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Bitcoin Tumbles After South Korean Coinrail is Hacked

Bitcoin saw its price fall 10%, to lows it hasn’t seen in two months, after several negative developments in the cryptocurrency arena had investors on edge.

News revealed that Coinrail, a South Korean crypto exchange had been hacked. The fairly small exchange, which is ranked No. 94 among cryptocurrency exchanges for trading volume, took to Twitter over the weekend to reveal the news according to Google Translate.

Coinrail’s tweet on June 9th read, “There has been an cyber intrusion in our system. We’re confirming it and some coins (Pundi X, NPXS) are confirmed.”

The exchange had said that affected coins NPXS, ATX, and NPER, had been frozen. Following the news, Pundi X was down 9% at one point, ATX coin was down 27% and NPER was down 15%.

The exchange also said that cryptocurrencies such as Pundi X, that are not as well known, had been affected by the hack. Pundi X saw roughly three percent of its total volume of tokens impacted. Bitcoin was not listed as being potentially affected by the attack.

It was reported that the hackers got away with $19.5 million-worth of NPXS tokens that were issued by payment project Pundi X’s ICO.

The Coinrail website reassuringly read, “Seventy-percent of your coin rail total coin/token reserves have been confirmed to be safely stored and moved to a cold wallet and are in storage.”

Pundi X has also said on its Twitter, “Dear Pundians, to assist fighting against cyber criminal activity, we’ve extended the halt of $NPXS transactions based on the request of Korean National Police Agency. We hope @Coinrail_Korea hack can be resolved soon. For full detail ? #pundix. — Pundi X Official Account (Pls do not send ETH) (@PundiXLabs) June 10, 2018″

“While some NPER tokens appear to have been hacked from the exchange, the NPER team placed the hacker’s wallet address on a permanent “ Lock “ and made it impossible to move, according to NPER on Medium.

Bitcoin, which has been one of the hottest digital currencies to make headlines in recent years, fell to a low of $6,647.33. This was the lowest price bitcoin had seen since April 9th according to CoinDesk.

It was also revealed by the Wall Street Journal this past Friday that U.S. regulators are investigating possible price manipulation at four major cryptocurrency exchanges; Bitstamp, Coinbase, itBit and Kraken.

Ethereum also saw a 14% decline and litecoin fell over 11% according to data from CoinDesk.

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