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Cryptocurrencies tumble after S Korea hack

Cryptocurrencies tumble after S Korea hack

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. That widens Bitcoin's losses for the year to 53 per cent.

"The heist at Coinrail, a relatively small South Korean cryptocurrency exchange, sent the price of bitcoin tumbling to two-month lows as it once again highlighted the security risks and the weak regulation of global cryptocurrency markets".

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.

Coinrail was mostly trading ERC20 tokens, according to CoinMarketCap.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling, ' Innes said".

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said.

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Cryptocurrencies plunged in Asia on Monday (Jun 11) after a hack on a South Korean exchange sparked fresh concerns about the safety of the digital units. The venues have come under growing scrutiny in South Korea, the USA and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering.

All assets of CoinRail, which have not been leaked, are moved to a cold wallet and are kept safe, and transactions and withdrawals will resume after stabilizing the service.

The largest cryptocurrency declined to US$6,840 as of 4pm in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

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

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

Some Asia-listed stocks with exposure to digital currencies fell on Monday.


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