Bitcoin plummets after small crypto exchange hacked

Bitcoin plummets after small crypto exchange hacked

Bitcoin plummets after small crypto exchange hacked

Cryptocurrencies are still popular, especially with young investors.

Coinrail, who says it has only accounted for around 70 per cent of its coins/reserves at this point, is also suspending service and moving all of its stored coins to an offline cold wallet while it investigates the incident.

In addition to broader security worries, as Bloomberg News reports, there are also concerns about China's attempts to control how virtual currencies work - and over crackdowns on fraud and money laundering in both China and South Korea. First and foremost is the news that another South Korean exchange has been hacked.

Other large cryptocurrencies like Ethereum, ripple and bitcoin cash have all fallen more than 11 per cent over the past 24 hours.

Bitcoin was trading at around $6,750 in early afternoon trading in Asia.

The price of bitcoin slumped more than 7% after South Korea's Coinrail announced that it had been targeted by cyberthieves.

"For now, the big money will most likely remain on the sidelines and wait for emerging markets to build momentum, as they did in late 2016", he concluded.

Coinrail noted that two-thirds of the stolen Bitcoins were withdrawn or frozen through partnerships with related cryptocurrency exchanges and coin companies.

It notes that Bitcoin was trading at $6,790.88 on Bitstamp, a drop of 10.8 percent from Friday and a massive dip from its December 2017 peak, when it hit an all-time high of nearly $20,000.

Executives announced that roughly 30 percent of the tokens the exchange was housing have been taken, which amounted to almost $20 million worth of NPXS (Pundi X) tokens, $14 million of Aston X, $6 million in tokens for Dent and over $1 million TRON.

In China, the Communist Party-run People's Daily reported on Friday that the country will continue to crack down on illegal fundraising and risks linked to Internet finance, quoting central bank officials.

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