Bitcoin hits two-month low after South Korean exchange hacked

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Coinrail released an official statement on June 10 saying that a "cyber intrusion" had taken place, leading to a loss of 30% of its total coins in trade.

"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".

"Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies".

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a $46 billion rout and extending this year's Bitcoin slump to more than 50%.

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On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,763.96, down a sharp 11.2 per cent from Friday, having fallen roughly 65 per cent from its all-time peak hit around mid-December 2017.

Without disclosing the exact amounts stolen, Coinrail revealed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project.

Coinrail said in a statement on its website that it's inspecting its systems due to hacking attempts.

South Korea is one of the world's major cryptocurrency trading centres, and is home to one of the busiest virtual coin exchanges, Bithumb.

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"The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers."
The venue added that 70 percent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

The Korean National Police Agency didn't immediately reply to a request for comment.

Japan in February carried out raids on a number of exchanges following the Coinbase hack, which exceeded the US$480 million in virtually currency stolen in 2014 from another Japanese exchange, MtGox.

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