Crypto Falls After Hackers Hit South Korean exchange Coinrail

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Bitcoin tumbles as hackers hit South Korean exchange Coinrail

SEOUL (Reuters) – South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, sparking a steep fall in bitcoin amid renewed concerns about security at virtual currency exchanges as global policy makers struggled to regulate trading in the digital asset.

In a statement on its website on Monday, Coinrail said its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30 percent of the coins traded on the exchange.

It did not quantify its value, but in an un-sourced report local news outlet Yonhap news estimated that about 40 billion won ($37.28 million) worth of virtual coins were stolen.

Bitcoin Chart 6-11-18 BTC USD

Bitcoin Chart 6-11-18 BTC USD

Bitcoin (BTC) Price Technical Analysis (June 11, 2018)

Yesterday we saw BTC prices literally crashing after shedding more than five percent. It might be a reactionary move after CFTC Bitcoin Futures investigations.

However, what is important is how prices react at key support lines. Those levels stand at $7,000 and $7,100.

In a new twist of events, Bitstamp, ItBit, CoinBase and Kraken have been asked by the CFTC to submit all trading information as investigations into possible market manipulation in the Bitcoin Futures begins.

Note that since the CME and CBoE trading activities are under the oversight of the CFTC and the SEC, exchanges working together to create their index are also under the CFTC microscope.

About the Author

Pete is a full-time trader and mentor since 2000. Author of Equity Trader 101 and the Order Flow Method. He is dedicated to help self-directed traders to bust through the six-figure level.

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