Bitcoin plummets after cyberattack on South Korea exchange

Bitcoin plummets after cyberattack on South Korea exchange

Bitcoin plummets after cyberattack on South Korea exchange

Of the holdings stolen from Coinrail, the exchange says two-thirds are covered by freezing or recalling them - and that the remaining third is being investigated by police and industry experts.

Although the exact amount of the coins stolen was not specified, local news outlet Yonhap has suggested that the total value of stolen cryptocurrencies is estimated at $37.1 million. The venues have come under growing scrutiny in South Korea, the USA and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering.

A South Korean cryptocurrency exchange said it suffered a "cyberintrusion", prompting bitcoin prices to fall sharply toward year lows. The largest cryptocurrency has lost more than half its value this year, falling by almost two thirds from its record high near $20,000 in December.

As well as bitcoin, prices for other commonly traded digital currencies like ethereum also plunged.

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On Monday morning, cryptocurrency prices slumped following the news reports that Coinrail lost more than 40 billion in altcoins.

Global policy makers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight. Exchanges in South Korea have a history of being hit by cyberattacks. Again that date might not seem very long ago, but in the wildly fluctuating world of cryptocurrency values, it's significant.

It noted that all assets of Coinrail that have not been leaked have been shifted into a cold wallet, which are on devices not accessible through the internet.

The ISMS is a system that certifies protection of personal information at companies with average daily visitor of over 1 million. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the money.

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