Graffiti in Vilnius, LithuaniaPhoto. Getty
It's hard out there for people who play with imaginary money. Bitcoin and other cryptocurrencies plunged over the weekend after it was revealed that a South Korean exchange, Coinrail, was hacked. Roughly $55 billion of market value was destroyed in the sell-off, and Bitcoin has lost over 50 per cent of its worth since December.
Coinrail said the “cyber intrusion” it experienced on Sunday saw the theft of around 30 percent of coins traded on the exchange. “70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet . Two-thirds of stolen cryptocurrencies were withdrawn or...
A South Korean cryptocurrency exchange said it suffered a “cyberintrusion,” prompting bitcoin prices to fall sharply toward year lows.