de | cn | ru

Market News

South Korean crypto exchange Coinrail hacked, temporarily shuts down

Jun 11 2018
By
Jonathan Smith

 

South Korean Coinrail was hacked over the weekend and reportedly lost about 30% of the coins traded on the exchange, which caused a sharp drop in the prices of Bitcoin and other digital currencies. The exchange temporarily suspends operations to fully cooperate with investigators in tracking down the missing funds.

 

Coinrail confirmed the “cyber intrusion” in a statement, but did not quantify the value of stolen coins. Nonetheless, the loss is estimated at about 40 billion won (£27.8m).

 

70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies,” Coinrail said in a statement.

 

Launched in October 2017, Coinrail was in the top 100 exchanges rated by their trading volume. It is a South Korean exchange that offers a wide selection of coins for trade and also works with the local fiat (KRW). South Korea has become one of the world’s major cryptocurrency trading centers and actually Coinrail is one of the lesser known local exchanges. Some of the major players on the local market are Bithumb, Korbit, and Coinone, among others.

 

The Coinrail cyber-attack highlights the lack of security and weak regulation of cryptocurrency markets on a global level. In December last year another relatively small South Korean exchange was hacked – Youbit. So far the largest hacks the industry were those of Mt. Gox in 2014 and Bitfinex in 2016.

TAGS: Coinrail  hack  Bitcoin  South Korea 

Related forex news

Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review

More Forex Market News

Crypto scammer Patrick McDonnell sentenced to 33 months of imprisonment

Jan 17 2020 14:54:19

Patrick McDonnell, CEO of Coin Drop Markets, was sentenced to 33 months in federal prison and also ordered to pay $224,350 in restitution, after pleading guilty to cryptocurrency fraud last year. The Federal court in Brooklyn issued the sentence on Thursday. Read more

UK's FCA expects up to 10% decline of profits in the forex industry

Jan 16 2020 17:47:56

The Financial Conduct Authority (FCA) expects that the new regulations imposed on the retail forex and CFD brokers in the UK will lead to an overall reduction of their profits of between 6% and 10% - a decline which by the year 2021 may reach between 38.5 million GBP and 55.3 million GBP. Read more

UK’s FCA updates its warning list with A.B.Capitals and LincolnFX

Jan 16 2020 16:48:27

  Another bunch of brokers have made it to the warning list of UK’s Financial Conduct Authority since the beginning of 2020. We’ll focus on two of them - A.B. Read more

Coinbase will pay $1 mln to victims of the Cryptsy hack attack

Jan 15 2020 18:06:18

Coinbase, the San Francisco based crypto exchange, has agreed to pay 962500 USD as a compensation  to victims of the Cryptsy hacker attack, in an out of court settlement, court papers reveal. Read more

Clients of FXFINPRO to be invited to file compensation claims

Jan 15 2020 14:32:03

  Clients of now-defunct forex brokerage FXFINPRO will be invited to submit compensation applications by the Investor Compensation Fund (ICF), the Cyprus Securities Exchange Commission (CySEC) announced on Monday. Read more

Australians were scammed for $42.5 mln in 2019 alone

Jan 14 2020 14:08:08

Australians have lost some 61.61 mln AUD (42.5 mln USD) in investment scams in 2019 alone, the latest data of the Australian Competition and Consumer Commission (ACCC) reveals. Read more

Chinese investors lost an average of $20k to crypto scams in 2019

Jan 14 2020 13:06:44

  Chinese crypto investors who have been scammed in 2019 reportedly lost nearly $20k each (134,522 yuan), according to the 2019 Cyber Fraud Trend Research Report, published previous week. Read more

Cobinhood suspends operations amidst exit scam rumors

Jan 13 2020 15:53:10

  Crypto exchange Cobinhood announced they’re shutting down temporarily last week to audit all accounts' balances. However, many suspect that the people behind the operation are actually pulling an exit scam. Read more

FCA to pay £2500 for misleading investor who lost £50000

Jan 12 2020 10:52:48

The Financial Conduct Authority (FCA) in the UK has been ordered to pay 2500 GBP to an investor who lost 50 000 GBP, because of an error on the FCA financial services register, the Financial Times reports. Read more

FCA becomes AML/CTF supervisor of crypto businesses in the UK

Jan 10 2020 16:08:30

  As of today, the UK Financial Conduct Authority (FCA) becomes supervisor of crypto-asset businesses for anti-money laundering and counter terrorist financing (AML/CTF) purposes. Read more

de | cn | ru