Coinrail Hack

Marcin Iwański
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A red day behind us, all significant cryptocurrencies noticed a drop in the last 24 hours. The reason behind yesterday’s drop is the news that South Korean cryptocurrency exchange platform has been hacked.

Coinrail, one of the cryptocurrency exchange markets in South Korea, released the statement on their website, in which we can find the information that hackers who attacked their exchange platform, stole up to 30% of the cryptocurrencies which were stored there .

According to the statement, the attack was took place on June 10, in the morning. In the attack, around 40 bln won (~$37 mln) was stolen. According to Yonhap, attackers got away with different cryptocurrencies, e.g., Pundi X (NPXS) and Aston, which are around two-thirds of Coinrail’s trading volume.

However, Coinrail is not a big cryptocurrency exchange platform, and according to a representative of Korea Blockchain Association, Kim Jin-Hwa

“Coinrail is not a member of the group that promotes self-regulations to enhance security. 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,”

According to the statement, Coinrail is fully cooperating with a police investigation. For now,  trading has been suspended. The company do not comment on the whole situation and do not share more information.

Even the attack on as small cryptocurrency exchange platform as Coinrail can be a big hit for the market. The prices of all major cryptocurrencies have dropped up to 10%


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