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Bitcoin tumbles as hackers hit South Korean cryptocurrency exchange

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Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

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.

Bitcoin (BTC) has fallen as much as 6% over the past 24 hours as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system that lead to a theft of over 2.6 billion Pundi X (NPXS) and a host of other Ethereum-based (ETH) virtual tokens.

Coinrail confirmed in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it did not quantify its value.

Bitcoin fell more than 10% yesterday (June 11) to its lowest price in two months, after a relatively small crypto exchange in South Korea reported a hack. The exchange has not yet given an estimate of the loss, but local news outlet Yonhap News reports stolen funds amount to approximately $37.2 million.

The hacking attack on Coinrail comes after Japan's cyrptocurrency exchange Coincheck was hacked earlier this year in a high-profile theft of its digital currency.

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Bitcoin was trading at $6,780, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

The frozen tokens are Pundi X (NPXS), Aston (ATX) and Nper (NPER), according to the local crypto exchange.

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.

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. Another Korean cryptocurrency exchange Youbit lost bitcoins worth around 20 billion won previous year to cyberthieves twice, once in April and again in December. "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers".

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