Bitcoin tumbles as hackers hit South Korean exchange Coinrail

Bitcoin took a hit over the weekend.                  Karen Bleier  AFP  Getty Images

Bitcoin has once again demonstrated its volatility, dropping in value by 10 percent following news of an attack and theft from the South Korean exchange Coinrail.

In a statement on its website on Monday, Coinrail said its system was under "cyber intrusion", causing a loss for about 30 per cent of the coins traded on the exchange. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by Coinmarketcap.com to a almost two-month low of $294 billion.

About $1.1 billion worth of cryptocurrency has been stolen by hackers in the first half of this year, according to a recent report from cybersecurity company Carbon Black.

Bitcoin is now trading at $6,752 - down from an all-time peak of almost $20,000 in the week before Christmas.

Mamnoon, Rouhani discuss bilateral relations during SCO summit
Lavrov said Russian Federation is "working fine in other formats" such as the Group of 20, TASS state news agency reported. President Barack Obama's landmark 2015 nuclear accord with Iran over the objections of European allies and other nations.

The hack brought an abrupt end to two weeks of calm for the biggest virtual currency and reignited concerns about the security of lightly regulated crypto exchanges.

In a statement, a representative from the Korea Blockchain Industry Association, a self-regulatory group, revealed the exchange wasn't a member of the working group.

In South Korea, 14 major local cryptocurrency exchanges adopted measures aimed at better protecting users in January this year, including restrictions on creating more than one account.

Coins other than Pundi X seem to have been transferred to a wallet at another decentralized cryptocurrency exchange, Etherdelta. 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. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the assets. The company wasn't immediately available for further comments.

Related News:

  • Grandmom arrested after allegedly driving with kids in dog kennels

    Grandmom arrested after allegedly driving with kids in dog kennels

    She was arrested on two counts of child endangerment and was later released on bond. "It's shocking, it really is". WATN said it attempted to contact Cheeks at her home over the weekend, but no one answered the door.

    Microsoft Announces Gears Of War 5 (And Two Spinoffs)

    Gears Tactics takes place 12 years before the events of the first game, with COGS facing off against the early Locust invasion. Gears 5 shifts its focus to Kait Diaz, diving deeper into her background with a continuation on 2016's Gears of War 4 .
    No evidence of any foul play in Bourdain's death

    No evidence of any foul play in Bourdain's death

    There are so many people that he has inspired and so many chefs all across the world, and we would see him and get inspired. French authorities have confirmed that Bourdain's method of suicide was by hanging himself with his bathrobe's belt.
  • Wolfenstein: Youngblood Announced, Set in 80s Paris, Includes Co-op Mode

    Wolfenstein: Youngblood Announced, Set in 80s Paris, Includes Co-op Mode

    Essentially, two people can simultaneously play as Jess and Soph and make their way through the game together. According to Bethesda, the game is set in 1980, almost two decades after the events of The New Colossus .
    Fox News host sorry for calling Trump a dictator

    Fox News host sorry for calling Trump a dictator

    Donald Trump arrived in Singapore directly from Quebec, Canada after attending G7 summit on Sunday. Later during the show, Huntsman apologized, acknowledging she had made a mistake.
    Cyberpunk 2077 gets awesome new trailer, prepare to get drekked

    Cyberpunk 2077 gets awesome new trailer, prepare to get drekked

    The trailer of Cyberpunk 2077 begins with the narrator talking about the fact that the game is set in the US in the year 2077. You'll be able to create your own character and..., well, you'll get to know the rest from what we show at our booth at E3.
  • Aletta, first 2018 hurricane, reaches Category 4 near Mexico

    Aletta, first 2018 hurricane, reaches Category 4 near Mexico

    National Hurricane Center said Bud had maximum sustained winds of 65 miles per hour (100 kph) Sunday morning. A Category 3 storm is classified as a major hurricane with sustained winds from 111-129 miles per hour .
    U.S. Embassy in China Warns Americans About Potential Sonic Attacks Abroad

    U.S. Embassy in China Warns Americans About Potential Sonic Attacks Abroad

    Those affected have suffered a range of symptoms including hearing loss, dizziness, fatigue, cognitive issues and sleep loss. The statement said Cuba reaffirmed its desire to "cooperate with the U.S. authorities to clarify the situation".
    Rafael Nadal Wins 11th French Open Title

    Rafael Nadal Wins 11th French Open Title

    Nadal had another massage at 5-2 and he ended Thiem's ordeal on his fifth match point when the Austrian returned long. Why? Nadal was 95-0 when capturing the opener on clay in the best of five format.
  • Kim Singapore summit: All the latest updates

    Kim Singapore summit: All the latest updates

    Kim held a meeting with Singapore Prime Minister Lee Hsien Loong ahead of the planned summit. Trump was pictured with the cake, delivered three days before his actual birthday.
    Same result, different day for French Open champion Rafael Nadal

    Same result, different day for French Open champion Rafael Nadal

    The square-shouldered Austrian tried his best to engage with Nadal rather than let Nadal's avalanche of statistics overwhelm him. Imperious Nadal won a record-extending 11th French Open title with a 6-4 6-3 6-2 victory over young pretender Dominic Thiem .
    Trump Seeks End to Pre-existing Condition Mandate

    Trump Seeks End to Pre-existing Condition Mandate

    Despite the Justice Department position, the Health and Human Services Department has continued to apply the health law. This is not the first move the Trump administration has taken that would undermine Obamacare's consumer protections.


Most liked

Microsoft Announces Halo Infinity With New Trailer
Seattle-based Undead Labs is the creator of the popular " State of Decay " franchise, enjoyed by millions of fans worldwide. But for Halo Infinite , the game "will focus on the Master Chief and continue his saga after the events of Halo 5".

France condemns 'fits of anger' after Donald Trump’s G7 turnaround
Trudeau didn't respond to reporters' questions when he arrived at the Chateau Frontenac in Quebec City on Sunday morning. Mr Trump said the USA paid " close to the entire cost of Nato" to help protect countries that "rip us off on trade".

The Elder Scrolls Blades: How to Sign Up for Early Access
Elder Scrolls Blades will bring a massive first person RPG experience "with console quality graphics" to mobile. Players will be able to swipe and move their device to control their moves which will include melee and magic.

Israeli-American actor wins Tony for role in 'The Band's Visit' musical
Spacey's ceremony last year drew 6 million viewers, which represented a drop of approximately 31 percent in total viewers from the previous year.

Donald Trump and Kim Jong-Un arrive in Singapore for historic summit
Trump traveled to Singapore from Canada, where he met with other world leaders whose countries make up the Group of Seven. Obviously, one reason for Kim accepting the invitation is a chance at easing the dire economic situation in North Korea .

The most stylish royal looks from 2018's Trooping the Colour ceremony
In April 2014, Prince Harry's brother and sister-in-law, the Duke and Duchess of Cambridge, spent 18 days in the two countries. He had a hip operation in April and retired from public life previous year .

Clinton resident wins $150000 in Tennessee Lottery Powerball
The $533 million haul won by Vernon resident Richard Wahl in April is the highest jackpot payout in recorded in New Jersey. Oh my God, ' " he said, adding his heart was beating out of his chest "just like a 'Tom and Jerry" cartoon".

Tyson Fury is Back, Stops Seferi in Pure Mismatch
Warren plans to keep Fury busy but has no idea yet who he will face in his next fight at Windsor Park in Belfast, Northern Ireland, on August 18.

Trump aide says Trudeau ‘stabbed us in the back’
Macron said it was possible to make progress on the trade issues that have split the USA and its allies after meeting with Trump. Trudeau " dishonest and weak " after the Prime Minister reiterated Canada's already announced plans to retaliate for Mr.

Fallout 76 is Set Before all the Other Fallout Games
Microsoft showed off Bethesda's Fallout 76 during its Electronic Entertainment Expo event today in Los Angeles. Based on a brief teaser, the game is set in 2102 and centers around a survivor from Vault 76.

Pizza delivery man facing U.S. deportation order granted stay
According to an ICE spokesperson, the pizza delivery man was ordered by a judge to leave the country in 2010, and has been a "ICE fugitive" ever since.

Tiger grouped with Thomas and Johnson at U.S. Open
The luxury vessel has a crew of nine and costs $2 million a year to run, making it worth getting every use possible out of. There's a master suite in addition to six staterooms, and it can accommodate 21 overnight guests.

Verizon taps Hans Vestberg as chief executive
John Stratton , Verizon's president of global operations, was expected to succeed current Lowell McAdam , according to analysts. In this role, he led more than 115,000 employees as the company transformed from a focus on hardware to software and services.

Vince Vaughn arrested on suspicion of DUI in California
Another person was in the auto Vaughn was driving when it was stopped at a checkpoint at about 4 a.m. local time, TMZ reported . Vaughn's passenger was reportedly also uncooperative with the police and refused to get out of the vehicle as well.

Trump aide says Trudeau 'stabbed us in the back'
Those were fighting words for Trump, who accused Trudeau of "false statements " and of being "very dishonest & weak". Trump said the move would protect domestic producers that were vital to United States security.