Science

Cryptocurrency hackers steal one third of coins on South Korea exchange

A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low.

Announcement sent bitcoin prices tumbling to 2-month low

A Bitcoin logo is shown is displayed on an ATM in Hong Kong on December 21, 2017. A cryptocurrency exchange in South Korea has announced that hackers stole one third of its coins on Sunday. (Kin Cheung/The Canadian Press)

A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low.

Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million US) were lost.

If true, that would make it the biggest cryptocurrency theft reported to date in South Korea.

Bitcoin was trading at $6,780 on Monday, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

Coinrail said it was co-operating with police and suspended trading. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations.

Cryptocurrencies are still popular, especially with young investors.