S.Korean exchange Coinrail says hit by hackers, bitcoin slides

S.Korean exchange Coinrail says hit by hackers, bitcoin slides

It is estimated the exchange lost over $40 million Dollars in assorted tokens and altcoins. First and foremost is the news that another South Korean exchange has been hacked. They also took $13.8 million from ICO project Aston X, $5.8 million in tokens for Dent, and over $1.1 million Tron.

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]".

"Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies".

At press time, Coinrail's services are still offline. However ongoing investigations by both the Securities Exchange Commision and the Commodity Futures Trading Commission continue to shake potential traders confidence in cryptocurrencies.

The Bitcoin price has now dropped almost 60 per cent in 2018.

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.

This could possibly be attributed to subpoenas being issued to four major digital currency exchanges by the Commodity Futures Trading Commission (CFTC). NY time on Friday and was trading at $6,782.42 as of 10:30 a.m.in London on Monday, bringing its decline since December 29 to 53 percent.

So far, the exchanges are refusing to cooperate, saying that the release of such information to the organization would be an infringement of customers' privacy.

South Korea is one of the world's major cryptocurrency trading centers, and is home to one of the most heavily trafficked virtual coin exchanges, Bithumb.

Coinrail trades more than 50 different cryptocurrencies, and has a 24-hour trading volume of roughly $2.65 million. Post your comments below.

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