Bitcoin price takes a dive after another cryptocurrency exchange hack
There’s bad news if you’re a cryptocurrency investor. Billions of dollars worth of wealth were wiped out this weekend after a South Korean cryptocurrency exchange was hacked.
The exchange in question is called Coinrail, and if you visit its website right now you’ll see a “System maintenance” message that tells you more than they’re just updating the servers. The devil’s in the detail - the site is down because it got hacked over the weekend.
The statement on Coinrail’s website says that some (but not all) of the cryptocurrency exchange’s digital currency was stolen by hackers. Coinrail claims that 70% of the cryptocurrencies it holds are being stored safely in a cold wallet which is not connected to the internet, and thus considerably more difficult for criminals to access.
