Coinrail hack: 40 million dollars go up in smoke

in #coinrail6 years ago


A "modest" South Korean exchange - Coinrail - has recently been the victim of what appears to be a major hack. It would apparently be more than 40 million dollars in cryptos that would have been stolen.

You must have realized, since Saturday, the market undergoes a very heavy correction. Over the course of the night, the total market capitalization of cryptoactives dropped by almost 10% before rising slightly , but did not show any positive signs for the future. If we look at the bitcoin price curve , it has fallen by around 12% since June 10th . At this time valued at $ 6,768 / BTC, we had not seen such low prices since mid-April.


No need to look far to find one of the factors that may have worried market operators: the Korean exchange Coinrail has suffered over the weekend what they called "cyber-intrusion" :


Several addresses were identified as belonging to the attackers .

We note that for these various addresses, many transactions to the decentralized exchange EtherDelta have been made, which will enormously complicate the monitoring of funds.


 

If it is still complicated to have exact figures as to the losses, we know that for the moment the hackers have got their hands on:

  • $ 19.5 million in Tokens NPXS , the token linked to Pundi X
  • $ 13.8 million token ATX , a token linked to the Aston X project
  • $ 5.8 million in DENT tokens , related to the project of the same name
  • $ 1.1 million in TRON tokens , no longer present.
Obviously, the widespread fall in the cryptocurrency market is certainly not only due to this attack on Coinrail . It will undoubtedly have catalyzed it, but the exchange remained too small at the time of the attack for having impacted prices in such measures.

Although the fault seems to fall on the teams of Coinrail, some of the project leaders affected by this attack have already begun to intervene. This is the case, for example, of the Pundi X teams, who have declared that they are supporting Coinrail in this hack that will have stolen 3% of the NPXS in circulation. For now, they have declared that they have frozen all transactions in NPXS . Aston X also followed the same route, suspending all transactions for its ATX token.

For now, the site of Coinrail is in maintenance , and specifies that the funds remaining on the exchange (70% of the total) had been moved on a cold wallet while solutions are found.

The exchange claimed to cooperate with the authorities as well as the teams of developers to find as much funds as possible. Case to follow therefore, but we take the opportunity to remind you that your funds are NEVER completely safe if you keep them on an exchange. So go to cold storage , or invest in a hardware wallet , but do not let "famous unknowns" (although very qualified for the most part) at the controls of all your crypto-riches !

 

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