Economy

Bitcoin tumbles most in two weeks amid South Korea hack

Bitcoin tumbles most in two weeks amid South Korea hack”

"The heist at Coinrail, a relatively small South Korean cryptocurrency exchange, sent the price of bitcoin tumbling to two-month lows as it once again highlighted the security risks and the weak regulation of global cryptocurrency markets".

Whether Bitcoin can come bounding back from this weekend to reach the kinds of highs in June that bulls like Tom Lee have been predicting for months is unsure but with some clarity coming out of the United States and the general push of institutional money especially flowing into the Bitcoin futures market there is every indication that recovery could be swift as the price of Bitcoin has already moved back into the green.

The largest cryptocurrency declined to $US6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

Bitcoin has dropped 11% since 5pm NY time on Friday and was trading at $6,784.04 as of 10.21am in Hong Kong on Monday, bringing its year-to-date loss to 53%. "It may take around a month to accurately figure out the causes", said a spokesperson of KISA.

In a blog post on Monday, Coinrail confirmed it had suspended its services following a "cyber intrusion" in its systems earlier on Sunday morning.

Pundi X stated on its blog that the decentralized cryptocurrency exchange IDEX (where the stolen funds had been moved) agreed to urgently freeze the trading of NPXS coins on its platform, and all the stolen coins remain traceable for now.

The exchange said that 70 percent of its coin and token reserves had been secured and two thirds of what had been stolen had since been frozen or recalled.

The Coinrail incident is not the first hacking attack in Korea.

"The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers."

Japan in February carried out raids on a number of exchanges following the Coinbase hack, which exceeded the US$480 million in virtually currency stolen in 2014 from another Japanese exchange, MtGox.



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