Security fears rise as South Korea’s Coincheck loses about £28m of virtual currency.

Julia Kollewe
Mon 11 Jun 2018 15.06 BST First published on Mon 11 Jun 2018 09.40 BST

There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

A tweet from Coinrail confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.

The world’s best-known cryptocurrency lost $500 (£372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses.

Cryptocurrencies have a mysterious allure – but are they just a fad? | Robert Shiller.

The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.

Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30% of the coins traded on the exchange. It did not quantify the value, but the local Yonhap news agency estimated that about 40bn won (£27.8m) worth of virtual coins was stolen.

Read More By Following The Link

Bitcoin’s value has fluctuated over the past year.

Feed Shark

Translate »