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Bitcoin Price Drop after South Korean Exchange Hack

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Bitcoin price

On 10th June 2018, CoinRail, a small yet renowned cryptocurrency exchange in South Korea had announced that there had been a hacking attempt. The official website of Coinrail stated that they had confirmed “70% of the coin rail total coin / token reserves are safely stored” and, “Two-thirds of the coins confirmed to have been leaked are covered by freezing / recalling through consultation with each coach and related exchanges. The remaining one-third of coins are being investigated with investigators, relevant exchanges, and coin developers.”

Currently, CoinRail is focused on improving the security so as to provide the maximum protection to the assets and minimize the damage. The exact damage of the leaked coin and tokens is yet to be confirmed and may take some time. The Bitcoin price and many other cryptocurrencies have dropped after the news of the South Korean exchange hack was released. Meanwhile, an investigation by police agencies is on the roll.

Drop in Price

It has been noted that the price of Bitcoin had dropped by nearly 11% after 5 p.m. New York time on Friday. At the time of writing on 11th June, the price of BTC as per coinmarketcap.com shows $6,782.39 USD (-7.11%) approximately. This has resulted in its year-to-date loss to nearly 53 percent. Other major cryptocurrency markets have also been affected adversely. As per coinmarketcap.com, the market value of digital assets has slumped to a nearly two-month low of $294 billion. Compared to the stats in early January, at one point the digital assets were worth $830 billion.

Ethereum, Ripple, Bitcoin Cash and other cryptocurrencies had fallen by 5% or more. The previous two weeks had seen comparatively little volatility in the cryptocurrency market.

Ethereum has experienced a drop of nearly 6.38% to $534.72 USD as recorded at the time of writing on 11th June 2018. As per coinmarketcap.com, the market cap of Ethereum (ETH) has fallen by nearly $1,000,000,000 USD since yesterday. At the time of writing, Ripple (XRP) has also dropped to $0.582 USD (-7.39%) approximately. The historical data of XRP from coinmarketcap.com shows that there has been a decline of nearly $3,000,000,000 USD in market cap from 8th June to 11th June (as of now). Currently, the market cap of Ripple (XRP) is approximately $22,874,489,464 USD.

Among Ethereum, Ripple and Bitcoin Cash, it seems that Bitcoin Cash (BCH) was more affected. Since yesterday, as per coinmarketcap.com, the price of BCH has fallen to $928.42 USD (-10.04%) approximately. (At the time of writing, 11th June 2018) The market cap drop, however, remains close to that of Ethereum (ETH).

Probable Reasons for the Hack

North Korea still stands to be one of the primary suspects whenever there is news about a cryptocurrency exchange hack. Through this process, it is widely believed that North Korea exchanges the virtual currencies for hard currencies. The turf between North Korea and South Korea is also one of the reasons for cryptocurrency exchanges in South Korea being a target. However, other factors can also be the reason behind this hack.

Hope

The news of another South Korean cryptocurrency exchange hack is quite alarming but it is nothing to be overly worried about. News of cryptocurrency exchange hacks had made headlines previously also. For instance, in July last year, Bithumb, the world’s fifth largest crypto exchange at that time, located in South Korea was hacked. According to reports, information on above 30,000 customers was compromised. Even though the hackers could not access the customer accounts, their personal information was compromised. Another instance of a South Korean cryptocurrency exchange hack is the Youbit hack in December 2017. It was estimated that nearly 4,000 Bitcoins were stolen.

It has been observed that major cryptocurrencies including Bitcoin, Ethereum, Ripple and Bitcoin Cash had rebounded after the hacks. The second half of 2017 had also seen Bitcoin, Ethereum, and other major cryptocurrencies reach their peak. Ripple, for instance, has continued to maintain its status and position in the cryptocurrency world by becoming partners with some of the major financial institutions and companies. The popularity of the Ethereum blockchain and smart contracts has in no way decreased after the news of previous major hacks. It can be said from this that the crypto coins will also again see an increase in price, market cap, and volume. The exchanges have also bounced back with stronger security system and strategies that will protect their clients’ personal information and accounts in case of an attack. The attack on CoinRail will hopefully not have any long-lasting effect on Bitcoin and other major cryptocurrencies like Ethereum, Ripple, Litecoin or Bitcoin Cash.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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