Bitcoin plummets after small crypto exchange hacked

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The markets are down this morning in the wake of an alleged $40 Million hack of South Korean cryptocurrency exchange, Coinrail. It is estimated the exchange lost over $40 million United States dollars in assorted tokens and altcoins. The venue added that 70 percent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

Korea Internet & Security Agency, now carrying out the investigation with police, said only four of the country's largest exchanges are subject to the Information Security Management System certification (ISMS) requirement. They also took $13.8 million from ICO project Aston X, $5.8 million in tokens for Dent, and over $1.1 million Tron. In addition, the website exclaimed that "two-thirds of the coins confirmed to have been leaked are covered by freezing/recalling through consultation with each coach and related exchanges". It wasn't immediately clear whether the lost coins were stored in the more insecure 'hot wallet'.

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The site has temporarily suspended trading as it works with investigators.

The exchange trades more than 50 different cryptocurrencies and was the 98th largest, with a 24-hour volume of about $2.65 million, according to data from Coinmarketcap.com.

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Bitcoin was one of those affected, falling 10 percent to its lowest price in two months.

This could possibly be attributed to subpoenas being issued to four major digital currency exchanges by the Commodity Futures Trading Commission (CFTC). The crash widens bitcoin's year-to-date losses to as much as 50%, wiping about $120 billion off its market value this year. In addition to bitcoin, other major cryptocurrencies fell in price after the attack, including ethereum and ripple.

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