Cryptocurrencies tumble after South Korea hack

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

In a statement on its website Monday, Coinrail said that hackers stole up to 30% of the coins from its storage. That widens Bitcoin's losses for the year to 53 percent.

The value of bitcoin lost $500 on Luxembourg cryptocurrency exchange Bitstamp in one hour - falling to a price of $6,627 - after the currency exchange Coinrail reported the theft.

However, by April 2018, the data show the amount held by investors - about 6m bitcoin - was much closer to the amount held by short-term speculators, with 5.1m bitcoin.

Following the hack, bitcoin price fell down by 10% to around $6,600 on Sunday.

"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", said Stephen Innes, head of Asia-Pacific trade at OANDA.

"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.

More news: Medicare trust funds will be insolvent starting 2026
More news: Sloane Stephens into French Open final by winning all-American semi
More news: Sears Hometown Store closing in Lompoc

Cryptocurrencies have plunged since the end of 2017, when bitcoin hit a record high near US$20,000, having surged from less than US$1,000 just 11 months earlier.

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost US$500 million theft from Japanese exchange Coincheck Inc.in late January.

Coinrail said the balance 70% of virtual coins are now secure in its "cold wallet", which operates on platforms not directly connected to the internet.

The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now.

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. retreated at least 3.9 per cent, while Japan's Remixpoint Inc. slumped 4.9 per cent.

Related News:

  • Trump Throws Allies Curveball, Proposes G7 'Zero Tariff' Trade Zone

    Bannon said China is "now on notice that Trump will not back down from even allies" complaints in his goal of "America First'". In response, the European Union is preparing new tariffs set to hit U.S. exports ranging from jeans to bourbon whiskey.
    Aamir is a huge fan of this Southern star

    Aamir is a huge fan of this Southern star

    Upset with Rajinikanth's statement over the Cauvery row, a Karnataka film body banned the release of the film earlier this month. The film, however, will have its full-fledged release in the state on Friday, The New Indian Express reported.
    Central Coast voters going to the polls on election day

    Central Coast voters going to the polls on election day

    California tops a list of eight states with primary contests Tuesday from Montana to MS and New Mexico to New Jersey. Democrats want to take the 2nd District, the only Republican-held seat in New Mexico's congressional delegation.
  • ZTE settles US Commerce Department sanctions case, to pay US$1 billion

    ZTE settles US Commerce Department sanctions case, to pay US$1 billion

    The U.S. threatened sanctions, but ZTE promised to change its practices and punish the executives responsible for its misconduct. Still, the resolution of the ZTE case may clear the way for the United States to make progress in its trade talks with China .
    Kendrick Perkins gives Kevin Durant 2 middle fingers during postgame interview

    Kendrick Perkins gives Kevin Durant 2 middle fingers during postgame interview

    The Golden State Warriors defeated the Cleveland Cavaliers 110-102 late Wednesday in the NBA Finals to take a commanding 3-0 lead. And that allowed Kevin Durant to conserve some energy en route to a stunning game-high 43 points on 65.2 percent shooting.
    IPhone-To-iPhone Augmented Reality Could Debut At WWDC 2018

    IPhone-To-iPhone Augmented Reality Could Debut At WWDC 2018

    This initiative from Apple , if made available, will follow in the footsteps of Google with their upcoming Android OS - Android P. Other features of iOS 12 are said to be a new brand new version of their augmented reality software in the form of ARKit 2.0.
  • Whittaker favoured in non-title rematch with Romero for UFC 225

    Whittaker favoured in non-title rematch with Romero for UFC 225

    Now that he is on the sidelines working more and more with FOX Sports, the former UFC middleweight champion remains that way. No title fight for the main event but talks are ongoing about salvaging the fight.
    Elon Musk fends off challenge to Tesla control

    Elon Musk fends off challenge to Tesla control

    Tesla will announce as soon as next month a combined battery production and vehicle assembly Gigafactory in Shanghai, China. Additionally, we can see that the crossover will have a more upright and pronounced front fascia than current Tesla models.
    USA  tariffs on steel absurd, says Liam Fox

    USA tariffs on steel absurd, says Liam Fox

    The comments from Director-General Roberto Azevedo come in the wake of USA trade penalties on imported steel and aluminium. On Thursday morning, the USA government said that it's about to impose tariffs on Canadian steel and aluminum imports .
  • Sadness at Vietnam noodle shop where Bourdain dined with Obama

    Sadness at Vietnam noodle shop where Bourdain dined with Obama

    Add Anthony Bourdain as an interest to stay up to date on the latest Anthony Bourdain news, video, and analysis from ABC News. Ms Nga, who helps run the restaurant in the Vietnamese capital, remembered Bourdain as a "nice, friendly and folksy person".
    United Kingdom  business warns May post-Brexit frictionless trade more important than tariffs

    United Kingdom business warns May post-Brexit frictionless trade more important than tariffs

    And Labour MP Ian Murray, a supporter of the People's Vote campaign for a second referendum, said: " Theresa May's flimsy Brexit proposal has lasted less than 24 hours.
    In Austria, Putin calls for lifting sanctions, Kurz sticks by European Union  position

    In Austria, Putin calls for lifting sanctions, Kurz sticks by European Union position

    Russian President Vladimir Putin speaks during a live nationwide broadcast call-in in Moscow , Russia June 7, 2018. President Putin said his meetings with Austrian leaders had been "very constructive but not easy". "Utter idiocy.


Most liked

Russian Federation calls for strict implementation of JCPOA on Iran - Putin
On May 8, Trump officially withdrew the US from the UN-endorsed nuclear agreement and plans to reimpose sanctions on Iran. He said that several countries, including Austria, have offered to host a Trump-Putin meeting.

How to get help for someone who might be suicidal
For the people included in the study , there are many factors that contribute to suicide. Between 1999 and 2016, the suicide rate in West Virginia increased 37.1%.

Club rivalries not an issue for Southgate's England
With Jesse Lingard looking a nailed-on starter, the person who Rashford could replace would be Raheem Sterling or Dele Alli . It was Rashford, though, who proved to be the star of the show for what will not be the last time in his career.

Twitter reacts to news of Anthony Bourdain’s death
There is already a rise in suicide rates in the U.S. , increasing more than 25 % since 1999. And you'll never know whether someone needs care if you don't ask, Dvoskin says.

Hitman 2 Is Coming Out This November
Most would agree that Warner Brothers games has done a tremendous job resurrecting Agent 47 from the virtual grave. It's safe to say then, that Hitman 2 has some very big Italian loafers to fill, as Agent 47 continues his story.

'Solo: A Star Wars Story set to lose more than R637m'
Kelly Marie Tran has faced a lot of that abuse, and now it appears she has deleted all of her Instagram posts because of it. Dozens of accounts expressed support for Tran, while some even blamed her departure from Instagram on "white men".

Dennis Rodman will be in Singapore for USA-North Korea summit
Topping their demands is the elimination of "all nuclear, chemical and biological weapons from North Korea". Singapore also revoked all work permits held by North Korean citizens in March.

Destiny 2 DLC roadmap set to Summer 2019
Furthermore, Bungie announced that the abilities for each class of Guardian will also change when Forsaken drops in September. Where things get interesting is Gambit allows one player from each team to invade their opponent's arena.

Defense Secretary Mattis Warns Of Chinese Intimidation In Disputed Waterway
Mattis said that Beijing's policy in the South China Sea " stands in stark contrast to the openness our strategy promotes ". He said Asia can only prosper under the rule of law, and stressed the importance of a rule-based worldwide order.

Starbucks chief Schultz retiring, may run for president
Schultz has said his vision for Starbucks was largely inspired by the coffee bars he saw on a visit to Milan many years ago. A prominent critic of President Donald Trump, Schultz has always been rumored to have political aspirations.

Company's First Ever Gaming Smartphone
It also houses a Pixart PAW3327 optical sensor, which supports DPI up to 6200- more than enough sensitivity for most gamers. The main design highlight of the phone is its 3D vapor-chamber cooling system for keeping the device from overheating.

The Times divulges Abramovich's plans to sell Chelsea for 1.2 billion euros
It has not been confirmed that the Abramovich situation is the reason, but that is the assumption of most observers. Blanc is the "prime candidate" for the Chelsea job, the Mail reports , and is available immediately.

Donald Trump Again Tweets Regrets About Choosing Jeff Sessions
Trump's conservative base, supporters enamored with the attorney general's tough stances on law enforcement and immigration. A Justice Department spokesman declined to comment on Giuliani's statements. "He offered it to me", Giuliani said.

Hawaii orders fresh evacuations amid fast-moving lava
Many have evacuated the area, and several have made a decision to stay in order to protect their belonging from thieves. Furthermore, if sulfuric acid is added to sugar, USGS officials say there would be a "pretty spectacular reaction".

Victor Moses joins Nigeria after second honeymoon
Commenting, coach Gernot Rohr said he believes the players "are able to" qualify from the "difficult group". Abubakar Bukola Saraki, on Tuesday evening paid a surprise visit to the camp of the Super Eagles in Abuja.





Most Commented