The Effect of Hacked Coinrail exchange

[kutangterbang]

I read this morning a blog that says that the market exchange in korea has been hacked, following the news:
https://www.bloomberg.com/amp/news/articles/2018-06-10/bitcoin-tumbles-...-change-hack

I do not really know this news is true or just a hoax, but some parties justify the information, mentioned that in this week altcoin has decreased by 42 billion USD and it refers to South Korean market exchange that is Coinrail is hacked by irresponsible parties.

After at januari exchange Japan that is Coincheck is hacked now Korean exchange. It's like triggering traders' fears of an Exchange's security system, and they do not want to lose more and maybe because of it too, the Bitcoin and Altcoin prices are currently down.

Can Bitcoin and Altcoin recover in the near future? Because I believe that this impact will invite a lot of public sentiment about the level of crypto currency security in the eyes of all traders around the world.

[NeuroticFish]

Yes, Coinrail hack is real. And it looks like you also missed the news about the SEC investigation on exchanges.
Some say that both events triggered more crypto dump. I am still puzzled why people sell crypto when it has such a potential... Now all are selling and in December they cry that Bitcoin is too expensive....

And sorry, I can't tell anymore where the market goes. It stopped to make any sense to me. I didn't expect to see Bitcoin under $6200 again....

Maybe this time the bulls will take over. But who knows?
When Bitcoin will recover, the altcoins will also get back on track.

[kutangterbang]

Yes, Coinrail hack is real. And it looks like you also missed the news about the SEC investigation on exchanges.
Some say that both events triggered more crypto dump. I am still puzzled why people sell crypto when it has such a potential... Now all are selling and in December they cry that Bitcoin is too expensive....

And sorry, I can't tell anymore where the market goes. It stopped to make any sense to me. I didn't expect to see Bitcoin under $6200 again....

Maybe this time the bulls will take over. But who knows?
When Bitcoin will recover, the altcoins will also get back on track.

Thanks for sharing this information, I think for now, the price of Bitcoin and Altcoin will continue to fall, as many of the traders think about security. They choose not to take risks. But I think Bitcoin this year will reach the price of 25k USD

[Kate Beckett]

Such news now entails a significant reduction in the number of potential and active investors and traders who fear for the safety of their capital, as well as tougher regulation of the operations of exchanges by the government. This leads us to the second factor - the uncertainty in the regulation of the bitcoin market. Negative statements by the governments of different countries regarding the status of bitcoin each time lead to mass sales and strong declines in the exchange rate.

[qazgroup]

I was bothered about the coins that were hacked in millions from the hacked coinrail exchange i was scared that these coins like pundix will be dumped hard now, if you see its chart now you will see that it was dped for like 2 days after this news but now it has pumped hard and is trading at all time high now, this is crazy i thought it will remain dumped for a while now.

[KP Oli]

The effect was minimum. The market declined some 5% within 24 hours and corrected a bit.
The hack was not that enormous, 70% of the exchange funds were on cold wallet and of the hacked 30%, more than half are expected to be traced back.