Another Cryptocurrency Exchange got Hacked: BTC Price Plunges Down!

Cryptocurrency is so volatile wherein every hour there is an obvious movement of its price. A few days ago, it stays at a mark of 8k dollars and slowly gliding towards 7k. But currently, it dips down to 6.7k dollars and dropping.

One of the reasons for this sharp drop was the incident that was happened in South Korean Exchange. The cryptocurrency exchange Coinrail was hacked over this weekend and they lost roughly $42 billion of market value. This will definitely have a great impact on the cryptoworld.

We are about 50 percent drop of bitcoin price since December of 2017 and in that range of time, there are so many exchanges that were hacked specifically from South Korea and Japan.

It’s hard out there for people who play with imaginary money. Bitcoin and other cryptocurrencies plunged over the weekend after it was revealed that a South Korean exchange, Coinrail, was hacked. Roughly $42 billion of market value was destroyed in the sell-off, and Bitcoin has lost over 50 percent of its worth since December.

Bitcoin, the most popular cryptocurrency in the world, hit a record high back in December of 2017, reaching $19,783.06 in American currency. It currently sits at roughly $6,750 and to say that the market has been volatile would be an understatement. The price has fluctuated wildly since December
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Currently, the Coinrail exchange suspends their trading in digital currencies while tracking the whereabouts of the culprit. They lost 30 percent of the coins while the remaining 70 percent of the coins were in safely stored int he cold wallet.

Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30% of the coins traded on the exchange. It did not quantify the value, but the local Yonhap news agency estimated that about 40bn won (£27.8m) worth of virtual coins was stolen.

Coinrail said: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”
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I hope cryptoworld will recover soon and hopefully, many huge businessmen will invest in this virtual currency and making it a medium of exchange in the near future.

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