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Bitcoin drops 10% on exchange hack

South Korean crypto exchange admits loss of $37m sending Bitcoin tumbling

Bitcoin drops 10% on exchange hack
Bitocin value dropped by 10% following a hack on a South Korean exchange.

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.

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