Bitcoin (BTC) and Ethereum (ETH) Plummet Due to Coinrail Hack 'FUD'

Bitcoin (BTC) and Ethereum (ETH) Plummet Due to Coinrail Hack 'FUD'

The latest declines came after a small exchange called Coinrail said Sunday several so-called alt coins - alternative versions of bitcoin - appeared to have been stolen in the attack. More recently, in December a year ago, South Korean cryptocurrency exchange Youbit shut down and filed for bankruptcy after being hacked twice.

The hack of a cryptocurrency exchange in South Korea is being blamed for a sharp drop in bitcoin and other popular currencies, which lost billions of dollars in value. Again that date might not seem very long ago, but in the wildly fluctuating world of cryptocurrency values, it's significant.

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January. "(Coinrail) 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", Reuters quoted Kim Jin-Hwa, a representative at Korea Blockchain Industry Association, as saying.

India strikes river, rice deals with China as relations thaw
Its member states also include four ex-Soviet Central Asian republics, Pakistan and India. File image of Prime Minister Narendra Modi with Chinese president Xi Jinping .

"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", said Stephen Innes, head of Asia-Pacific trade at OANDA. "It actually doesn't take a lot of money to move the market significantly".

Spooked crypto investors a cryptocurrency selloff after the South Korean exchange platform Coinrail announced that it had been hacked over the weekend, prompting bitcoin to drop to a two-month low.

Before the attack, Coinrail ranked near the bottom of the 100 biggest cryptocurrency exchanges in the world by trading volume, according to data from coinmarketcap.com. "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers", Coinrail said. South Korea's Omnitel Inc. and Vidente Co. both retreated at least 4%, while Japan's Remixpoint Inc. slumped about 6%.

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