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Cryptocurrency Market News: an attack on the Korean Stock Exchange

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Cryptocurrency Market News: an attack on the Korean Stock Exchange
June 11
09:00 2018

The past weekend was extremely difficult for the Korean currency exchange Coinrail. Its representatives reported the theft of a certain amount of alternative cryptocurrencies (altcoins) as a result of a successful cyber attack. To counteract hackers, about 70% of Coinrail’s digital assets were transferred to a cold storage. This is a special digital media that does not have access to the global web.

Officials of the affected stock exchange said that active work was being conducted to return stolen assets. MarketWatch writes that the damage is about $ 40 million. Officially, the affected Korean stock exchange did not confirm or deny the amount announced.

The Coinrail Exchange is at the very end of the list of the world’s 100 largest crypto-exchange markets. Nevertheless, the news of a successful cyber attack has brought down the bitcoin rate by 10%. Other popular cryptocurrencies also have suffered: Ethereum, Ripple and Bitcoin Cash rates declined by more than 11% on Sunday.

According to CoinDesk, the bitcoin rate has fallen to below $ 6,700 per unit of a virtual currency. The cryptocurrency has lost more than half of its value this year, currently its rate is 70% lower than the record level – about 20,000 dollars. We recall that this peak occurred in December last year.

Cyber attacks are a serious problem for the cryptocurrency market. According to some estimates, over the past four years, investors have lost $ 1.4 billion due to the sneaky actions of computer pirates.

At the beginning of this year, the Japanese exchange Coincheck Inc suffered from the cyber attack, in February it was the Italian exchange BitGrail.

News from American regulators negatively influenced the bitcoin rate and other popular currencies too. Cryptocurrency exchanges are now obliged to provide data on the trading processes in the investigation of possible cryptocurrency  manipulations in the futures market.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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