Cryptocurrencies tumble after South Korea hack

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A statement on the exchange's site sought to reassure users - saying that the remainder of the coins were "safely stored" - but Reuters reports that the value of Bitcoin tumbled to two-month lows in the hack's aftermath.

While not as large as some other trading platforms, Coinrail still ranks amongst the world's top 90 digital currency exchanges.

Coinrail - one of the most popular cryptocurrency exchanges in South Korea - reported a hack on its website during the early morning hours of June 10. That widens Bitcoin's losses for the year to 53 per cent. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the U.S. and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government.

"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said.

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The exchange trades more than 50 different cryptocurrencies and was the 98th largest, with a 24-hour volume of about $2.65 million, according to data from Coinmarketcap.com.

Enthusiasm for virtual currencies has waned partly due to a string of cyber heists, including the almost $500 million theft from Japanese exchange Coincheck Inc.in late January.

Bitcoin extended losses for a third day, tumbling as much as 12 per cent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year's slump in Bitcoin to more than 50 percent. The rest of the coins were then moved to a safe "cold valet", which is disconnected from the internet. South Korea's Omnitel Inc. and Vidente Co. retreated at least 3.9 percent, while Japan's Remixpoint Inc. slumped 4.9 percent.

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