Cryptocurrencies lose $46 billion after S. Korean bourse hack

  • Cryptocurrencies lose $46 billion after S. Korean bourse hack

Cryptocurrencies lose $46 billion after S. Korean bourse hack

That brings Bitcoin's losses for the year to about 52 percent.

Coinrail released an official statement on June 10 saying that a "cyber intrusion" had taken place, leading to a loss of 30% of its total coins in trade. The cryptocoin's value has reached a two-month low, losing $500 in just an hour, The Guardian reported.

South Korea is one of the world's major cryptocurrency trading centers, and is home to one of the most heavily trafficked virtual coin exchanges, Bithumb.

First of all, CoinRail cooperates with the investigating agency as much as possible to protect your assets as much as possible and to hackers as a criminal measure in order to minimize and recover the damage.

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a $46 billion selloff and extending this year's Bitcoin slump to more than 50 percent.

Pundi X stated on its blog that the decentralized cryptocurrency exchange IDEX (where the stolen funds had been moved) agreed to urgently freeze the trading of NPXS coins on its platform, and all the stolen coins remain traceable for now.

Bitcoin is now trading at $6,752 - down from an all-time peak of almost $20,000 in the week before Christmas. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the USA and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government.

Coinrail claims 70 percent of its cryptocurrency reserves are safe and have been transferred to cold wallets for security reasons; their transactions and withdrawals will resume as usual once the exchange service is stabilized.

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 company wasn't immediately available for further comments.