both retreated at least 4%, while Japan’s Remixpoint Inc. Some Asia-listed stocks with exposure to digital currencies fell on Monday. Coinrail trades more than 50 different cryptocurrencies and was the world’s 98th most active venue, with a 24-hour volume of about $2.65 million, according to data compiled by. The statement is the only content available on the exchange’s homepage. The exchange said it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet, which isn’t connected to the Internet and is less vulnerable to theft. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the assets. “This is ‘If it can happen to A, it can happen to B and it can happen to C,’ then people panic because someone is selling,” Innes said.Ĭoinrail said 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 the value. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp. At the height of the global crypto-mania in early January, they were worth about $830 billion.Įnthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the nearly $500 million theft from Japanese exchange Coincheck Inc. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by to a nearly two-month low of $294 billion. in Hong Kong on Monday, bringing its year-to-date loss to 53%. The venues have come under growing scrutiny in South Korea, the US and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering.īitcoin has dropped 11% since 5 pm New York time on Friday and was trading at $6,784.04 as of 10:21 a.m. The hack brought an abrupt end to two weeks of calm for the biggest virtual currency and reignited concerns about the security of lightly regulated crypto exchanges. Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the nearly $500 million theft from Japanese exchange Coincheck Inc. It's almost as if it's not practically impossible to hack an exchange at all.A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fuelling a $46 billion rout and extending this year’s Bitcoin slump to more than 50%. In January of this year, another Japan-based exchange, Coincheck, was also hacked for roughly 500 million NEM - worth approximately $424 million at the time. Gox hack, resulted in the theft of around 850,000 bitcoins. Japanese cryptocurrency exchange Coincheck, one of the largest in the country, was the victim of a massive hack resulting in a loss of 523 mln NEM coins, worth approximately 534 mln. This Zaif debacle is just another in a long line of breached exchanges. Perhaps it was the company's cold wallet that's "practically impossible" to hack? Now, the crypto that was stolen was reportedly in a so-called "hot wallet" - a wallet that is connected online which allows customers to withdraw or transfer funds immediately - and not a more secure cold wallet. It ranked fourth on CryptoCompare’s market share. The exchange was for 6 percent of yen-bitcoin trading. According to Coincheck about 523 million NEM coins were sent for exchange at 3 am local time. is impossible."Īccording to a company statement detailing the hack, translated from the original Japanese (via Google translate), "it turned out that some of the deposits and withdrawal hot wallets were hacked by unauthorized access from the outside, and part of the virtual currency managed by us was illegally discharged to the outside." Also, back in 2016, Bitfinex, a bitcoin exchange lost 60 million because of this hacking. Therefore, all outside access to the database, etc. "We externally block the exchange system at multiple levels, and we are building a system security environment where hacking into the internal system is practically impossible. Under the third point, "Reinforcement of system infrastructure robustness," we are given the following bit of reassurance. Take, for example, the webpage titled "About the Zaif usage risk and security system." It lays out six points "in order to ensure maximum safety and security." SEE ALSO: It only took 37 seconds for two bitcoin 'celebs' to start fighting on a cruise ship
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