $20,000 in the week before Christmas.

"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".

More news: Woman Arrested For Transporting Children In Dog Kennels
More news: Calgary company can capture Carbon dioxide at a cost of $94 per ton
More news: Fox & Friends Host Calls Trump a ‘Dictator’

Coinrail, which is among the world's top 100 crypto exchanges by trading volume, said in a statement that some of the lesser-known cryptocurrencies, such as NPXS, belonging to its users were stolen by hackers.

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said. The venues have come under growing scrutiny in South Korea, the USA and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering. "Coinrail said the balance 70 percent of virtual coins are now secure in its cold wallet, which operates on platforms not directly connected to the internet".

The cryptocurrency slumped by more than 13 percent Sunday, the biggest intraday drop since February 6, according to data compiled by Bloomberg from Bitstamp pricing. The company wasn't immediately available for further comments.

Without disclosing the exact amounts stolen, Coinrail revealed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project.

Related Articles

  • Trump Administration Won't Defend ACA

    Trump Administration Won't Defend ACA

    These include a "ban on insurers denying coverage and charging higher rates to people with pre-existing health conditions". But under the GOP tax bill signed into law last December, tax penalties for people without insurance were eliminated.
    Canadian PM rejects NAFTA sunset clause but open to discussions

    Canadian PM rejects NAFTA sunset clause but open to discussions

    Trudeau's office said he had not said anything in his closing G7 news conference he has not said to Trump before. Another posting says he is looking forward to straightening out unfair trade deals with the G7 countries.
    Microsoft May Have Already Had the Best E3 2018 Press Conference

    Microsoft May Have Already Had the Best E3 2018 Press Conference

    But for Halo Infinite , the game "will focus on the Master Chief and continue his saga after the events of Halo 5 ". In fact, we can't actually verify that Rare is working on this game, but we'd be shocked if that wasn't the case.
  • China, Russia Solidify Growing Eastern Bloc as Trump Rattles G-7

    China, Russia Solidify Growing Eastern Bloc as Trump Rattles G-7

    Commenting on the G-7's statement, Putin said: "It's time to stop that chatter and deal with real issues". Putin said: 'The US president has repeatedly said that it's reasonable to hold such a meeting.

    Bioware's Anthem Will Be Released On Feb. 22nd For Consoles And PC

    EA hasn't gone anywhere near the concept of stat-altering loot yet, but at least we know we'll be able to look rad. Many see it as the successor to BioWare's Mass Effect series, which has been killed off for the time being.
    Muhammad Ali's Attorney Says Trump Pardoning The Boxer Would Be 'Unnecessary'

    Muhammad Ali's Attorney Says Trump Pardoning The Boxer Would Be 'Unnecessary'

    But does Ali need a posthumous pardon? Ali's local draft board rejected the boxer's application as a conscientious objector. The case made its way up to the Supreme Court, which ruled in Ali's favor in an 8-0 vote on June 29, 1971.
  • Italy closes ports to migrant ship in row with Malta

    Italy closes ports to migrant ship in row with Malta

    The lawlessness in Libya has made it a popular place for migrants to try to depart for Europe. Passengers include 11 children and seven pregnant women, as well as 123 unaccompanied minors.
    Ghanaian President Akufo-Addo dissolves country’s FA

    Ghanaian President Akufo-Addo dissolves country’s FA

    Nyantakyi to the Criminal Investigations Department and has been subsequently charged with defrauding by false pretense. I take sole and personal responsibility for the proceedings on the video.
    Former Senate intel committee staffer indicted

    Former Senate intel committee staffer indicted

    James Wolfe, 58, was indicted on three counts of making false statements about his contacts with three reporters. If you use encrypted methods to talk to the press (or with sources), make sure you know how they actually work.
  • Britain’s richest man offers Roman Abramovich £2bn for Chelsea

    Britain’s richest man offers Roman Abramovich £2bn for Chelsea

    The 65-year-old is a Manchester United fan but watches football at Stamford Bridge because it is close to his Chelsea home. Ratcliffe's company, Ineos, recorded sales of £45bn and employs more than 18,500 people in 22 countries.

    Gears 5 announced for 2019, new main protagonist

    Gears Tactics takes place 12 years before the events of the first game, with COGS facing off against the early Locust invasion. This time, Kait Diaz appears to be stepping into the lead as she confronts a lingering thread from Gears of War 4 .
    BT Group CEO Gavin Patterson Plans To Resign At Year-end

    BT Group CEO Gavin Patterson Plans To Resign At Year-end

    Under increasing pressure, Patterson announced a radical plan to cut job and save 1.5 billion pounds a year by 2020/21 last month. The company said a poor reaction to its latest results, in which BT set out plans to cut 13,000 jobs , had prompted the move.