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".

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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.

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