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.

Vettel takes 50th win and F1 championship lead in Canada
Hamilton retains a slim lead over Vettel in driver standings and will likely challenge the German when racing begins in earnest. It's Vettel's fourth pole on the Ile Notre-Dame, and his first since 2013.

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:

  • Winning Lotto Ticket Sold in Halton

    Winning Lotto Ticket Sold in Halton

    Also last week, Shelley Palko of Hanmer picket up her $1 million Maxmillion prize from the May 11 Lotto Max draw. When purchasing a Lotto Max ticket, players choose a set of seven number for three rows.
    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.
    Tiger grouped with Thomas and Johnson at U.S. Open

    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.
  • 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.
    Donald Trump and Kim Jong-Un arrive in Singapore for historic summit

    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 .
    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.
  • Chelsea tightlipped on £2bn Ratcliffe takeover offer

    Chelsea tightlipped on £2bn Ratcliffe takeover offer

    Last month's Sunday Times rich list valued Ratcliffe's wealth at £21.05bn - more than double Abramovich's £9.3bn valuation. Chelsea refused to comment on Friday, stating only that Abramovich remains committed to a club he has owned for 15 years.
    Fallout 76 is Set Before all the Other Fallout Games

    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

    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.
  • Doom Eternal Teaser Revealed During Bethesda’s E3 2018 Press Conference

    The teaser ended with a shot of Doom Slayer, AKA "Doomguy" putting on his iconic green helmet before jumping into the action. Bethesda Softworks will reveal first gameplay for Doom: Eternal at QuakeCon 2018 on August 10.
    EA Announces Origin Access Premier on PC; Coming Later This Summer

    EA Announces Origin Access Premier on PC; Coming Later This Summer

    Origin Access Premiere bringing new games to subscribers completes that offering in a compelling and disruptive way. EA has offered gamers a subscription based model to access its games for some time now.
    Tyson Fury is Back, Stops Seferi in Pure Mismatch

    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.


Most liked

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 .

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 .

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.

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 .

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".

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 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.

Trump considering 3,000 pardons, including boxer Muhammad Ali
Last week, Trump told reporters he was considering pardoning Martha Stewart and commuting the sentence of former Illinois Gov. His decision resulted in a draft-evasion conviction, and he was stripped of his heavyweight boxing crown in 1967.

Guardiola hits back at Toure's racism jibes
And when you consider his 316 appearances, scoring 79 goals, you'd think he will be going down as as a true City legend. However, he played just 10 Premier League games, last season.

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".

Trump breaks with G7 joint statement
According to media reports, Canadian officials have been mystified by the attack on Trudeau by both Kudlow and U.S. The office of German Chancellor Angela Merkel also said it stood by the communique.

Lebron James Noncommittal About Return To Cleveland
LeBron James speaks to the media with a cast on his right hand after being defeated by the Golden State Warriors in game four. The Chicago Bulls have a great team history and was one of James' favorite choices back in 2010.

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.

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.