Cryptos down over weekend on exchange hacking

Posted 11 June, 2018

The leading cryptocurrency, bitcoin, dropped in price by more than 10% over the weekend, once a South Korea-based exchange had reported a hack. In this context, the price was reportedly below $6,700 over the period under review. 

As a result, bitcoin has actually lost more than a half of its value this year, given an all-time record near $20,000 observed last December. Other cryptocurrencies (Ethereum, Ripple, Bitcoin Cash) reportedly weakened by some 11% and more over the weekend.

According to the news reports, Coinrail platform stated last weekend that it had been hacked and lost some altcoins. Specifically, about 70% of the exchange's coins is said to be transferred to a cold wallet, which is used offline. For reference, Coinrail hardly can be considered as a large trading platform and stays in the top-100 list on the coinmarketcap.

Regardless of the size, hacks of crypto exchanges have become a real threat for the market. In particular, Coincheck was hacked this January, followed by BitGrail in February.

The company message reads that the team is doing their best to get back the assets.

The platform refused to comment on the exact amount of stolen assets, though as MarketWatch reported, it could exceed $40 million.

It is also worth mentioning, additional pressure on prices came from the reports that the US regulator required crypto platforms to provide trading data under the trade manipulation investigation.

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