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Bitcoin plummets after small crypto exchange hacked

Bitcoin plummets after small crypto exchange hacked
[Photo: Thought Catalog/Unsplash]

The price of bitcoin fell more than 10% after South Korean cryptocurrency exchange Coinrail said it had been hacked and that the hackers made off with some of the lesser-known cryptocurrencies, such as NPXS. It is believed up to $40 million in cryptocurrencies were made off with in the heist, reports TechCrunch. Other cryptocurrencies lifted during the attack were Aston X, Dent, and Tron.

The hack understandably sent shivers running through owners of cryptocurrencies, as their coins are only as safe as the security a crypto exchange has in place. And unlike money in traditional banks, there’s no type of FDIC insurance scheme in place to refund people if their funds get stolen. In addition to bitcoin, other major cryptocurrencies fell in price after the attack, including ethereum and ripple.

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