Bitcoin trades at 2 month low even as South Korea's 7th largest exchange Coinrail falls prey to a hack

Last Updated: Tue, Jun 12, 2018 12:20 hrs
Bitcoin (Image Courtesy: theconversation.com)

Seoul: A hack at one of Coinrail, South Korea's leading cryptocurrency exchange-house has led to bitcoin prices slipping to a two month low. According to several sources, the hackers made away with a bounty of nearly one-third of the coins.

Launched in September, Coinrail is the seventh-largest exchange in South Korea by trading volume. A day post the hack, Coinrail said it was cooperating investigating officials and had suspended trading.

Some of the popular flavours of coins traded on the exchange includes Pundi X, Aston and NPER, according to Coinrail.

Although Coinrail did not reveal the total loss, but Yonhap, the state News agency quoted anonymous sources pegging the loss at nearly 40 billion won or $37 million.

If what the sources suggest is true, it will be the biggest cryptocurrency theft to be reported in South Korea.

The hack resulted in Bitcoin prices slumping to a two month low at $6,780, according to Coindesk. During the weekend bitcoin was trading at $7,500.

South Korea is one among the popular countries investing in cryptocurrencies in South East Asia. While Japan, the other country with soaring interest for cryptocurrencies deliberated intense regulations, the South Korean officials are yet to deliberate on some of the controls.

There has been speculations however that this latest hack will prompt policy-makers to tighten regulations.

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