Coinrail Hack See's Markets Crash As $40 Million Stolen

Alicia Cross
June 12, 2018

The hack resulted in Coinrail losing around 30 per cent of the coins traded on the exchange and trading has now been suspended as the website is temporarily unavailable. The exchange said it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet.

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.

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. The exchange did not disclose the value of tokens stolen.

Not all those in the trader community are looking at the situation as an entirely negative one or a reason to remain bearish. The Coinrail virtual currency exchange was breached over the weekend.

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Coinrail did not specify the value of the currency that was taken in the attack at the weekend but said it was working with authorities and other coin developers to track down the culprits. Almost $30 billion in cryptocurrency wealth was wiped in about seven hours of trading, according to data provider Coinmarketcap.com. That's near its lowest level in about two months and around half the price at which it started the year. "At this stage, obviously, the standard is not high enough".

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Japanese exchange Coincheck was hacked in January and lost over $500 million in digital currency.

If true, that would make it the biggest cryptocurrency theft reported to date in South Korea.

Other reports by Free-Prsite

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