$46bn Bitcoin sell-off follows South Korean crypto exchange hack attack

$46bn Bitcoin sell-off follows South Korean crypto exchange hack attack

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. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp.in Singapore.

In a statement on its website on Monday, Coinrail said its system was hit by "cyber intrusion" on Sunday, causing a loss for about 30% of the coins traded on the exchange.

Some are blaming the hack for bitcoin's subsequent price drop. That widens Bitcoin's losses for the year to 53 per cent.

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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GJELTEN: Haynes is founding director of the nonpartisan Religious Freedom Center. "I'm very proud to be here and to support Jack". Ginsburg, with Sotomayor, said that discrimination overcomes any perceived hostility toward Phillips' religious beliefs.

The price of bitcoin fell more than 10% after South Korean cryptocurrency exchange Coinrail said it had been hacked and that the hackers made off with some of the lesser-known cryptocurrencies, such as NPXS.

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]".

The largest cryptocurrency declined to $6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion (R551 billion) of market value over the weekend and extending this year's slump in Bitcoin to more than 50 percent. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the USA and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government.

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