Bitcoin value dips in wake of South Korean exchange hack

12 Junio, 2018, 01:36 | Author: Arnold Perez
  • Image via Shutterstock

Coinrail noted that two-thirds of the stolen Bitcoins were withdrawn or frozen through partnerships with related cryptocurrency exchanges and coin companies.

In January, bitcoin was forecast to reach $33,000 per coin by 2019, but after a tough start of the year for the world's most popular cryptocurrency, the estimate is now around $14,000. The Wall Street Journal reported Friday that U.S. investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets.

When the bitcoin price fell more than $1,000 and the cryptocurrency market cap shed more than $40 billion on "Bloody Sunday", many media commentators attributed the decline to a security breach at a small cryptocurrency exchange in South Korea.

However, the fallout of the hack means Bitcoin took a major tumble, dropping 5.1 per cent, which might not seem like much but is the biggest drop since 23 May, according to Bloomberg. NY time on Friday and was trading at US$6,782.42 as of 10:30 a.m.in London on Monday, bringing its decline since December 29 to 53 per cent.

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

Coinrail isn't the only virtual currency exchange to fall victim to a cyberheist in recent months. 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.

The largest cryptocurrency declined to $6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing. "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers", Coinrail said.

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