Crypto News Flash #182: Bitcoin Crashed After A Crypto Exchange Got Hacked For $40 Million

These times are not going great for cryptocurrencies. Day by day we're seeing a dip in Crypto market capitalisation and various FUD circling the crypto space. Yesterday proved even harder for crypto community when BTC fell by $900 in a single day. 

$50 Billion has been wiped out from the crypto market within a day and the reason behind this is : Market Manipulation as well as an exchange which got hacked in last 24 hours. The exchange is one of the 100 crypto exchanges and named as Coinrail. 

Although, there is not much trading volume coming from this exchange, still the reason for latest crypto fall was believed to be this exchange hack. Coinrail said in its latest statement that some of the lesser-known currencies like Pundi X(NXPS), belonging to its users were stolen by hackers. Reportedly, Coinrail had frozen the tokens which were being stolen and halted the trading on the exchange. A police report got filed and an investigation is under process. 

Coinrail didn't specify the amount which got stolen but a wallet address linked with the theft reportedly contained $40 Million worth of cryptocurrencies. 

This FUD certainly affected the market a lot. Along with Bitcoin, rest of the Alt coins suffered too. Ethereum got down by 10%, IOTA got down by 15%, ONT got down by 12%, ZIL by 15%, VEN by 11%.

All in all, this crash turned out to be a game changer for crypto gurus who claimed that BTC was about to start its Bullish run to $8000.

Let's hope we see a trend reversal soon enough. If you're trading, I would recommend to use tight stop-loss for your every trade.

Thanks for reading ...!!

Information Source

Image Credit 1, 2