S.Korean exchange Coinrail says hit by hackers, bitcoin slides

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

The hack understandably sent shivers running through owners of cryptocurrencies, as their coins are only as safe as the security a crypto exchange has in place.

Whether Bitcoin can come bounding back from this weekend to reach the kinds of highs in June that bulls like Tom Lee have been predicting for months is unsure but with some clarity coming out of the United States and the general push of institutional money especially flowing into the Bitcoin futures market there is every indication that recovery could be swift as the price of Bitcoin has already moved back into the green. First and foremost is the news that another South Korean exchange has been hacked.

Bitcoin was one of those affected, falling 10 percent to its lowest price in two months. 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. At the height of the global crypto-mania in early January, they were worth about $830 billion.

Coinrail said it was co-operating with police and suspended trading.

The slump may have been exacerbated by low market liquidity during the weekend, Innes added.

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.

Coinrail said "70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]".

Bitcoin extended losses for a third day, tumbling 12 percent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

The Korean National Police Agency is investigating the case, an official said by phone. South Korea's Omnitel Inc. and Vidente Co. retreated at least 3.9 percent, while Japan's Remixpoint Inc. slumped 4.9 percent.

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