Bitcoin Meltdown: Cryptocurrencies Lost $42 Billion in Value Over the Weekend

Bitocion price tumbles after cryptocurrency exchange Coinrail gets hacked

Another hack on a Bitcoin exchange sees the digital currency's price fall

It is estimated the exchange lost over $40 million United States dollars in assorted tokens and altcoins.

The company later announced on its website that the wallet belonging to the attacker has been identified, and that "70 percent of its total coin/ total reserves were safe".

"Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies". Other cryptocurrencies lifted during the attack were Aston X, Dent, and Tron.

At press time, Coinrail's services are still offline.

The remaining coins within Coinrail seem to have been secured by Coinrail through the migration of assets onto cold storage wallets.

The site has temporarily suspended trading as it works with investigators.

Italy’s Conte wants G8 with Russian Federation , not quick end to sanctions
Conte said Friday that he backed Trump's call to readmit Russian Federation to the G-7. Tariffs are going to come way down because people can not continue to do that.

The price of Bitcoin plunged 6.81 percent to trade at 7.5 million won ($6,987), the lowest since April 12, according to Bithumb, one of Korea's largest cryptocurrency exchanges.

On the Luxembourg-based Bitstamp, bitcoin was last trading at $6,763.96, down a sharp 11.2 per cent from Friday, having fallen roughly 65 per cent from its all-time peak hit around mid-December 2017.

This could possibly be attributed to subpoenas being issued to four major digital currency exchanges by the Commodity Futures Trading Commission (CFTC).

It notes that Bitcoin was trading at $6,790.88 on Bitstamp, a drop of 10.8 percent from Friday and a massive dip from its December 2017 peak, when it hit an all-time high of nearly $20,000.

So far, the exchanges are refusing to cooperate, saying that the release of such information to the organization would be an infringement of customers' privacy. In addition to bitcoin, other major cryptocurrencies fell in price after the attack, including ethereum and ripple.

Though the exchange is small and even the $40 million is a low number compared with other hacks the carry on effect can be serious. What will it take to stop hacks altogether?

Latest News