Bitcoin SLUMP: Cryptocurrencies shed billions as South Korean cyber attack prompts selling

Monday, June 11, 2018
By Paul Martin

BITCOIN and other prominent cryptocurrencies have have lost billions of dollars in value after a South Korean Exchange had 10 percent of its digital currency stolen by hackers.

Mon, Jun 11, 2018

Bitcoin along with other crypto currencies lost around €42 billion in value over the weekend after the the Coinrail exchange was hacked. Crypto-related stocks also fell.

Eric Lam, reporter for Bloomberg News said: “Not surprisingly the details are still being unclear about what exactly what is happening.

“They have confirmed that there has been a cyber intrusion which some people might call it a hack.

“They haven’t given us exactly what that means but they have said that at the moment they have about 70 percent of their cryptocurrency holdings in a cold wallet.

“Basically that means that the addresses, or the data, around the cryptocurrency holdings in the exchange are being held in a computer that is off the internet.

“It keeps hackers from getting in them again.

“The other 30 percent or so, they were saying that they were the cryptocurrencies that were affected and of that about two thirds have been even frozen or covered.

“So there is about 10 percent left that has been potentially stolen.”

As of 9am on Monday, Bitcoin was at $6790.78, a drop of 11 percent since the same time on Friday.

Mr Lam added: “It is not the first time that a Korean exchange has been hacked. The biggest dollar one was Japan in January that was Coincheck. This is not the first one.

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