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Everyone’s favorite cryptocurrency, Bitcoin, dropped 10.8 percent on the Luxembourg-based Bitstamp after South Korean cryptocurrency exchange Coinrail was hacked over the weekend, according to the Guardian.
Bitcoin is now trading at $6,762—down from an all-time peak of nearly $20,000 in the week before Christmas—as of press time. It’s dropped 65 percent since December, as investors have become wary of government regulation in countries such as China. Cryptocurrency is a form of digital money that isn’t regulated by banks or the government; instead, it uses cryptography techniques to ensure secure transactions and control the creation of new units.
— CNBC's Fast Money (@CNBCFastMoney) June 11, 2018
Coinrail has not confirmed just how much was stolen from the company, but South Korean local news outlet Yonhap News reports that an estimated 40 billion won (£27.8m) worth of virtual coins was stolen in the heist over the weekend. Experts say the drop occurred shortly after Coinrail confirmed the cyber-attack in a tweet on Sunday, according to Reuters.
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
Coinrail later said in a statement on its website that 70 percent of its customers’ reserves were confirmed to be safely stored and moved to a cold wallet for storage. It said transactions and withdrawals will resume after stabilizing the service.
“Two-thirds of the coins confirmed to have been leaked are covered by freezing/recalling through consultation with each coach and related exchanges,” Coinrail said. “The remaining one-third of coins are being investigated with investigators, relevant exchanges, and coin developers.”
Supporters of Bitcoin have been urging folks on Twitter to not panic about the plummet and to continue investing.
Do not panic about the drop in Bitcoin's price. It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don't buy into the fear. Buy the coins.
— John McAfee (@officialmcafee) June 10, 2018
#bitcoin owners, stop panicking. 1) next JAN is 10 year anniversary of bitcoin. Every cover digital/paper on the planet will say so #lindyeffect 2) the 3rd/most important halving thus far is < 2 years away 3) the institution money is coming. They’re spoofing you right now pic.twitter.com/O50de6Jm8q
— $42K Bitcoin in 2018⚡️ (@markfinelli) June 11, 2018
— Almerik (@Knight_of_Tron) June 11, 2018
Hacking has become a big concern in the cryptocurrency investing world. In April, for example, popular crypto user Ian Balina was hacked of $2 million while he was livestreaming. Additionally, Japan’s Coincheck was hacked in January, with more than $500 million-worth of digital currency stolen, and South Korean exchange Youbit shut down and filed for bankruptcy after being hacked twice in December.
Tess Cagle is a reporter who focuses on politics, lifestyle, and streaming entertainment. Her work has appeared in the New York Times, Texas Monthly, the Austin American-Statesman, Damn Joan, and Community Impact Newspaper. She’s also a portrait, events, and live music photographer in Central Texas.