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Author Topic: [2018-06-10] Korean crypto exchange Coinrail loses over $40M in tokens  (Read 40 times)
btj
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June 10, 2018, 06:17:40 PM
 #1

Another day, another crypto hack. This time it’s Korea, the crypto-mad Asian country, where an exchange called Coinrail lost more than $40 million in altcoins, ICO-issued tokens that aren’t bitcoin or Ethereum, after it was hit by an apparent attack over the weekend.

Korea may be a hot spot for crypto investment, but Coinrail is one of its smaller exchanges, just about ranking inside the world’s top 90 based on trading volume, according to coinmarketcap.com. Nonetheless, even the smaller exchanges have plenty of coins, as the size of this heist illustrates.

Most notably, the hackers got away with $19.5 million-worth of NPXS tokens that were issued by payment project Pundi X’s ICO. Added to that they scored a further $13.8 million from Aston X, an ICO project building a platform to decentralize documents, $5.8 million in tokens for Dent, a mobile data ICO, and over $1.1 million Tron, a much-hyped project originating from China.

That’s according to a wallet address that has been identified as belonging to the alleged attacker, who also got hold of smaller volumes of a further five tokens from Coinrail.

In all the cases, the companies issuing the tokens themselves were not hacked, the tokens that were nabbed belong to Coinrail users.

Continue reading >> https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/

Another source from here:
https://www.forbes.com/sites/chuckjones/2018/06/10/bitcoin-bitcoin-cash-ethereum-ripple-other-ccs-fall-5-or-more-as-south-korea-exchange-hacked/#73bda70358a6
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June 10, 2018, 06:24:48 PM
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"It isn’t clear how, or indeed whether, Coinrail will go about compensating its customers" said on the article.

This should really took into consideration for coinrail users. Compensation is a must because this is clearly fault of the exchange itself.Ive been wondering how 3% of entire supply of NPX was on there.

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btj
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June 10, 2018, 07:04:49 PM
 #3

"It isn’t clear how, or indeed whether, Coinrail will go about compensating its customers" said on the article.

This should really took into consideration for coinrail users. Compensation is a must because this is clearly fault of the exchange itself.Ive been wondering how 3% of entire supply of NPX was on there.

No infos about that, but there will be a note in the TOS about this.

In their website we can see this message:

Quote
First of all, CoinRail cooperates with the investigating agency to protect your assets as much as possible and take all the necessary measures in order to minimize and recover the damage caused by hackers and criminals. At the same time, we will keep you updated on the homepage continuously.

Here: https://coinrail.co.kr/
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June 10, 2018, 07:37:09 PM
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That's a huge loss for a not-so-big crypto exchange. Several coins have been frozen as well....meaning these are centralized coins. Examples are: Pundi, NPER and Aston. Let's just hope that the affected users will be compensated. Here's the hacker's ETH wallet. Quite a large amount in there: https://etherscan.io/address/0xdf9191889649c442836ef55de5036a7b694115b6#tokentxns
btj
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June 10, 2018, 07:47:18 PM
 #5

That's a huge loss for a not-so-big crypto exchange. Several coins have been frozen as well....meaning these are centralized coins. Examples are: Pundi, NPER and Aston. Let's just hope that the affected users will be compensated. Here's the hacker's ETH wallet. Quite a large amount in there: https://etherscan.io/address/0xdf9191889649c442836ef55de5036a7b694115b6#tokentxns

A very big number i see there !!

And this affected the price of almost all altcoins, including bitcoin and ethereum !
milewilda
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June 10, 2018, 09:39:43 PM
 #6

"It isn’t clear how, or indeed whether, Coinrail will go about compensating its customers" said on the article.

This should really took into consideration for coinrail users. Compensation is a must because this is clearly fault of the exchange itself.Ive been wondering how 3% of entire supply of NPX was on there.

No infos about that, but there will be a note in the TOS about this.

In their website we can see this message:

Quote
First of all, CoinRail cooperates with the investigating agency to protect your assets as much as possible and take all the necessary measures in order to minimize and recover the damage caused by hackers and criminals. At the same time, we will keep you updated on the homepage continuously.

Here: https://coinrail.co.kr/
Recovery? This wont happen once those tokens being stole even they do keep track on those wallets where those hacked funds go. Compensation might be possible but it wont really be easy. Those lines are common if an exchange had been hacked and im not surprised that they would commonly say such thing but i doubt in the end this wont really be resolved. Small exchange but amount stolen is enourmous and another lesson learned for those who stole up coins in that exchange.

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