A significant event took place on Saturday which apparently according to several cryptocurrency journalists brought the cryptocurrency market down especially Bitcoin. Coinrail, a cryptocurrency exchange based in South Korea announced they were attacked.
It was a hack, however the team at Coinrail thought it would be best to use the right words to keep their customers calm. They called it a ‘cyber-intrusion.’
Coinrail, a cryptocurrency exchange based in South Korea, announced they were hacked on Saturday.
However, they did not call it a hack, probably not to panic their clients. They termed it a ‘cyber-intrusion.’ On the plus side, the exchange was alerted before too much damage was done.
In a Tweet, Coinrail confirmed the so-called ‘cyber intrusion,’
해킹공격시도로 인한 시스템 점검중입니다. 일부코인(펀디엑스,NPXS)이 확인되었으며 추가적인 코인피해가 있는지 여부를 확인중입니다. 추후 자세한 사항은 재공지하겠습니다 / There has been an cyber intrusion in our system. We're confirming it and some coins(Pundi X, NPXS) are confirmed.
— coinrail (@Coinrail_Korea) June 10, 2018
The blame was put onto a cryptocoin called Pundi, whose token name was NPXS.
Pundi X replied and confirmed Coinrail’s announcement stating in a blog post,
“Coinrail confirms that this incident has been caused by a cyber intrusion and NPXS is one of the affected tokens. Since the amount of NPXS token is equal to 3% of our current supply, which could potentially affect the interests of all parties, we instigated an emergency security protocol to halt ALL the NPXS transactions at 11:16 am Singapore time (GMT+8) to protect NPXS holders and help Coinrail and Korean law enforcement to investigate the incident.
Both Coinrail and Pundi X team reached out to the IDEX team to explain this situation. At 1:08 pm Singapore time (GMT+8), IDEX agreed to take the necessary action to freeze the account which was involved in the suspicious trading of NPXS tokens. Now 100% of the affected NPXS tokens remain traceable.”
The two companies have informed the Korean police who have promised to catch hold of the culprits.
Although the media is flooding the internet with Coinrail being the reason for Bitcoin’s slide, however, Crypto pundits think otherwise.
A Twitter user by the name of Ran NeuNer under the handle @cryptomanran gave an excellent answer to the media that kept highlighting South Korea’s Coinrail as the main issue.
An exchange in Korea that is the 100th biggest in the world was allegedly hacked. Is this a reason to sell your crypto?
Did you sell your USD the last time some small bank got robbed?
— Ran NeuNer (@cryptomanran) June 11, 2018
Image Source: “Flickr’