The Bitcoin Blues? Currency Tanks After Hack

 

Bitcoin and other cryptocurrencies are facing a setback after a hack to one of the bitcoin exchanges, according to a report from The Guardian:

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.

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.

At the time of publication, the price of bitcoin was 6750.50 according to Coinbase.com.

Do you own or plan to own any cryptocurrency? Let us know in the comments.

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Das Kraut
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