Bitcoin tumbles most in two weeks amid South Korea hack

South Korean Exchange Coinrail Hacked $40 Million in Crypto Reported Stolen

It notes that Bitcoin was trading at $6,790.88 on Bitstamp, a drop of 10.8 percent from Friday and a massive dip from its December 2017 peak, when it hit an all-time high of nearly $20,000.

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. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by Coinmarketcap.com to a almost two-month low of $294 billion. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen. Two-thirds of remaining 30 percent of token compromised have been frozen or recalled through consultation with developers like Pundi X and communication with exchanges like IDEX, the operator said.

Bitcoin was trading at $6,780, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices. In January 2018 some $500-worth of cryptocurrency was stolen as a result of a hack on Japan-based exchange Coincheck, which led to a severe drop in market prices for various digital currencies and toughening of the country's policies towards cryptocurrency exchanges.

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.

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There were numerous hacker attacks on cryptocurrency exchanges throughout the past year.

Coinrail is not a member of the group that promotes self regulations to enhance security. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the assets. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet.

"We began the investigation immediately after receiving reports from the company".

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