Thursday, 21 June, 2018

Bitcoin falls over 50%, cryptocurrencies lose $46 billion after South Korean hack

Cryptocurrencies tumble after S. Korea hack An electronic board showing exchange rates of cryptocurrencies in Seoul
Preston Stone | 11 June, 2018, 18:02

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 USA 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. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

Coinrail - one of the most popular cryptocurrency exchanges in South Korea - reported a hack on its website during the early morning hours of June 10. That widens Bitcoin's losses for the year to 50%.

The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now. The cryptocurrency slumped by more than 13 percent Sunday, the biggest intraday drop since February 6, according to data compiled by Bloomberg from Bitstamp pricing.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", Innes said.

Microsoft's E3 2018 conference shows that Xbox is (sort of) back
Battletoads will make its return sometime in 2019 on the Xbox One family of consoles while a release for Windows 10 PCs was not explicitly announced .

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said. "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".

The Korean National Police Agency didn't immediately reply to a request for comment.

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year's slump in Bitcoin to more than 50 percent. South Korea's Omnitel Inc. and Vidente Co. both retreated at least 3.9 percent, while Japan's Remixpoint Inc. slumped about 5 percent.

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