Finance

Cryptocurrency Heist at South Korea Hits the Crypto Exchange

Coinrail, a South Korean Exchange shocked the cryptocurrency world with news that it has been hacked. This is the second attack cryptocurrency theft in South Korea. The first one had taken place very recently. Cyber currencies are still very vulnerable prove these activities around the globe. Digit-assets undergo huge losses through these hacks, making its users jittery.

Bithumb has reported that hackers have taken about $32 million cryptocurrencies. They claim that the coins stolen were Ripple. All transactions on the exchange in cryptocurrencies have halted, tweets Bithumb.

Though the exact amount has not been revealed, it has affected the cryptocurrencies market badly. All currencies have been transferred to the cold wallet, where it cannot be accessed by internet or theft, says the operator from Seoul.

Cryptocurrency saw a big fall after the crypto exchange showed its vulnerability to safety and security to its coins.

Bitcoin dropped almost 2%in the exchange. Considered as the largest in cryptocurrencies, it has declined almost 54% this year, as per Bloomberg composite pricing. Bitcoin which was trading at $6,718.35 fell down sharply on the news about the heist at CoinDesk to $6,561.79. It then recovered and was seen trading at $6,614.46.

Ethereum, Ripple, and Litecoin have also moved downwards with this unprecedented cyberheist. Ethereum fell from $535 to $521.07.

All these happenings call for action on the security of these exchanges, says Vijay Ayyar, the head of the cryptocurrency exchange, Luno. He adds that the crypto exchanges lack good regulatory action.

South Korean crypto exchanges are still one of the most active exchanges in the world. The decision to bring in increased supervision should be immediate or these local exchanges have to be shut down, to protect digital currencies and its users.

Price manipulation may also be one of the causes of the heist, feel regulators, and there are chances of investigation in the major four cryptocurrency exchanges.

About the author

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Shivangi Mehra

Shivangi holds a degree in Masters in Business Administration, from S. P. Jain Institute of Management and Research College, in the field of business and finance. She has been active in industry since 6 years, and has written for various well known publications as well. Her articles have been featured several times in regional news and as global tech news. Her unique style of writing, and in-depth analysis skills regarding the past trends and upcoming scope of opportunities makes her a perfect choice for her designation as an Editor for Latest Industry News.

Email: shivangi.m@latestindustrynews.com

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