Markets

Bitcoin plummets after South Korean exchange hack

Bitcoin plummets after South Korean exchange hack

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.

The markets are down this morning in the wake of an alleged $40 Million hack of South Korean cryptocurrency exchange, Coinrail.

Bitcoin was one of those affected, falling 10 percent to its lowest price in two months.

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.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", said Stephen Innes, head of Asia-Pacific trade at OANDA. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the money.




Coinrail trades more than 50 cryptocurrencies and was among the world's Top 100 most active venues, with a 24-hour volume of about $2.65 million, according to data compiled by Coinmarketcap.com before news of the hack. "It actually doesn't take a lot of money to move the market significantly".

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January. "Coinrail said the balance 70 percent of virtual coins are now secure in its cold wallet, which operates on platforms not directly connected to the internet".

Coinrail said the "cyber intrusion" it experienced on Sunday saw the theft of around 30 percent of coins traded on the exchange.

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.


  • Kia recalls 508K vehicles to address airbag module failures

    Kia recalls 508K vehicles to address airbag module failures

    The safety agency said at the time it had reports of six front-end crashes with significant damage to the cars. Kia said in the NHTSA release that it is still working on a remedy with the recall set to begin on July 27.
    How to have tough conversations about mental health

    How to have tough conversations about mental health

    Keep firearms and drugs out of the hands of those at risk are common sense, unless you don't know half of suicides were at risk. But the according to the report, more than half of people who died by suicide did not have a known mental health condition .
    Nadal still untouchable as he claims 11th French title

    Nadal still untouchable as he claims 11th French title

    At the age of 19, he became the first teenager to win a major singles title since Pete Sampras at the US Open in 1990. A glorious year ended with a gold medal at the Beijing Olympics after beating Fernando Gonzalez in three sets.
  • French Open Takeaways: Nadal owns the clay, again

    French Open Takeaways: Nadal owns the clay, again

    In the intense heat of battle, with Nadal seemingly occupying every metre of the tennis court, Thiem was the first to crack. But after, the Spaniard was imperious. "It's a little bit disappointing, but like I said, credit to (Marterer)".
    Kim lands in Singapore ahead of high-stakes Trump summit

    Kim lands in Singapore ahead of high-stakes Trump summit

    Pope Francis said on Sunday he hoped a forthcoming summit in Singapore between Trump and Jong Un will lead to peace for Korea. Trump made the remarks after meeting Japanese Prime Minister Shinzo Abe to discuss the June 12 summit.
    Canadian Grand Prix qualifying: Sebastian Vettel smashes track record

    Canadian Grand Prix qualifying: Sebastian Vettel smashes track record

    It was a very smooth session for us", Vettel said when asked in the paddock if Ferrari were tempted to match Red Bull's starting strategy.
  • Kanye West and Kid Cudi to hold album-listening event

    Kanye West and Kid Cudi to hold album-listening event

    A larger group of invited guests stood down below, making it particularly challenging to catch a clear glimpse of the rap duo. The album is seven tracks long, like "Ye", and includes tracks "4th Dimensions", "Feel the Love" and "Reborn".
    Putin says he's willing to meet Trump whenever US is ready

    Putin says he's willing to meet Trump whenever US is ready

    The bloc includes China, Russia along with four ex-Soviet Central Asian nations, as well as India and Pakistan. Trump announced the US would leave what he called the "horrible" Iran nuclear accord in May.
    Vettel annoyed by 'short-sighted' critics of tiresome  F1 races

    Vettel annoyed by 'short-sighted' critics of tiresome F1 races

    The Mercedes of Valtteri Bottas will also start in the front row. There's no reason, so don't look for an answer. Stroll, 19, was in is second Canadian GP.
  • Won't Endorse G7 Communique After 'Weak' Trudeau Comments

    Won't Endorse G7 Communique After 'Weak' Trudeau Comments

    American tariffs are in response to Canada's tariffs of "270% on diary" delivered by the United States , he said . Trudeau also took a jab at President Trump , who arrived late for a gender equality meeting.
    Justice Department takes aim at heart of health law

    Justice Department takes aim at heart of health law

    "In particular, this decision could lead to insurers denying coverage to the 130 million Americans with pre-existing conditions". These two provisions, which have proved extremely popular with Americans, forced major changes to the health insurance industry.
    Guardiola: Toure knows he’s spreading lies

    Guardiola: Toure knows he’s spreading lies

    The midfielder made just 10 appearances in the Premier League last season and before leaving the club after his contract expired. That, of course, opens the door to a potential cross-city move for Toure, who could join United and work under Jose Mourinho.