Cyber Attack On South Korean Exchange Coinrail makes Bitcoin Price to Fall

The frightened crypto investors discharged $46bn (£34.3bn) worth of cryptocurrencies after the South Korean exchange platform Coinrail declare that it had been attacked by the hackers. This situation has caused bitcoin to drop to a two-month low.

As per the information at the moment Bitcoin is $6,757, down from around $7,200 earlier on Sunday, which leads to bitcoin’s recession this year by more than 50 percent after analysts had hoped bitcoin would more than double by the end of the year.

As a result of hack Coinrail has lost around 30 per cent of the coins traded on the exchange and trading has now been paused as the website is temporarily unavailable.

The firm announced in a report that it was collaborating with the police and their investigation into the cyber attack which occurred yesterday.

The invasion follows the hacking attack on the Japanese crypto exchange Coincheck in January in which hackers stole $500m, making it one of the biggest robberies in history.

In January, bitcoin was estimated to reach $33,000 per coin by 2019, but after a tough start of the year for the world’s most popular cryptocurrency, the estimate is now around $14,000 in comparison with $20,000 in December 2017.

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