Coinrail Hack See's Markets Crash As $40 Million Stolen

Bitocion price tumbles after cryptocurrency exchange Coinrail gets hacked

Another hack on a Bitcoin exchange sees the digital currency's price fall

The Wall Street Journal reported Friday that United States investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets.

The world's most valuable digital currency is now trading at $7,229 per coin, widening losses for the year to 48%.

Led by a drop in bitcoin's price, the value of cryptocurrencies fell by more than $40 billion over the weekend and into Monday.

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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. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

The hacking attack on Coinrail comes after Japan's cyrptocurrency exchange Coincheck was hacked earlier this year in a high-profile theft of its digital currency.

The slump may have been exacerbated by low market liquidity during the weekend, Innes added. "It actually doesn't take a lot of money to move the market significantly".

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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.

Coinrail said the balance 70% of virtual coins are now secure in its "cold wallet", which operates on platforms not directly connected to the internet. "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers", it said.

Two-thirds of the stolen assets - which the exchange identified as NPXS, NPER and ATX coins - have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies, it said.

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