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Bitcoin value spirals to 2-month low after cryptocurrency exchange hacked

Bitcoin value spirals to 2-month low after cryptocurrency exchange hacked

Some observers pinned the latest retreat on a hack at a South Korean exchange, while others pointed to lingering concern over a clampdown on trading platforms in China.

Bitcoin dropped more than 10 per cent over the weekend, fa1lling below $6,700, according to research site CoinDesk.

The 2018 selloff in cryptocurrencies deepened, wiping out US$42 billion of market value over the weekend and extending this year's slump in bitcoin to more than 50 per cent.

The Bitcoin price has now dropped almost 60 per cent in 2018.

A statement on the exchange's site sought to reassure users - saying that the remainder of the coins were "safely stored" - but Reuters reports that the value of Bitcoin tumbled to two-month lows in the hack's aftermath.

"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", said Stephen Innes, head of Asia-Pacific trade at OANDA.

"The heist at Coinrail, a relatively small South Korean cryptocurrency exchange, sent the price of bitcoin tumbling to two-month lows as it once again highlighted the security risks and the weak regulation of global cryptocurrency markets". Coinrail said 70 per cent of its digital assets have been moved to what is known as a cold wallet - storage that isn't connected to the internet - and that it is working with authorities on finding the lost assets.

Before the attack, Coinrail ranked near the bottom of the 100 biggest cryptocurrency exchanges in the world by trading volume, according to data from coinmarketcap.com.

As CCN reported, the little-known Coinrail became the latest cryptocurrency exchange to fall prey to hackers, who are said to have made off with approximately $40 million worth of tokens, a fairly pedestrian figure relative to some of the hacks seen over the years. "Also, please understand that all related matters are hard to share all progress to exclude all possibilities that may interfere with the investigation due to an investigation by police agencies".

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