Monday, 19 November, 2018


Korean Cryptocurrency Exchange Coinrail Suffers $40 Million Theft

Korean Cryptocurrency Exchange Coinrail Suffers $40 Million Theft Korean Cryptocurrency Exchange Coinrail Suffers $40 Million Theft
Conrad Doyle | 11 June, 2018, 16:52

It notes that Bitcoin was trading at $6,790.88 on Bitstamp, a drop of 10.8 percent from Friday and a massive dip from its December 2017 peak, when it hit an all-time high of nearly $20,000.

A statement on the exchange's site sought to reassure users - saying that the remainder of the coins were "safely stored" - but Reuters reports that the value of Bitcoin tumbled to two-month lows in the hack's aftermath. Two-thirds of remaining 30 percent of token compromised have been frozen or recalled through consultation with developers like Pundi X and communication with exchanges like IDEX, the operator said. More recently, in December past year, South Korean cryptocurrency exchange Youbit shut down and filed for bankruptcy after being hacked twice.

On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,763.96, down a sharp 11.2 per cent from Friday, having fallen roughly 65 per cent from its all-time peak hit around mid-December 2017.

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.

First of all, CoinRail cooperates with the investigating agency as much as possible to protect your assets as much as possible and to hackers as a criminal measure in order to minimize and recover the damage.

Coins other than Pundi X seem to have been transferred to a wallet at another decentralized cryptocurrency exchange, Etherdelta.

All assets of CoinRail, which have not been leaked, are moved to a cold wallet and are kept safe, and transactions and withdrawals will resume after stabilizing the service.

"We began the investigation immediately after receiving reports from the company".

Korea Internet & Security Agency, now carrying out the investigation with police, said only four of the country's largest exchanges are subject to the Information Security Management System certification (ISMS) requirement.

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