Bitcoin at 2-month low after South Korean exchange hacked

SEOUL, South Korea — A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low.

Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million) were lost.

If true, that would make it the biggest cryptocurrency theft reported to date in South Korea.

Bitcoin was trading at $6,780 on Monday, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

Coinrail said it was cooperating with police and suspended trading. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations. Cryptocurrencies still are popular, especially with young investors.

Other News

Britain's May hopes to assure Chinese over nuclear plant

Sep 1, 2016

On her first visit to China as Britain's new prime minister, Theresa May will seek to reassure Beijing that she wants to strengthen ties despite a delay on a decision over whether to approve a Chinese-backed nuclear power plant in southern England

China cracks down on tools used to get around web filters

Jan 23, 2017

A Chinese technology regulator has announced a 14-month campaign to root out services that allow people in the country to circumvent the government's internet censorship

China trims 2017 growth target, warns against trade controls

Mar 5, 2017

China's top economic official has trimmed its official growth target and warned of the dangers of global pressure for trade controls

Search
Broaden

Scienfinite is created to inspire our readers with the aim to understand the world and appreciate its everyday awe. Keep up with the technology and latest innovations here, only in Scienfinite.

Contact us: sales@scienfinite.com