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Bitcoin Price Plunges After South Korean Coinrail Crypto Exchange Hacked

On Sunday June 10, bitcoin price fell over 10 percent lowest in two months soon after the South Korean crypto exchange, Coinrail posted a tweet that it was hacked.

Bitcoin suffers the worst drop in three months, though it was on a recovery mode during February but experienced extended losses soon after. When the “hack news” rolled out after South Korea’s small crypto exchange Coinrail reported on Twitter, Bitcoin slumps down to $6,785.61 USD. It also adds that Pundi-X , one among the lesser-known cryptocurrencies have also been affected. Noticeably, Pundi-X bitcoin pair is most traded on Coinrail.

Coinrail

The head of Asia Pacific trading at Oanda Corp. in Singapore stated that,

“This is ‘If it can happen to A, it can happen to B and it can happen to C’. Since, then people panic because someone is selling. The markets are so thinly trade, primarily by retail accounts that these guys can get really scaring out of positions. It actually doesn’t take a lot of money to move the market significantly”.

The Conrail website explained that some of the cryptocurrencies exchanges appear to have been stolen by hackers but still it didn’t disclose how much. Although, 70 percent of cryptocurrencies were safe in cold wallet. However, which was less vulnerable to theft as it wasn’t connecting with the server. However, two-thirds of the stolen exchanges was identified as NPER, ATX, and NPXS. Meanwhile, the remaining one third is being examined by crypto firms, other exchanges, and investigators.

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Nonetheless, the largest cryptocurrency, Bitcoin remains 50 percent at its lowest for the year till date, according to market capitalization. At the press time, it was trading at $6,791.82 USD at Coinmarketcap. Meanwhile, other digital currencies like Ethereum and Litecoin dropped $514 around 14 percent and 11 percent to around $104 respectively.

Moreover, the Wall street journal citing sources that US regulators are investigating four major crypto exchanges. Therefore, including Bitstamp, Coinbase, itBit, and Karken for price manipulation.

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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