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

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

NY time on Friday and was trading at $6,781.19 as of 11:43 a.m.in Hong Kong on Monday, bringing its year-to-date loss to 53 percent. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by Coinmarketcap.com to a almost two-month low of $294 billion.

Although Coinrail didn't specify the value of the heist, a wallet address that has been linked to the alleged attacker appeared to have stolen more than $40 million worth of cryptocurrency, TechCrunch noted. Two-thirds of the stolen assets - which the exchange identified as NPXS, NPER and ATX coins - have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies, it said.

Coinrail was mostly trading ERC20 tokens, according to CoinMarketCap.

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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Coinrail is not a member of the group that promotes self regulations to enhance security. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the USA 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.

Coinrail later said in a statement on its website that its system was hit by "cyber intrusion" on Sunday, causing a loss for about 30% of the coins traded on the exchange.

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. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet. The company wasn't immediately available for further comments.

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