Bitcoin value spirals to 2-month low after cryptocurrency exchange hacked

Bitcoin took a hit over the weekend.                  Karen Bleier  AFP  Getty Images

The prices of Bitcoin, Ethereum, and all other major cryptocurrencies have experienced big drops in the last 24 hours, following the news that South Korean cryptocurrency exchange Coinrail has been hacked.

Coinrail said in a statement on its website that it's reviewing its system due to hacking attempts.

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The South Korean police began an investigation on Monday after Korea's seventh largest crypto exchange Coinrail lost more than 40 billion ($37 million) in altcoins in an apparent attack by hackers over the weekend.

As always the cryptomarket is a volatile space where trading trends are created by emotion as much as any actual outside force but in the case of this weekends carnage, there are at least two contributing factors to blame.

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And cryptocurrency reporter Joseph Young contrasted the viewpoints of an office worker on Monday eager for Friday to arrive with a crypto trader going through the price headwinds.

In 2014, Tokyo-based Mt Gox, which once handled 80% of the world's bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars.

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A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fuelling a $46 billion rout and extending this year's Bitcoin slump to more than 50%. Coinrail confirmed that the remaining 70% had been safely moved to a cold wallet and remain unharmed. "It is a minor player in the market and I can see how such small exchanges with lower standards on security level can be exposed to more risks", Kim Jin-Hwa, a representative at Korea Blockchain Industry Association. Again that date might not seem very long ago, but in the wildly fluctuating world of cryptocurrency values, it's significant. "Also, please understand that all related matters are hard to share all progress to exclude all possibilities that may interfere with the investigation due to an investigation by police agencies". "The company wasn't immediately available for further comments".

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