Bitcoin

Korean Cryptocurrency Exchange Coinrail Hacked, $40 Million Stolen

Korean Cryptocurrency Exchange Coinrail Hacked, $40 Million Stolen

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.

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In a Tweet, Coinrail confirmed the so-called ‘cyber intrusion,’

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.

Image Source: “Flickr’

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Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.