Bitcoin Tumbles After $40 Million Cryptocurrency Hack

It’s not uncommon for cryptocurrency exchanges to get hacked and the losses often run into tens of millions of dollars. Whenever something like this happens, the bitcoin price tends to take a hit as a result and that’s precisely what has happened after Coinrail, an exchange based in South Korea confirmed that it was hacked and that hackers made off with $40 million worth of tokens and altcoins.

Bitcoin’s price has subsequently taken a hit and has been hovering above its two-month low of $6,500 today. Some of you might already be aware that Bitcoin has lost over 50 percent of its value over the past few months after it hit a peak of $19,000 late last year.

Coinrail’s official statement on the matter didn’t reveal how the hack took place but it confirmed that hackers stole more than $40 million worth of tokens and altcoins. The stolen coins and tokens include NPER, NPXS, and ATX. The exchange is now looking into the targeted system and says that all of the coins that were exposed have been successfully frozen while other cryptocurrencies are stored in a cold wallet right now.

Local media reports suggest that the police have begun an investigation into the hack with a spokesperson confirming that “We secured the access history of Coinrail servers and we are in the process of analysing them.”

Adnan Farooqui
Categories: Web
Tags: bitcoin, cryptocurrencies, Social Hit