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  HOME | Business & Economy (Click here for more)

South Korean Cryptocurrency Exchange Loses 30% of Assets in Hack

SEOUL – South Korean cryptocurrency exchange Coinrail announced on Monday a hacking attack that might have cost it 30 percent of its assets, while the company managed to save the remaining 70 percent of its holdings.

The hacking took place late Sunday and affected three types of initial coin offerings – Fundus X (NPXS), Aston (ATX) and Enper (NPER) – the exchange house said in a statement on its webpage, adding that all transactions and withdrawals have been frozen and will be resumed after it stabilizes the service.

Coinrail said that 70 percent of its total reserves are safe, and have been moved to a cold wallet and are in storage.

“The exact damage of the hack is currently being confirmed,” said Coinrail, without specifying any figure, though the losses could amount to millions of dollars worth of cryptocoins.

The Coinrail hacking announcement led to a fall in cryptocurrency prices, with Bitcoin falling by more than 5 percent, and now stands at $6,782, down considerably from its historic high of almost $20,000 just before last Christmas.

In December, South Korea’s YouBit market was forced to declare bankruptcy after it suffered a hacking attack in which it had lost 17 percent of its assets.

The largest cyberattack so far took place on Japan’s Coincheck on Jan. 26, which led to the theft of NEM cryptocurrencies worth 58 billion yen ($527 million).

 

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