Coinrail Hack See's Markets Crash As $40 Million Stolen

Coinrail Hack See's Markets Crash As $40 Million Stolen

After opening a probe into possible bitcoin price manipulation, the government agency is asking platforms like Coinbase, Kraken, itBit and Bitstamp to hand over relevant trading data from December of a year ago and on so authorities can see if manipulative bitcoin futures trading has had any effect on the price.

Bitcoin's price has fallen to $6,627 (on the Bitstamp exchange) on the news of a hack of a major cryptocurrency exchange in South Korea - Coinrail.

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.

"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.

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion (R551 billion) of market value over the weekend and extending this year's slump in Bitcoin to more than 50 percent.

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The attack on Coinrail comes months after Japanese firm Coincheck said it had lost more than US$500 million in a January hack.

The markets are down this morning in the wake of an alleged $40 Million hack of South Korean cryptocurrency exchange, Coinrail.

The prices of Bitcoin, Ethereum, and all other major cryptocurrencies have experienced big drops in the last 24 hours, following the news that South Korean cryptocurrency exchange Coinrail has been hacked.

Coinrail said "70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]".

The largest cryptocurrency declined 5% to $7 247 as of noon in NY, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing. South Korea's Omnitel Inc. and Vidente Co. retreated at least 3.9 percent, while Japan's Remixpoint Inc. slumped 4.9 percent.

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