Markets

Cryptocurrencies Lose Billions In Value After An Exchange Is Hacked

Cryptocurrencies Lose Billions In Value After An Exchange Is Hacked

Tron, which is one of cryptocurrencies hacked this time, dropped 16.12 percent to 52 won. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the USA and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government. The cryptocoin's value has reached a two-month low, losing $500 in just an hour, The Guardian reported.

Bitcoin is now trading at $6,757 according to Coindesk, down from around $7,200 earlier on Sunday.

Bitcoin (BTC) and Ethereum (ETH) Plummet - Over the weekend, $42 billion was wiped off the cryptocurrency market as FUD spread over a small North Korean exchange hack.

Bitcoin's tumultuous year continued over the weekend as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system, and an unknown quantity of digital currency appeared to have been stolen.

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However, by April 2018, the data show the amount held by investors - about 6m bitcoin - was much closer to the amount held by short-term speculators, with 5.1m bitcoin.

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost US$500 million theft from Japanese exchange Coincheck Inc.in late January. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

The largest cryptocurrency declined 5% to $7 247 as of noon in NY, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing. Coinrail's statement said officials took the exchange offline and moved the remainder of its assets to cold storage as officials review the security system and work with law enforcement to investigate what happened. "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers", it said.


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