Attack on Coinrail causes a drop in the price of Bitcoin

Investors and regulators remain alert after the cyber intrusion that would result in the loss of around 30% of the value of the currencies traded on the platform

On Monday, June 11, the South Korean platform Coinrail reported that it was the victim of a “cyber intrusion” which would result in the loss of about 30% of the value of the currencies traded in this Exchange. Also, although there is no official figure for the loss, it’s estimated that it amounts to 37.2 million dollars.

The attack on Coinrail propelled the fall in the price of Bitcoin once again, which has caused concern regarding the security risks and soft regulations in the world of the cryptocurrency and digital asset markets.

In addition, investors and regulators were in alert mode after the attack suffered by Coincheck, one of the largest exchanges in Japan and that would represent a theft of around 50 million dollars in cryptocurrencies.

Experts believe that both attacks would not be isolated, and use as example Mt. Gox, one of the most trafficked exchanges in the world that had to declare bankruptcy in 2014 after losing about 50 million dollars.

In South Korea, at least 14 exchanges adopted stronger security measures that aimed at greater user protection. Even so, police investigations indicate that only 4 of the largest exchanges have adhered to the requirements of Information Security Management System.

N. Moncada

Source: CoinCrispy

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