Bitcoin tumbles as hackers hit South Korean exchange Coinrail

South Korean Exchange Coinrail Hacked $40 Million in Crypto Reported Stolen

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. Tron, which is one of cryptocurrencies hacked this time, dropped 16.12 percent to 52 won.

Coinrail has confirmed that it suffered a "cyber intrusion" and while it did not specify the value of the coins stolen, local news outlet Yonhap News estimated it to be $37.28 million based on a loss of about 30 percent of the coins traded on the exchange. 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.

The exchange said that 70 percent of its coin and token reserves had been secured and two thirds of what had been stolen had since been frozen or recalled.

Investors and regulators were jolted earlier this year after Japan's cryptocurrency exchange Coincheck was hacked in a high-profile theft of over half a billion dollars worth of digital currency.

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

In a statement, a representative from the Korea Blockchain Industry Association, a self-regulatory group, revealed the exchange wasn't a member of the working group.

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South Korea is one of the world's major cryptocurrency trading centres, and is home to one of the busiest virtual coin exchanges, Bithumb.

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. "For the rest, we are investigating into it with an investigative agency, related exchanges and coin developers", it added.

The ISMS is a system that certifies protection of personal information at companies with average daily visitor of over 1 million.

Coinrail said in a statement on its website that it's inspecting its systems due to hacking attempts.

"We began the investigation immediately after receiving reports from the company".

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