Bitcoin drops 10% on exchange hack
South Korean crypto exchange admits loss of $37m sending Bitcoin tumbling
The value of Bitcoin has dropped by 10% after a cryptocurrency exchange revealed it was hacked.
The Coinrail exchange, based in South Korea, admitted it had been hacked and lost around 30% of the coins traded on its exchange. Although Coinrail did not put a value on the hack, other news outlets said the exchange lost 40 billion won ($37m).
The news on Sunday caused a slump in Bitcoin of 10% to $6,627, taking the cryptocurrency to a two-month low.