Bitcoin

Coinrail.kr Hack Depresses Bitcoin & Altcoin Markets

The South Korean exchange Coinrail.kr stated on Twitter® “There has been an cyber intrusion in our system”:

Shortly thereafter the price of bitcoin tanked on Bitfinex:

Bitfinex 15 minute chart, June 10
Bitfinex 15 minute chart, June 10

XBTLivePrice – June 10 2018
Bitfinex, Binance, OKEx and Bitstamp all saw precipitous drops down to the $6700 range:

The severe over 10 percent drop in bitcoin influenced the alts. Some alts were down over twenty-percent in twenty-four hours:

The T&C Altcoin index was down 7.94% near its lowest level since April 2018:

Meanwhile Coinrail.kr took its assets offline into cold storage, and placed a maintenance statement on their website:

According to Techcrunch “Coinrail lost more than $40 million in altcoins, ICO-issued tokens that aren’t bitcoin or Ethereum”. In particular “the hackers got away with $19.5 million-worth of NPXS tokens that were issued by payment project Pundi X’s ICO. Added to that they scored a further $13.8 million from Aston X, an ICO project building a platform to decentralize documents, $5.8 million in tokens for Dent, a mobile data ICO, and over $1.1 million Tron, a much-hyped project originating from China.”

The hack comes at a time when bitcoin was for the most part moving listlessly sideways in a rangebound track.

The dip comes at a time when other bad news is propagating. Russian mine hacking, Bithumb’s post investigation tax bill, a US Commodity Futures Trading Commission (CFTC) probe into four major crypto exchanges and other negative news influenced the price of bitcoin and alts downwards.

The hack was confined to coinrail.kr and does not extend to the ICO issuing entities.

Coinrail.kr was reported to be in the top ninety of bitcoin exchanges. Many other larger exchanges while properly securing client assets see the price of all crypto pushed downwards because of the ensuing fallout.

Traders are likely to see lower prices in the near term with some micro term upwards corrections in a continuing bearish market.

The loss underscores the need for offline cold storage of cryptocurrency assets – when not actively used on an exchange.

@KittyBitcoin
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KittyBitcoin supplies blockchain intelligence on http://kittybitcoin.com, on industry leading websites, and through white label channels since 2014. Follow @KittyBitcoin on Twitter®.
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