Bitcoin hits two-month low after South Korean exchange hacked

Bitcoin took a hit over the weekend.                  Karen Bleier  AFP  Getty Images

Bitcoin took a hit over the weekend. Karen Bleier AFP Getty Images

Another day, another cryptocurrency heist. It did not give the value of the stolen coins but Yonhap News agency cited unnamed industry sources saying about coins worth about 40 billion won ($37 million) were lost.

The real problem lies with the remaining 30 percent affected by the breach.

Two-thirds of the coins confirmed to have been leaked are covered by freezing / recalling through consultation with each coach and related exchanges. The company is still conducting an investigation with the remaining 10 percent. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp in Singapore.

The exact damage of the leaked coin / token is now being confirmed, which may require some time to be taken with the coin. For the record, this amounts to three percent of the entire NPXS token supply. The exchange says it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet.

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Deloitte will try to find a buyer for the business, and has said there are no redundancies or store closures at this time. Partners at Deloitte have been appointed joint administrators of the 335-strong chain.

The wallet named "Fake_Phishing1432" received the coins from another wallet named "Fake_Phishing1431" before moving the coins to IDEX. Other stolen tokens in differing values have also been sent to another decentralized exchange EtherDelta, data from revealed. It appears the thieves were also able to snatch some other coins, including NPER (NPER), Kyber Network (KNC), Jibrel Network (JNT), Storm (STORM), and B2BX (B2B). A KISA spokesperson told Korea Herald that it may take up to a month for them to accurately study the cyber attack.

At the moment, the Coinrail website is offline, and a message explains that the site is in maintenance mode because of what is described as a "hacking attempt".

The hack brought an abrupt end to two weeks of calm for the biggest virtual currency and reignited concerns about the security of lightly regulated crypto exchanges.

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