Bitcoin price plunges after cryptocurrency exchange in South Korea is hacked
News of the South Korean Cryptocurrency exchange Conrail being compromised has lead to a sharp drop in the global price of bitcoin and other virtual currencies. Conrail has attributed this attack to a ‘cyber intrusion’ that lead to the loss of about 30% of the coins traded on the exchange. While the organisation did not quantify the value, a local South Korean news agency, Yonhap, estimated that nearly GBP£27.8m worth of virtual coins was stolen. This attack once again highlights the lack of security and weak regulation of global the cryptocurrency market.