Bitcoin falls most in three months after Korean exchange hacked

Bitcoin falls most in three months after Korean exchange hacked

The cryptocurrency slumped by more than 13 percent Sunday, the biggest intraday drop since February 6, according to data compiled by Bloomberg from Bitstamp pricing.

The cryptocurrency markets tumbled sharply following the news, with Bitcoin dropping from $7,240 to $6,752 in less than two hours, with the current price being $6,794.

While not as large as some other trading platforms, Coinrail still ranks amongst the world's top 90 digital currency exchanges.

Some are blaming the hack for bitcoin's subsequent price drop.

The world's most valuable digital currency is now trading at $7,229 per coin, widening losses for the year to 48%.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", Innes said.

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The South Korean police began an investigation on Monday after Korea's seventh largest crypto exchange Coinrail lost more than 40 billion ($37 million) in altcoins in an apparent attack by hackers over the weekend.

The exchange said it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said.

The company later announced on its website that the wallet belonging to the attacker has been identified, and that "70 percent of its total coin/ total reserves were safe".

A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low. South Korea's Omnitel Inc. and Vidente Co. both retreated at least 3.9 percent, while Japan's Remixpoint Inc. slumped about 5 percent.

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