Bitcoin plummets after small crypto exchange hacked

Bitcoin plummets after small crypto exchange hacked

A university student, a member of a club studying cryptocurrencies, attends a meeting at a university in Seoul on Dec 20, 2017.

Although the exact amount of the coins stolen was not specified, local news outlet Yonhap has suggested that the total value of stolen cryptocurrencies is estimated at $37.1 million.

Bitcoin was trading at $6,780 on Monday, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices. Amidst all the hype and hoopla, the prices of all major cryptocurrencies - including bitcoin, bitcoin cash, EOS, Ethereum ether, Ripple XRP, and litecoin - are caught in the middle, and moving deeper into the red.

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. More recently, in December a year ago, South Korean cryptocurrency exchange Youbit shut down and filed for bankruptcy after being hacked twice.

The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.

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The venues have come under growing scrutiny in South Korea, the U.S. and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering. First and foremost is the news that another South Korean exchange has been hacked.

The remaining coins within Coinrail seem to have been secured by Coinrail through the migration of assets onto cold storage wallets.

The ISMS is a system that certifies protection of personal information at companies with average daily visitor of over 1 million. Coinrail said it is cooperating with the police investigating the hack and said it will release an announcement with more details as soon as possible.

"We began the investigation immediately after receiving reports from the company".

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