ad placeholder

Posted on June 11, 2018 by staff

Bitcoin price tumbles after crypto exchange hack

Bitcoin price tumbles after crypto exchange hack

Bitcoin has lost over 50 per cent of its worth since December 2017
Bitcoin has lost over 50 per cent of its worth since December 2017

The price of Bitcoin and other digital currencies suffered a sharp drop after a South Korean cryptocurrency exchange was hacked over the weekend.

News that Coinrail had experienced a “cyber intrustion” had caused Bitcoin to fall by 10 per cent to its lowest price in two months. It is currently trading at $6,764.28.

→ READ MORE: Cryptomining company eyes £40m London float

The price of other major cryptocurrencies including Ethereum and Ripple (XRP) also suffered a sharp fall.

According to CoinMarketCap, around $45 billion has been wiped off the total cryptocurrency market value in the last 24 hours.

Bitcoin has lost more than 50 per cent of its worth since December 2017, when it hit a record high of over $19,780.

→ READ MORE: Ripple commits $50m for blockchain research