Bitcoin prices continue to fall as yet another exchange reports a breach

12 June 2018, 01:39 | Andres Norman

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

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

If true, that would make it the biggest cryptocurrency theft reported to date in South Korea.

And as another observer pointed out, it's not just bitcoin that felt the heat this weekend - numerous world's largest cryptocurrencies by market capitalization saw downward price moves. More recently, in December past year, South Korean cryptocurrency exchange Youbit shut down and filed for bankruptcy after being hacked twice. "(Coinrail) is a minor player in the market and I can see how such small exchanges with lower standards on security level can be exposed to more risks", Reuters quoted Kim Jin-Hwa, a representative at Korea Blockchain Industry Association, as saying.

The Bitcoin price has now dropped almost 60 per cent in 2018. At the height of the global crypto-mania in early January, they were worth about $830 billion. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp.in Singapore. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet.

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist
'Cyber intrusion': Bitcoin has biggest one-day fall in three months after hack

Bitcoin's tumultuous year continued over the weekend as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system, and an unknown quantity of digital currency appeared to have been stolen.

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

The largest cryptocurrency declined 5% to $7 247 as of noon in NY, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing. "Also, please understand that all related matters are hard to share all progress to exclude all possibilities that may interfere with the investigation due to an investigation by police agencies". South Korea's Omnitel Inc. and Vidente Co. retreated at least 3.9 per cent, while Japan's Remixpoint Inc. slumped 4.9 per cent.

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