Crypto at a glance South Korean Exchange Hack, US Investigation

Crypto at a glance South Korean Exchange Hack, US Investigation

Cryptocurrency Blockchain

Crypto at a glance South Korean Exchange Hack, US Investigation

 

Crypto at a glance South Korean Exchange Hack, US Investigation

Bitcoin and other major cryptocurrencies were trading down following a crypto exchange hack in South Korea as well as a report in the Wall Street Journal about U.S. regulators' investigation of four major cryptocurrency exchanges regarding potential price manipulation.

  • Coinrail, a relatively small South Korean cryptocurrency exchange, tweeted over the weekend that it was hacked, according to Google Translate.
  • Bitcoin fell more than 10 percent to a low of $6,647.33, its lowest since April 9, according to CoinDesk's bitcoin price index.
  • The decline followed a report on Friday from The Wall Street Journal that U.S. regulators are investigating potential price manipulation at four major cryptocurrency exchanges.

 

These include Bitstamp, Coinbase, itBit and Kraken. The Bitcoin sell-off began following the news on Friday, which reignited concerns about the security of lightly regulated crypto exchanges, Bloomberg noted.

Over the weekend, crypto exchange Coinrail tweeted that it was hacked, and noted that lesser-known cryptocurrencies such as Pundi X were among those affected, according to Google Translate. The Pundi X-bitcoin pair is the most-traded on Coinrail, CoinMarketCap data showed.

However, Coinrail's public statements did not mention Bitcoin, according to Google Translate.

Nevertheless, Bitcoin hit a low of $6,647.33 on Sunday, its lowest since April 9, according to CoinDesk's bitcoin price index, and coincided with a broader crypto sell-off. The digital currency traded off those lows Monday morning, near $6,774.

 

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