Bitcoin price falls 10% following hack on exchange

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

As CCN reported, the little-known Coinrail became the latest cryptocurrency exchange to fall prey to hackers, who are said to have made off with approximately $40 million worth of tokens, a fairly pedestrian figure relative to some of the hacks seen over the years. Tron, which is one of cryptocurrencies hacked this time, dropped 16.12 percent to 52 won.

Some observers pinned the latest retreat on a hack at a South Korean exchange, while others pointed to lingering concern over a clampdown on trading platforms in China.

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.

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.

The news sent cryptocurrencies tumbling, with bitcoin losing about 13 per cent, ethereum down 12 per cent and ripple nearly 20 per cent lower as traders fret over the safety of their investments.

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

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said. Coinrail confirmed that the remaining 70% had been safely moved to a cold wallet and remain unharmed.

The largest cryptocurrency declined to $6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

The company said in a statement that it was cooperating with the police and their investigation into the cyber attack which occurred yesterday. The nation's cleanup of initial coin offerings and Bitcoin exchanges has nearly been completed, the newspaper said, citing Sun Hui, an official at the Shanghai branch of the central bank.

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