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.

Source: Coindesk

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.

The platform is a relatively minor one in terms of volumes. Data from from CoinMarketCap showed that Coinrail was around the 90th largest crypto platform at the time of the hack, with 24-hour trading volume amounting to some $2 million on the site.

Its data is currently not available on CoinMarketCap due to the suspension of trading on the platform.

Galen Stops

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