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Bitcoin Tumbles After South Korean Exchange Hack
The value of bitcoin dropped from from $7,256 to a low of $6,651 on Sunday night, following the news that the South Korean cryptocurrency exchange, Coinrail, was hacked over the weekend. In a statement on its website on Monday, Coinrail confirmed that there was a “hacking attempt” on June 10. The statement continues: “At present, 70% of your Coinrail total coin/token reserves have been confirmed to be safely stored and moved to a cold wallet and are in storage. Two-thirds of the coins confirmed to have been leaked are covered by freezing/recalling through consultation with each coach and related exchanges. The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers.” Coinrail says that the exact extent of the hacking is still be determined.

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