Bitcoin price falls 10% following hack on exchange

By midian182
Jun 11, 2018
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  1. Coinrail said the “cyber intrusion” it experienced on Sunday saw the theft of around 30 percent of coins traded on the exchange. “70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not directly connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers,” it said.

    TechCrunch reports that hackers made off with $19.5 million worth of NPXS tokens issued by payment project Pundi X’s ICO. They also took $13.8 million from ICO project Aston X, $5.8 million in tokens for Dent, and over $1.1 million Tron.

    Even though Coinrail is one of the smaller exchanges, and there was no mention of the cryptocurrency in its statement, Bitcoin’s price fell to a low of $6610 after the hack—the lowest it’s been in several months. It was just one month ago that the currency had been touching $10,000.

    After being stuck between $7000 and $7800 for several weeks, Bitcoin’s price was expected to start moving sharply in one direction or the other. Coindesk reports that prices had already begun falling on Saturday, so the Coinrail hack might not be entirely to blame for the slump, though Ethereum and Litecoin also fell on Sunday.

    No word yet whether Coinrail intends to refund affected customers. After it had 500 million dollars’ worth of NEM coins stolen earlier this year, Japanese exchange Coincheck promised to refund its users, even if it meant handing over its own money.

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  2. Trillionsin

    Trillionsin TS Evangelist Posts: 1,668   +294

    How do you even use that kind of money without being found eventually? Then again, with that level of money we can expect some elaborate schemes that are set up to launder the money around.
     
  3. Theinsanegamer

    Theinsanegamer TS Evangelist Posts: 1,084   +1,104

    I cant wait for the altcoin enthusiasts to call on the government to help track down their fancy currency, the same currencies that were created to get around federally-approved tender in the first place.

    How do you use it at all though? Bitcoins were not widely accepted as legal tender, and more and more stores and sites that embraced bitcoin have abandoned the currency. Altcoins are useful is almost no situations except for dark money fro drugs, and for hiding/laundering cash.

    These hackers have a bunch of valuable-for-no-reason 1s and 0s.
     
  4. Trillionsin

    Trillionsin TS Evangelist Posts: 1,668   +294

    Good question. Maybe someone on here can enlighten us? Lol or, perhaps are missing the big picture. Maybe the point isn't to spend it? Would be hard to believe and I'm not sure what the point would be....
     

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