Bitcoin price plunges after cryptocurrency exchange is hacked

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Although the exact amount of the coins stolen was not specified, local news outlet Yonhap has suggested that the total value of stolen cryptocurrencies is estimated at $37.1 million. The remaining one third is now being investigated.

Whether Bitcoin can come bounding back from this weekend to reach the kinds of highs in June that bulls like Tom Lee have been predicting for months is unsure but with some clarity coming out of the U.S. and the general push of institutional money especially flowing into the Bitcoin futures market there is every indication that recovery could be swift as the price of Bitcoin has already moved back into the green.

It is worth noting that the Coinrail hack is not a secluded incident.

On June 10, there was a system check due to the hacking attempt at dawn.

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The company also shared the Etherscan URL of the wallet from where the stolen funds seem to have been moved to IDEX.

The price plunges were also linked to a report on Friday from the Wall Street Journal (paywall) that USA regulators are investigating four major crypto exchanges, including Coinbase and Bitstamp, for price manipulation.

Among the spilled coins, the token that has been completed is shown below.

Coinrail claims 70 percent of its cryptocurrency reserves are safe and have been transferred to cold wallets for security reasons; their transactions and withdrawals will resume as usual once the exchange service is stabilized. We will update the announcement when possible. Pundi X (NXPS), which was the most traded asset on the platform, took the biggest hit, with more than two billion NPXS coins (approximately $19.5 million) stolen. 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 investigation by police agencies. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the money. Once again, I sincerely apologize. At the same time, keep in close contact with the coin developers and follow up We are discussing.

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