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Money Bitcoin Price Plunges After Hack Of South Korean Exchange, Down 53 Per Cent Since December

05:15  12 june  2018
05:15  12 june  2018 Source:   gizmodo.com.au

Bitcoin at 2-month low after South Korean exchange hacked

  Bitcoin at 2-month low after South Korean exchange hacked 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.Coinrail said hackers stole cryptocurrencies over the weekend.Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million) were lost.

Exchange , Down 53 Percent Since December . Bitcoin and other cryptocurrencies plunged over the weekend after it was revealed that a South Korean exchange , Coinrail, was hacked . The price has fluctuated wildly since December , as you can see from this graph by CoinDesk.

Bitcoin Price Plunges After Hack of South Korean Exchange , Down 53 Percent Since December - June 11, 2018. Related Articles. Bitcoin and Ethereum plummet after Coinrail hack . 13 mins ago. Bitcoin price slumps as Korean cryptocurrency exchange suffers cyber attack.

a house covered in snow: Graffiti in Vilnius, Lithuania.© Getty Images Graffiti in Vilnius, Lithuania.

It's hard out there for people who play with imaginary money. Bitcoin and other cryptocurrencies plunged over the weekend after it was revealed that a South Korean exchange, Coinrail, was hacked. Roughly $55 billion of market value was destroyed in the sell-off, and Bitcoin has lost over 50 per cent of its worth since December.

Bitcoin, the most popular cryptocurrency in the world, hit a record high back in December of 2017, reaching $26,017 in Australian currency.  It currently sits at roughly $8,877 and to say that the market has been volatile would be an understatement. The price has fluctuated wildly since December, as you can see from this graph by CoinDesk.

Hackers hit South Korean cryptocurrency exchange Bithumb, bitcoin falls

  Hackers hit South Korean cryptocurrency exchange Bithumb, bitcoin falls South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange to suffer the fate in just over a week as cyber thieves exposed high risks of trading the digital asset. Bithumb said in a notice on its website on Wednesday that it has stopped all trading after ascertaining "some cryptocurrencies worth about 35 billion won has been seized between late yesterday and early morning today."The exchange, the sixth busiest in the world according to Coinmarketcap.

Spooked crypto investors unloaded bn (£34.3bn) worth of cryptocurrencies after the South Korean exchange platform Coinrail announced that it had been hacked over the weekend, prompting bitcoin to drop to a two-month low.

Bitcoin prices are currently at ,757 according to Coindesk, down from around ,200 earlier on Sunday, which brings this year’s bitcoin recession to more than 50 per cent after analysts have had The hack resulted in Coinrail losing around 30 per cent of the coins traded on the exchange and

a screenshot of a social media post© CoinDesk

As Bloomberg News notes, one of the reasons that cryptocurrencies have been falling since December is that a number of hacks have made the news. Almost $658 million was stolen from a Japanese exchange called Coincheck back in January. And although South Korea's Coinrail is a relatively small exchange, people are still trading on fears that the cryptocurrency system is inherently susceptible to intrusion. Coinrail, for whatever its worth, says that it keeps 70 per cent of its cryptocurrency on devices that aren't connected to the internet in what's called a "cold wallet," making them more difficult for hackers to reach.

Another thing spooking the cryptocurrency market at the moment is China's continued threats to crack down on illicit uses of cryptocurrencies, as well as "initial coin offerings," ICOs. But some businesses in China are going full steam ahead with the Bitcoin craze, as companies like the Beijing-based Bitcoin miner and chip designer Bitmain are valued at as much as $53 billion.

Bitcoin futures could be hurting bitcoin's price

  Bitcoin futures could be hurting bitcoin's price Fundstrat cofounder Tom Lee says bitcoin futures contracts could be linked to the cryptocurrency's "gut-wrenching" decline. Futures were launched in December and bitcoin has fallen from $US20,000 to $US6,500 since then.Bloomberg reports that Tom Lee, the cofounder of research firm Fundstrat, said in a note last week that bitcoin futures contracts could be behind bitcoin's recent "gut-wrenching" price declines.

Newsflash: Bitcoin Price Plunges Below 00, Crypto Market Dips Below 0 Billion. Korean crypto exchange Coinrail loses over M in tokens following a hack . Nigerian SMEs to Leverage Cryptocurrency Industry.

The Youbut exchange became the first South Korean cryptocurrency exchange to close after the hacking attack that stole 17 per cent of its assets. The news comes as the price of bitcoin continues to plunge .

The US Justice Department opened an investigation into cryptocurrency market manipulation back in May, joining forces with the Commodity Futures Trading Commission. But it's unclear what kind of actions the agencies might take. Google and Facebook have both banned cryptocurrency ads on their platforms.

Where does that leave Bitcoin enthusiasts for the second half of 2018? Nobody knows for sure, of course. But they're just like any other traders at this point, if we're being honest with ourselves: Dabbling in Monopoly money while the entire world burns around them.

Hopefully you didn't sell your house to buy Bitcoin back at the height of the market in December. Because whatever play-time money you had back then is worth less than half of that now.

[Bloomberg and Coinrail]

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