Published: Tue, June 12, 2018
Economy | By

Bitcoin falls most in three months after Korean exchange hacked

Bitcoin falls most in three months after Korean exchange hacked

Although Coinrail didn't specify the value of the heist, a wallet address that has been linked to the alleged attacker appeared to have stolen more than $40 million worth of cryptocurrency, TechCrunch noted.

Coinrail said it had temporarily suspended trading in digital currencies and was fully cooperating with investigators to try to track down the missing funds. Another local media platform, the Korea Herald reported that police had begun an investigation and had already managed to secure the access history of Coinrail's servers. A newly launched Pundi X (NPXS) makes up almost two-thirds of the exchanges trading volume, and they announced it was one of the coins "spilled". "For the rest, we are investigating into it with an investigative agency, related exchanges and coin developers", it added.

Worthless as a unit of exchange. "Then there was a typical bandwagon investor situation and you know how it ends - and it did".

He argued that the decline was instead a technical correction, as most of it occurred immediately after the bitcoin price broke beneath its long-term trendline and moved closer to two key support levels. Exclusive data from blockchain research company Chainalysis seen by the FT provides some tantalising answers.

While the price of Bitcoin may have taken a nosedive, there's still likely to be a heavy appetite for it as some traders speculate on when the price might suddenly surge in order to make a quick buck.

In January, bitcoin was forecast to reach $33,000 per coin by 2019, but after a tough start of the year for the world's most popular cryptocurrency, the estimate is now around $14,000.

On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,763.96, down a sharp 11.2 per cent from Friday, having fallen roughly 65 per cent from its all-time peak hit around mid-December 2017.

Straight-up ponzi scheme dynamics.

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