Bitcoin (BTC) and Ethereum (ETH) Plummet Due to Coinrail Hack 'FUD'

Bitcoin (BTC) and Ethereum (ETH) Plummet Due to Coinrail Hack 'FUD'

Two-thirds of the stolen assets - which the exchange identified as NPXS, NPER and ATX coins - have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies, it said.

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.

WSJ thinks bitcoin price fell 11% because a small cryptocurrency exchange in South Korea which a very small portion of local users utilize was hacked.

South Korean regulators have taken a tough stance in trying to tame the cryptocurrency market, which is one of the world's busiest as measured by trading volume.

Although reports have suggested that bitcoin might be valued at massive figures in the coming years, at present, things do not look too good for the famous cryptocurrency.

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The South Korean police began an investigation on Monday after Korea's seventh largest crypto exchange Coinrail lost more than 40 billion ($37 million) in altcoins in an apparent attack by hackers over the weekend.

EOS's price drop is notable as this cryptocurrency is now in the process of launching its main blockchain network (also known as mainnet) after having raised a reported $4 billion in a year-long initial coin offering (ICO), dwarfing all similar crowdfunding efforts.

"Coinrail is not a member of the group that promotes self regulations to enhance security".

Coinrail isn't the only virtual currency exchange to fall victim to a cyberheist in recent months.

Coinrail said: "Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Also, please understand that all related matters are hard to share all progress to exclude all possibilities that may interfere with the investigation due to an investigation by police agencies".

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