Korean exchange Coinrail confirmed to be hacked

10 Jun, 2018
by Matthew Kim
Breaking News
Korean exchange Coinrail confirmed to be hacked

According to the their twitter account, Korean exchange Coinrail was confirmed to be hacked on June 10th.

Coinrail has been updating the public through their social media. At 3:19am (UTC), Coinrail announced through a tweet that “there has been an cyber intrusion in [Coinrail's] system”. At the time, they also specified that they were confirming the hack and the status of the coins.

In subsequent tweets, Coinrail stated that the exchange was in discussions to prevent the damage. The exchange warned its users of potential problems with exchange functions and clarified that they were taking action as fast as possible to avoid damage to their users. 

At 3:16am (UTC), Coinrail froze the network transmission with consultation from the Pundi X (NPXS). At 3:30am (UTC), Coinrail confirmed that all the coins, except for some that were leaked through the hack, have been safely moved to a cold wallet. The exchange notified everyone that they will provide further announcments on their homepage.

Coinrail currently sits at 88th in the world in terms of trading volume. Despite its small size, people have already began to wonder if the hacking news will bring the market down once again. At the time of writing, there is no confirmed information about the amount the hacker was able to thieve or which coins were affected.

UPDATE: at 4:44am (UTC). Corinrail tweeted: "Immediately after confirming the release of the NPER, the NPER team immediately froze the entire quantity of the spillage, and decided to collect the entire volume. Coin-rail's NPER assets are safe."

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