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Bitcoin hits two-month low after South Korean exchange hacked

Bitcoin hits two-month low after South Korean exchange hacked

A university student, a member of a club studying cryptocurrencies, attends a meeting at a university in Seoul on Dec 20, 2017.

South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, prompting an extended sell-off of bitcoin to a 2-month low amid growing concerns about security at small- to mid-sized virtual currency exchanges. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the assets.

Bitcoin (BTC) and Ethereum (ETH) Plummet - Over the weekend, $42 billion was wiped off the cryptocurrency market as FUD spread over a small North Korean exchange hack.

South Korea is one of the biggest markets for trading in digital currencies but the boom in their popularity has forced the government to tighten regulations, following similar moves in other countries.

While the price of Bitcoin may have taken a nosedive, there's still likely to be a heavy appetite for it as some traders speculate on when the price might suddenly surge in order to make a quick buck.

On Monday morning, cryptocurrency prices slumped following the news reports that Coinrail lost more than 40 billion in altcoins.

In 2014, Tokyo-based Mt Gox, which once handled 80% of the world's bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars. That widens Bitcoin's losses for the year to 53 percent.

South Korea has emerged as a hotbed for trading in virtual currencies over the a year ago.

It noted that all assets of Coinrail that have not been leaked have been shifted into a cold wallet, which are on devices not accessible through the internet. "Also, please understand that all related matters are hard to share all progress to exclude all possibilities that may interfere with the investigation due to an investigation by police agencies".

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