Home Market News Crypto 40 Million Worth Of Crypto Stolen From Coinrail South Korea

40 Million Worth Of Crypto Stolen From Coinrail South Korea

Coinrail hacked news Dittotrade

South Korea’s cryptocurrency exchange Coinrail says that one third of its crypto assets have been leaked in a hacking attempt. The website is currently under maintenance. The company says that 70% of the cryptocurrencies were stored in a cold wallet and transactions will be possible after the investigations and all details are properly established. Fundus X (NPXS), Aston (ATX), and Enper (NPER) are among the stolen currencies.

Reuters directly attributes the dip in Bitcoin price today to the loss of cryptocurrency worth of approximately 40 million US dollars in the Coinrail hacking. There was a sharp drop in Bitcoin price from $7400 on the 10th of June to $6700 today, 11th of June. As Coindesk reports, Bitcoin “failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647.”

Meanwhile Coinrail informs the public that all the information cannot be revealed until the investigations are over as it would interfere in the police investigations. They assure that the company is committed to the recovery of the stolen assets and cooperating with the criminal investigations. Coinrail has not mentioned how the hackers have entered the system, or who is seemingly responsible.

Although there are no specific amounts of each cryptocurrency stolen from Coinrail exchange, Pundi X says on Medium that the stolen assets include 2,619,542,080 NPXS tokens transferred to IDEX. They also mention that IDEX was informed of the incident and they agreed to freeze the suspect’s account and investigate. Pundi X reports that 100% of the stolen NPXS is safe now.

Coindesk reports that an allegedly fake account named “Fake_Phishing1431″ has been suspended and flagged. The account “received a range of cryptocurrencies from a single address several hours before Coinrail reported the hack, which, besides ETH, NPSX, ATX, DENT, also included tokens from other projects such as Kyber Network, Storm, Jibrel Network and Tron,” according to the Coindesk report.

Although not one of the biggest exchanges, Coinrail hacking will have a huge impact on the market as it has already affected the price of Bitcoin as Reuters attributes. Approximately 40 million dollars is a huge loss whatever the size of the exchange may be.

It should be noted that all currencies can be accessed by account holders of all other exchanges, and there is no security breach or a reason to fear about losing currencies traded through any other exchange.


Please enter your comment!
Please enter your name here