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Money Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack

12:41  11 june  2018
12:41  11 june  2018 Source:   msn.com

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A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fuelling a billion rout and extending this year’s Bitcoin slump to more than 50%. The hack brought an abrupt end to two weeks of calm for the biggest virtual currency and reignited concerns about the security of lightly

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a billion selloff and extending this year’s Bitcoin slump to more than 50 percent. The Korean National Police Agency didn’t immediately reply to a request for comment.

  Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack © Getty

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.

Some observers pinned the retreat on an exchange hack in South Korea, while others pointed to lingering concerns over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.

Bitcoin has dropped 12 percent since 5 p.m. New York time on Friday and was trading at $6,765.54 as of 2:49 p.m. in Hong Kong on Monday, bringing its year-to-date loss to 53 percent. Most other major virtual currencies also retreated, sending the market value of digital assets tracked by Coinmarketcap.com to a nearly two-month low of $298 billion. At the height of the global crypto-mania in early January, they were worth about $830 billion.

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Cryptocurrency Market Loses $ 42 Billion in 3 Days as Tokens Struggle. Advertisement Join our community of 10 000 traders on Hacked .com for just $ 39 per month. Cryptocurrency Market Loses Billion as South Korean Exchange Is Suspected of Fraud.

Cryptocurrencies Lose $ 42 Billion After South Korean Bourse Hack June 11, 2018, 2:55 AM EDT.

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the nearly $500 million theft from Japanese exchange Coincheck Inc. in late January. While the latest hacking target -- a South Korean venue called Coinrail -- is much smaller, the news triggered knee-jerk selling, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp. in Singapore.

“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.

a screenshot of a video game: Bitcoin Slides © Bloomberg Bitcoin Slides

The slump may have been exacerbated by low market liquidity during the weekend, Innes added.

“The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions,” he said. “It actually doesn’t take a lot of money to move the market significantly.”

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CRYPTOCURRENCY news: 'ROGUE' North Korea stealing ‘ BILLIONS ’ from South Korea exchanges. NORTH Korea has been accused to stealing billions in won from South Korea after it was revealed that Kim Jong-un is still attempting to hack exchanges by Developed by Netro 42 .

North Korea government-backed hackers are trying to steal cryptocurrency from South Korean users. The hackers , known as Lazarus, used similar tactics to those in the Sony Pictures hack and WannaCry ransomware attack.

Coinrail said in a statement on its website that some of the exchange’s digital currency appears to have been stolen by hackers, but it didn’t disclose how much. The venue added that 70 percent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn’t connected to the Internet and is less vulnerable to theft. Two-thirds of the stolen assets -- which the exchange identified as NPXS, NPER and ATX coins -- have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies, it said.

Coinrail trades more than 50 cryptocurrencies and was among the world’s Top 100 most active venues, with a 24-hour volume of about $2.65 million, according to data compiled by Coinmarketcap.com before news of the hack.

The Korean National Police Agency is investigating the case, an official said by phone.

In China, the Communist Party-run People’s Daily reported on Friday that the country will continue to crack down on illegal fundraising and risks linked to Internet finance, quoting central bank officials. The nation’s cleanup of initial coin offerings and Bitcoin exchanges has almost been completed, the newspaper said, citing Sun Hui, an official at the Shanghai branch of the central bank.

Some Asia-listed stocks with exposure to digital currencies fell on Monday. South Korea’s Omnitel Inc. and Vidente Co. both retreated at least 3.9 percent, while Japan’s Remixpoint Inc. slumped 4.9 percent.

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