South Korean Crypto Exchange Coinrail Gets Hacked

Usman Sheikh

On June 10, 2018, South Korean crypto exchange Coinrail announced that it had been hacked.

The hackers made off with approximately $40 million worth of various cryptocurrencies.

Coinrail immediately suspended all trading activities and launched an investigation into the hack.

The exchange reportedly stored most of its assets in cold wallets, which are offline storage devices.

However, the hackers were still able to access the hot wallets, which are connected to the internet.

The stolen cryptocurrencies included NPXS, ATC, NPER, and DENT, among others.

The South Korean National Police Agency began an investigation into the hack, working alongside the exchange.

Coinrail stated that it was working to recover the stolen funds and would compensate its users for their losses.

The hack sent shockwaves through the crypto community, causing the overall market to drop.

Many experts pointed to the hack as evidence of the need for better security measures in the crypto industry.

Coinrail announced that it would be upgrading its security systems to prevent future hacks.