Cryptocurrency exchange takes cyber hit

      Comments Off on Cryptocurrency exchange takes cyber hit

Finger on tablet with graph stock market trading screenConrail, a South Korean cryptocurrency exchange, has suffered a £28m hack – about 30% of its turnover; sending the value of bitcoin and other virtual currencies spiraling downwards.

Volatile at the best of times, this latest breach has again shone a spotlight on the lack of regulation and lax security in the cryptocurrency market. There have been a number of similar hacks on international cryptocurrency exchanges, notably on Japan’s Coincheck and South Korea’s YouBit.

While the virtual currency market has generally calmed down of late, due to disillusionment amongst amateur speculators and the introduction of a listed bitcoin futures contract, hacks such as these still cause dramatic price fluctuations.