Cryptocurrencies weaker given new hack in South Korea

Posted 20 June, 2018

Prices for cryptocurrencies have decreased in the middle of the week following the recent reports about the new hack in South Korea.

On the Bitfinex, the leading coin, Bitcoin, changed hands at $6,746; Ethereum decreased to some $532 on this platform. Ripple was priced at 0.54289 and Litecoin – 98.360.

As it was reported earlier, South Korea-based trading platform Bithumb was hacked today and lost $31.5 million of different coins. According to the company statement, the exchange will repay the lost funds to its clients.

South Korea has reportedly faced several hacks already, so the security issue remains urgent. Specifically, two weeks ago hackers attacked Coinrail and stole about $37.2 million, while in January Coincheck lost more than $500 million.

Cryptos decreased following the reports. Moreover, the market posted lower capitalization reaching $283 billion ($291 billion a day before).

Lately, the coins were depressed by the price manipulation issue and statement of Bank of International Settlement about altcoins unscalability.

At the same time, the CEO at  Goldman Sachs stated today that cryptocurrencies still might create "an asset class in the financial market."

“I can’t say why it [cryptocurrencies] should work, but if it did work, I’d be able to explain it in hindsight why it did,” reported Bloomberg citing  Lloyd Blankfein

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21 June, 2018 10:46

← Bithumb hack makes Seoul tighten crypto regulation

After the recent hack of South Korea's Bithumb, the authorities of the country reportedly intends to tighten control over the crypto segment, including massive regulation of the exchange platforms and faster launch of the normative base for the sector. At present, the trading platforms dealing with the cryptos are covered by the regulation for service providers...

Bithumb hack makes Seoul tighten crypto regulation

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