Hackers snatch South Korean exchange’s tokens

South Korean cryptocurrency exchange Coinrail was hacked on Sunday, causing it to lose about 30% of the tokens traded on its platform.

The exchange, which has suspended trading for the time being, also says it is cooperating with police in regards to an investigation.

Various media reports that linked the plunge in value of most cryptocurrencies to the hack, claimed the cyberthieves got their hands on about $40 million worth of tokens. Coinrail said the cyber intrusion resulted in the theft of a range of ERC-20-based coins, including Pundi X’s NPXS, Aston’s ATC and NPER’s token NEPR. However, most experts believe the plunge has more to do with the US investigation into price manipulation by cryptocurrency exchanges Coinbase, ItBit, Kraken and Bitstamp.

Coinrail says that the rest of its cryptocurrency reserves have been moved to a cold wallet, where they are completely safe. It has detected suspicious accounts that attempted to sell millions of tokens: “Fake_Phishing1432” and “ Fake_Phishing1431”.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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