Bitcoin tumbles as hackers hit S.Korean exchange Coinrail

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

Coinrail confirmed in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it did not quantify its value.

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A tweet from Coinrail confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.

The exchange said that 70 percent of its coin and token reserves had been secured and two thirds of what had been stolen had since been frozen or recalled.

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Coinrail last traded over $2.48 million in 24 hours before the hack; making it one of the top 100 cryptocurrency exchanges in the world as per CoinMarketCap data.

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a $46 billion rout and extending this year's Bitcoin slump to more than 50%.

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Without disclosing the exact amounts stolen, Coinrail revealed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp in Singapore. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the USA and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government. It wasn't immediately clear whether the lost coins were stored in the more insecure 'hot wallet'. First and foremost is the news that another South Korean exchange has been hacked. "For the rest, we are investigating into it with an investigative agency, related exchanges and coin developers", it added.

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