Bitcoin registered its lowest valuation in two months after a small exchange in South Korea tweeted about a $40 million Altcoin hack on the weekend. The 10 percent fall, which made the coin value go down to $6,647.33, also coincided with a Wall Street Journal report that regulators in the United States are investigating four top crypto exchanges, along with several others, for potential price manipulation.
Coinrail Hacked, No Mention of Bitcoin
Coinrail is one of the smaller exchanges operating in South Korea that barely makes it to the top 100 platforms in the world by trading volume. In a weekend tweet, it released news about a potential hack that took away assets worth $40 million. The coins were neither Bitcoin nor Ethereum.
The hacker specifically targeted NPXS, which a token issued by another exchange Pundi X. The stolen tokens are worth $19.5 million. NPXS-BTC is the most popular trading pair on the exchange, per CoinMarketCap data.
Other targets included Aston X, which is a decentralized platform for a document which lost $13.8 million and a mobile data ICO coin Dent that lost $5.8 million. Tron coins worth $1.1 million were also stolen. The exchange quickly shut down its services and moved all its digital assets, estimated at 70 percent of its total holdings to cold storage.
Bitcoin Faces Exponential Loss
The largest cryptocurrency in the world has now widened its fall to nearly 65 percent after hitting an all-time high in December 2017. CNBC reported double-digit losses in other digital coins. Ethereum fell by 14 percent to reach $514 while Litecoin lost 11 percent and traded at $104.
The overall decline in the market was preceded by a Wall Street Journal report that U.S. regulators are asking several crypto exchanges for trading data to investigate price manipulations in the market. Coinbase, Bitstamp, Kraken, and itBit are the top four exchanges in this list.