South Korean cryptocurrency exchange Coinrail hacked

The hack occurred over the weekend. Coinrail has temporarily suspended trading in the virtual currency exchange.

On Monday, with Coinrail, a South Korean cryptocurrency exchange, disclosing that it was hacked during the weekend, there followed an extended sell-off of bitcoin which saw it touch its 2-month low.

In recent given the number of hacks involved related to cryptocurrencies, there has been growing concerns about its security, especially in small to medium-sized virtual currency exchanges.

On Monday, Coinrail placed a statement on its website which said, “cyber intrusion,” of its systems caused losses of more than 30% in traded coins on the exchange.

Coinrail did not quantify the loss, but mentioned that the hack occurred on Sunday.

In its statement, Coinrail mentioned that it is cooperating fully with investigative authorities and that trading has currently been suspended.

Luxembourg-based Bitstamp, the bitcoin was seen last trading at $6,763.96, down by 11.2% from Friday. The value of the bitcoin has fallen by around 65% from its all-time high which it reached in mid-December 2017.

Earlier this year, Japan’s cyrptocurrency exchange Coincheck was also hacked in a high-profile heist.

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