Bitcoin crashed after another crypto exchange got hacked

A university student a member of a club studying cryptocurrencies attends a meeting at a university in Seoul on Dec 20 2017

Cryptocurrencies plunged in Asia on Monday after a hack on a South Korean exchange sparked fresh concerns about the safety of the digital units. NY time on Friday and was trading at $6,781.19 as of 11:43 a.m.in Hong Kong on Monday, bringing its year-to-date loss to 53 percent.

Coinrail confirmed in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it did not quantify its value.

The Bitcoin price has now dropped almost 60 per cent in 2018.

"The remaining one-third of coins are being investigated with investigators, relevant exchanges and coin developers".

On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was last trading at $6,790.88, down a sharp 10.8 percent from Friday, having fallen roughly 65 percent from its all-time peak hit around mid-December 2017.

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The hacking attack on Coinrail comes after Japan's cyrptocurrency exchange Coincheck was hacked earlier this year in a high-profile theft of its digital currency. Another Korean cryptocurrency exchange Youbit lost bitcoins worth around 20 billion won past year to cyberthieves twice, once in April and again in December.

Coinrail contends that 70% of its total coin reserves have been moved to an offline cold wallet and remain safe. "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.

In addition, transactions associated with Fake_Phishing1431 shows it has received a range of cryptos from one single address several hours before Coinrail reported the hack, which, besides ETH, NPSX, ATX, DENT, also included tokens from other projects such as Kyber Network, Storm, Jibrel Network, and Tron.

The ISMS is a system that certifies protection of personal information at companies with average daily visitor of over 1 million.

The hacker has since dipped into some of the 2.6 billion NPXS tokens in an attempt to sell 26 million coins at decentralized ERC-20 exchange IDEX, transaction data reveals.

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