Bitcoin crashed after another crypto exchange got hacked

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin tumbles most in two weeks amid South Korea hack

The police said it would figure out whether the leakage of the cryptocurrencies are caused by hacking or computer network problems.

Bitcoin fell more than 10% yesterday (June 11) to its lowest price in two months, after a relatively small crypto exchange in South Korea reported a hack.

Whether Bitcoin can come bounding back from this weekend to reach the kinds of highs in June that bulls like Tom Lee have been predicting for months is unsure but with some clarity coming out of the USA and the general push of institutional money especially flowing into the Bitcoin futures market there is every indication that recovery could be swift as the price of Bitcoin has already moved back into the green.

Coinrail trades more than 50 cryptocurrencies and was among the world's Top 100 most active venues, with a 24-hour volume of about $2.65 million, according to data compiled by Coinmarketcap.com before news of the hack.

"We began the investigation immediately after receiving reports from the company". A KISA spokesperson told Korea Herald that it may take up to a month for them to accurately study the cyber attack.

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.

Without disclosing the exact amounts stolen, Coinrail revealed some of the stolen ERC-20 tokens, namely NPXS tokens from Pundi X, a payment project; ATC from Aston X, a decentralized document project and; NPER tokens from the namesake decentralized IP project. Two-thirds of remaining 30 percent of token compromised have been frozen or recalled through consultation with developers like Pundi X and communication with exchanges like IDEX, the operator said.

It is worth noting that the Coinrail hack is not a secluded incident.

Japan in February carried out raids on a number of exchanges following the Coinbase hack, which exceeded the US$480 million in virtually currency stolen in 2014 from another Japanese exchange, MtGox.

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