Bitcoin hits two-month low after South Korean exchange hacked

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin tumbles most in two weeks amid South Korea hack

A university student, a member of a club studying cryptocurrencies, attends a meeting at a university in Seoul on Dec 20, 2017. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million US) were lost.

Whether Bitcoin can come bounding back from this weekend to reach the kinds of highs in June that bulls like Tom Lee have been predicting for months is unsure but with some clarity coming out of the U.S. and the general push of institutional money especially flowing into the Bitcoin futures market there is every indication that recovery could be swift as the price of Bitcoin has already moved back into the green. Peer cryptocurrencies Ethereum and Ripple fell 11 percent and 12 percent, respectively.

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.

In 2014, Tokyo-based Mt Gox, which once handled 80% of the world's bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars. Another Korean cryptocurrency exchange Youbit lost bitcoins worth around 20 billion won past year to cyberthieves twice, once in April and again in December.

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

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If true, that would make it the biggest cryptocurrency theft reported to date in South Korea. "Coinrail said the balance 70 percent of virtual coins are now secure in its cold wallet, which operates on platforms not directly connected to the internet".

Accorgint to Coinrail, the hackers struck on June 10 and made away with a number of different cryptocoins, including the recently launched Pundi X (NPXS), which makes roughly two thirds of Coinrail's trading volume.

The ISMS is a system that certifies protection of personal information at companies with average daily visitor of over 1 million.

Coinrail said in a statement on its website that it's reviewing its system due to hacking attempts.

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

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