Bitcoin plummets after cyberattack on South Korea exchange


However, South Korean news outlet Yonhap News - via The Guardian - reported that some 40 billion won worth of digital coins were grabbed by the hackers; that's some £27.8m in real-world money.

Bitcoin dropped more than 10 per cent over the weekend, fa1lling below $6,700, according to research site CoinDesk.

In addition to broader security worries, as Bloomberg News reports, there are also concerns about China's attempts to control how virtual currencies work - and over crackdowns on fraud and money laundering in both China and South Korea. Another Korean cryptocurrency exchange Youbit lost bitcoins worth around 20 billion won past year to cyberthieves twice, once in April and again in December.

A statement on the exchange's site sought to reassure users - saying that the remainder of the coins were "safely stored" - but Reuters reports that the value of Bitcoin tumbled to two-month lows in the hack's aftermath.

At press time, bitcoin is trading for roughly $6,700 - about $900 less than where it stood just 48 hours ago.

There were numerous hacker attacks on cryptocurrency exchanges throughout the past year.

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Global policy makers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight.

The intrusion follows the hacking attack on the Japanese crypto exchange Coincheck in January in which hackers stole $500m worth of digital assets, making it one of the biggest robberies in history.

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

Asia-based crypto commentator Martin Young, writing on news site newsbtc, argued that the Coinrail hack was not hugely significant globally, as the exchange is now ranked only 90th by volume.

Coinrail said it was co-operating with police and suspended trading. "The company wasn't immediately available for further comments".