[2018-06-10] Bitcoin Plunges Below $7,000 After Korean Exchange Hack

[veleten]

The drop comes after South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

This triggered selling across the entire crypto space (Coinrail trades around 50 currencies)

The crypto market is also under pressure, in the wake of the news that the US Commodity Futures Trading Commission (CFTC) has launched a probe into four major crypto exchanges.
All of the top-100 cryptocurrencies by market capitalization are in the red over the 24 hours to press time, while total market capitalization is down by over $30 bln over the same period, according to Coinmarketcap


Read more: https://www.zerohedge.com/news/2018-06-10/crypto-carnage-continues-bitcoin-plunges-below-7000-after-korean-exchange-hack

[IconFirm]

Yet another reason to stay away from centralized exchanges.

[aso118]

If the price drop is due to the hacking of one centralized exchange, then the drop will be short lived. It is during times of panic like this that you get Bitcoin at a good price. Stock up when the sale lasts. 

[kevoh]

This is happening exactly a year after bithumb another S. Korean exchange was hacked but I seriously doubt if it is Coinrail's hack that is affecting the market. The exchange does not hold that much influence

[BitHodler]

If the price drop is due to the hacking of one centralized exchange, then the drop will be short lived. It is during times of panic like this that you get Bitcoin at a good price. Stock up when the sale lasts. 

Nah, it's just whale manipulation as always. It would be quite pathetic if a hack in Asia, which isn't even that severe, will cause the global market to plummet. This isn't 2014 anymore.

I am quite sure that whales will accumulate sub $7000 coins before they lift the market back up to repeat the cycle. They did it before where they kept the price below $7000 even when the market wanted to go up.

Good news is that we can take advantage of these lower prices as well. So yes, accumulate as many coins as possible. I don't see any reason for the $6000 bottom to break, so we know the range will be $6000-$7000.

[vit05]

This is very stupid. What an exchange that practically nobody knows would have to do with this free fall?

Now any problem with exchanges will result in such a huge drop? Of course not. There is some reason to this fall and it is not that exchange mess. It may be that someone has some information about a regulatory change in some country.

[felixesteban]

It's very interesting that the market is so upside down with news. A single manipulation is turning the place into a bloodbath. For months bitcoin has been gradually down, and I think we're not gonna get out of here for a long time.

[Kakmakr]

The hack did not even influence Bitcoin! If I can quote the site, " The exchange says it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet. "

This is not even a big exchange! " Coinrail is only the 98th largest crypto-exchange, with a 24-hour volume average of about $2.65 million. "

Why are people running for the hills with such shitty news?

[IconFirm]

The hack did not even influence Bitcoin! If I can quote the site, " The exchange says it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet. "

This is not even a big exchange! " Coinrail is only the 98th largest crypto-exchange, with a 24-hour volume average of about $2.65 million. "

Why are people running for the hills with such shitty news?

Because people will believe whatever any bank-backed, gutter press, sensationalist rag like zerohedge tells them.

[Theb]

I just read another news source that the hacker stolen over 40 million dollars in cryptocurrencies particularly ERC20 tokens. I don't know about you but 40 million dollars is not enough to bring down the multi-hundred billion dollar crypto market. Also we all know by now that Korean exchanges are isolated from the international market. The only way it will affect the global market is if the thief has transferred it to an international exchange which the report didn't say that it happened. Clearly the hack of a not known Crypto Exchange is not the reason for this correction.

[Betwrong]

I just read another news source that the hacker stolen over 40 million dollars in cryptocurrencies particularly ERC20 tokens.

Yes, I also read on coindesk that other sources suggesting that Coinrail lost $40 million worth of ERC-20 based tokens in the attack. But since it's only a suggestion, it's unclear how much did they actually lose.

I don't know about you but 40 million dollars is not enough to bring down the multi-hundred billion dollar crypto market. Also we all know by now that Korean exchanges are isolated from the international market. The only way it will affect the global market is if the thief has transferred it to an international exchange which the report didn't say that it happened. Clearly the hack of a not known Crypto Exchange is not the reason for this correction.

Technically it shouldn't affect the market to such degree, but the thing known as panic selling can do that.

Btw imo selling $40 million worth of tokens would have the opposite effect, because it would be like buying BTC with those tokens, hence it would raise the price of BTC. But when people panic they lose logic and start making irrational decisions.

What I agree on with other posters here is that it will be over pretty soon, so for those who want to invest in Bitcoin now is a perfect time to do so.

[veleten]

well the exchange itself is small enough to not influence the market that much
and 40 mil worth of tokens is a drop in the ocen
I would say that this : the US Commodity Futures Trading Commission (CFTC) has launched a probe into four major crypto exchanges
has had much more influence on the price fall,but guess we never know the real reasons
maybe some holder woke up and decided to sell 20.000 coins ,who knows

[Lucius]

I also agree that some Korean exchange which is not even one of the biggest there should not cause such a fall in price of BTC. But we all know what kind of market is cryptocurrency, very sensitive and volatile - it is very easy manipulative if there is bad/good news and players with money.

Once again it shows that exchanges are one of the weakest links in cryptocurrency system, imagine if some of the big exchanges from top 10 get hacked, how long would it takes for crypto to recover in case of such event?