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South Korean crypto exchange Coinrail hacked, temporarily shuts down

 

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 Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies,” Coinrail said in a statement.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 

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