Bitcoin falls over 50%, cryptocurrencies lose $46 billion after South Korean hack

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In January 2018 some $500-worth of cryptocurrency was stolen as a result of a hack on Japan-based exchange Coincheck, which led to a severe drop in market prices for various digital currencies and toughening of the country's policies towards cryptocurrency exchanges.

A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fuelling a $46 billion rout and extending this year's Bitcoin slump to more than 50%. The Wall Street Journal reported Friday that U.S. investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets.

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.

Bitcoin (BTC) dropped almost $1,000 and -11.5%, in 24 hours.

Bitcoin was trading at around $6,750 in early afternoon trading in Asia. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

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"For now, the big money will most likely remain on the sidelines and wait for emerging markets to build momentum, as they did in late 2016", he concluded.

It has also been confirmed by Coinrail in a statement on its website, that around 30% of token reserves have been compromised, with the rest being safely stored.

Bitcoin extended losses for a third day, tumbling as much as 12 per cent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now.

In China, the Communist Party-run People's Daily reported on Friday that the country will continue to crack down on illegal fundraising and risks linked to Internet finance, quoting central bank officials.

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