Bitcoin price plunges after cryptocurrency exchange is hacked

On Sunday June 10, bitcoin price fell over 10 percent lowest in two months soon after the South Korean crypto exchange, Coinrail posted a tweet that it was hacked.

Bitcoin suffers worst drop in three months, though it was on a recovery mode during February but experienced extended losses soon after. When the “hack news” rolled out after the South Korea’s small crypto exchange Coinrail reported on twitter, Bitcoin slumps down to $6,785.61 USD. It also adds that Pundi-X , one among the lesser-known cryptocurrencies have also been affected. Noticeably, Pundi-X bitcoin pair is most traded on Coinrail.

he Coinrail website explained that some of cryptocurrencies exchanges appear to have been stolen by hackers but still it didn’t disclose how much. Although, 70 percent of cryptocurrencies were safe in cold wallet. However, which was less vulnerable to theft as it wasn’t connecting with server. However, two-third of the stolen exchanges was identified as NPER, ATX and NPXS. Meanwhile the remaining one third is being examine by crypto firms, other exchanges and investigators.

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