Bitcoin tumbles most in two weeks amid South Korea hack

Bitcoin tumbles most in two weeks amid South Korea hack

Bitcoin tumbles most in two weeks amid South Korea hack

The Wall Street Journal reported Friday that USA investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets.

As of midday Monday, bitcoin was down more than 7 percent, to around $6,700, according to the Coinbase exchange.

The world's most valuable digital currency is now trading at $7,229 per coin, widening losses for the year to 48%.

The Bitcoin price has now dropped almost 60 per cent in 2018.

Bitcoin (BTC) and Ethereum (ETH) Plummet - Over the weekend, $42 billion was wiped off the cryptocurrency market as FUD spread over a small North Korean exchange hack. At the height of the global crypto-mania in early January, they were worth about $830 billion.

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Spooked crypto investors a cryptocurrency selloff after the South Korean exchange platform Coinrail announced that it had been hacked over the weekend, prompting bitcoin to drop to a two-month low.

Coinrail trades more than 50 cryptocurrencies and was among the world's Top 100 most active venues, with a 24-hour volume of about $2.65 million, according to data compiled by Coinmarketcap.com before news of the hack. Coinrail's statement said officials took the exchange offline and moved the remainder of its assets to cold storage as officials review the security system and work with law enforcement to investigate what happened.

The latest declines came after a small exchange called Coinrail said Sunday several so-called alt coins - alternative versions of bitcoin - appeared to have been stolen in the attack.

Coinrail confirmed in its statement that the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now. South Korea's Omnitel Inc. and Vidente Co. both retreated at least 4%, while Japan's Remixpoint Inc. slumped about 6%.

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