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Reason for Sunday Breakdown of Crypto-Market May Be Hacker Attack on Coinrail Exchange

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Sunday trading showed a significant collapse of quotations on almost all coins. As a result, the loss of capitalization amounted to $14 billion in just a few hours. Among the possible reasons for the sharp drawdown was the hacker attack, which led to the breakdown of the South Korean crypto-exchange Coinrail. It is known that the attackers managed to steal various altcoins (the amount is not reported). This exchange does not have a leading position in the market, its daily trading volume is below $2.7 million. The site administration reacted quickly enough to the incident and posted an appeal to users on its official Internet resource.

“The administration checks the servers’ performance and stability. The reliability of the system and its stability are checked. We are currently identifying and assessing the damage in individual tokens. In order to prevent theft on individual cryptocurrencies, the withdrawal of funds will be temporarily disabled,” as noted on the website.

It is hard to say whether these events are related or not. A drastic decrease in the price of Bitcoin and most cryptocurrencies took place. This also had a negative impact on the overall capitalization of the crypto-market, which has already fallen below $300 billion.

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