Bitcoin Tumbles Most in Two Weeks Amid South Korea Hack

Bitcoin Continues To See Unprecedented Growth

The police said it would figure out whether the leakage of the cryptocurrencies are caused by hacking or computer network problems.

And cryptocurrency reporter Joseph Young contrasted the viewpoints of an office worker on Monday eager for Friday to arrive with a crypto trader going through the price headwinds.

Bitcoin dropped more than 10 per cent over the weekend, fa1lling below $6,700, according to research site CoinDesk.

Other major cryptocurrencies including ethereum and ripple also tumbled, with about $45 billion wiped off the total crypto-market value in the last 24 hours, according to CoinMarketCap. That widens Bitcoin's losses for the year to 53 percent.

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. "The company wasn't immediately available for further comments". Coinrail's statement said officials took the exchange offline and moved the remainder of its assets to cold storage as officials review the security system and work with law enforcement to investigate what happened. A newly launched Pundi X (NPXS) makes up almost two-thirds of the exchanges trading volume, and they announced it was one of the coins "spilled". "For the rest, we are looking into it with an investigative agency, related exchanges and coin developers".

As CCN reported, the little-known Coinrail became the latest cryptocurrency exchange to fall prey to hackers, who are said to have made off with approximately $40 million worth of tokens, a fairly pedestrian figure relative to some of the hacks seen over the years.

Matthew Newton, analyst at eToro, said: "The hack in South Korea may have fired the starting gun on yesterday's price drop".

Cryptocurrencies plunged in Asia on Monday (Jun 11) after a hack on a South Korean exchange sparked fresh concerns about the safety of the digital units.

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