Bitcoin crashed after another crypto exchange was hacked

    Abdulaziz Sobh

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    Bitcoin fell more than 10% yesterday (June 11) to its lowest price in two months, after a relatively small cryptographic exchange in South Korea reported a hack. The collapse extends the bitcoin losses in the year to date to 50%, erasing around $ 120 billion of its market value this year.

    Coinrail, which is among the top 100 cryptocurrencies in the world by volume of transactions, said in a statement that some of the lesser-known cryptocurrencies, such as NPXS, belonging to its users were stolen by hackers. He said he had frozen the chips that were stolen and stopped all operations in the bag to help with a police investigation.

    Although Coinrail did not specify the value of the robbery, a wallet address that has been linked to the alleged attacker appears to have stolen more than $ 40 million in cryptocurrencies, TechCrunch said.

    Other important cryptocurrencies such as the ethereal and the shock wave also collapsed, with around $ 45 billion erased from the total cryptographic value in the last 24 hours, according to CoinMarketCap.

    Hackers have stolen about $ 1.1 billion in cryptocurrencies in the first half of this year, according to a cybersecurity report by computer security company Carbon Black.

    The declines in prices were also linked to a Wall Street Journal report on Friday that US regulators are investigating four large encryption exchanges, including Coinbase and Bitstamp, for price manipulation.


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