Bitcoin value dips in wake of South Korean exchange hack

Bitocion price tumbles after cryptocurrency exchange Coinrail gets hacked

Another hack on a Bitcoin exchange sees the digital currency's price fall

Coinrail said in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it didn't disclose how much. NY time on Friday and was trading at $6,781.19 as of 11:43 a.m.in Hong Kong on Monday, bringing its year-to-date loss to 53 percent.

Coinrail have since confirmed that they have been victim of an attack, which has seen around a 30% loss of coins traded on the exchange, this comes in at an estimated value just shy of $40 Million. The exchange has not yet given an estimate of the loss, but local news outlet Yonhap News reports stolen funds amount to approximately $37.2 million.

Bitcoin fell more than 10% yesterday (June 11) to its lowest price in two months, after a relatively small crypto exchange in South Korea reported a hack.

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Coinrail was mostly trading ERC20 tokens, according to CoinMarketCap.

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. More recently, in December a year ago, South Korean cryptocurrency exchange Youbit shut down and filed for bankruptcy after being hacked twice. The venue added that 70 percent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

The frozen tokens are Pundi X (NPXS), Aston (ATX) and Nper (NPER), according to the local crypto exchange.

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Coinrail is not a member of the group that promotes self regulations to enhance security.

Korea Internet & Security Agency, now carrying out the investigation with police, said only four of the country's largest exchanges are subject to the Information Security Management System certification (ISMS) requirement. "Coinrail confirmed in its statement that the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now".

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