South Korean crypto exchange Coinrail derailed in hack
South Korean cryptocurrency exchange Coinrail experienced a hack over the weekend, which prompted a Bitcoin value drop – testimony of the importance of the South Korean market for crypto.
Last Sunday at 4.19am in South Korea (GMT+9), Coinrail’s tweet account confirmed a hack attempt on the currency Pundi X (NPXS).
해킹공격시도로 인한 시스템 점검중입니다. 일부코인(펀디엑스,NPXS)이 확인되었으며 추가적인 코인피해가 있는지 여부를 확인중입니다. 추후 자세한 사항은 재공지하겠습니다 / There has been an cyber intrusion in our system. We're confirming it and some coins(Pundi X, NPXS) are confirmed.
— coinrail (@Coinrail_Korea) June 10, 2018
Later, there were confirmations of affected coins like Enfer and Aston – the Coinrail team said they were working with each coin’s team to recover the lost ones.
By today (11 June), Coinrail released a statement on its site that confirmed that 70% of the coins were safely stored, and that it had frozen all activity on the exchange while it worked with the authorities to find the responsible individuals.
Because of this breach, Bitcoin’s value dropped from around $7,600 to its current $6,751. This has consequently raised conversations about cryptocurrency regulation.