Bitcoin value dips in wake of South Korean exchange hack

Bitocion price tumbles after cryptocurrency exchange Coinrail gets hacked

Most other major virtual currencies also retreated, sending the market value of digital assets tracked by Coinmarketcap.com to a almost two-month low of $298 billion. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the United States and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government.

Still, the news sent shock waves through virtual currency markets.

Hacking has been a problem for the cryptocurrency market worldwide in recent years.

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%.

On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,763.96, down a sharp 11.2 per cent from Friday, having fallen roughly 65 per cent from its all-time peak hit around mid-December 2017.

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EOS's price drop is notable as this cryptocurrency is now in the process of launching its main blockchain network (also known as mainnet) after having raised a reported $4 billion in a year-long initial coin offering (ICO), dwarfing all similar crowdfunding efforts. That represents a drop in market capitalization from $340 billion to around $291 billion, according to the site.

Although the attack involved altcoin, a lesser known cryptocurrency, officials said prices of all cryptocurrencies fell.

"The demand from investors had notably declined", Crypto Coins News reports. Other cryptocurrencies have also reportedly faced large losses.

Coinrail said in a statement it suspended digital currency trading and is cooperating with authorities.

Coinrail called the breach a "cyber intrusion" and said 70 percent of total coin and token reserves "have been confirmed to be safely stored and moved to a cold wallet", which is a file not connected to the Internet.

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