Bitcoin price falls 10% following hack on exchange

[midian182]

What just happened? A number of digital currencies have seen their value fall following a hack on South Korean exchange Coinrail over the weekend. Bitcoin was one of those affected, falling 10 percent to its lowest price in two months.

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 Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies.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.

해킹공격시도로 인한 시스템 점검중입니다. 일부코인(펀디엑스,NPXS)이 확인되었으며 추가적인 코인피해가 있는지 여부를 확인중입니다. 추후 자세한 사항은 재공지하겠습니다 / There has been an cyber intrusion in our system. We're confirming it and some coins(Pundi X, NPXS) are confirmed.

— coinrail (@Coinrail_Korea) 10 June 2018

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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https://www.techspot.com/news/75019-bitcoin-price-falls-10-following-hack-exchange.html

 

[Trillionsin]

TechCrunch reports that hackers made off with $19.5 million worth of NPXS tokens issued by payment project Pundi X’s ICO.

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.

 

[Theinsanegamer]

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.

TechCrunch reports that hackers made off with $19.5 million worth of NPXS tokens issued by payment project Pundi X’s ICO.

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.

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.

 

[Trillionsin]

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.

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....