Published: Mon, June 11, 2018
Money | By Armando Alvarado

Bitcoin hits two-month low after South Korean exchange hacked

Bitcoin hits two-month low after South Korean exchange hacked

Korea's Yonhap estimated that a total of 40 billion won ($37.2 million) of coins went missing.

Even though Coinrail is one of the smaller exchanges, and there was no mention of the cryptocurrency in its statement, Bitcoin's price fell to a low of $6610 after the hack-the lowest it's been in several months.

Bitcoin extended losses for a third day, tumbling as much as 6% Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. Peer cryptocurrencies Ethereum and Ripple (XRP) tumbled as well, printing losses of 6.4% and 7.3%, respectively.

The hacking attack on Coinrail comes after Japan's cyrptocurrency exchange Coincheck was hacked earlier this year in a high-profile theft of its digital currency. Another Korean cryptocurrency exchange Youbit lost bitcoins worth around 20 billion won past year to cyberthieves twice, once in April and again in December.

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South Korea is one of the biggest markets for trading in digital currencies but the boom in their popularity has forced the government to tighten regulations, following similar moves in other countries.

The remaining coins within Coinrail seem to have been secured by Coinrail through the migration of assets onto cold storage wallets.

Some observers pinned the latest retreat on the hacking of a South Korean exchange, while others pointed to lingering concern over a clampdown on trading platforms in China.

The ISMS is a system that certifies protection of personal information at companies with average daily visitor of over 1 million. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the United States 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.

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