After South Korean exchange hack, Bitcoin slumps to 2018 low

Bitcoin price continued to stumble on light of hacking in South Korean exchange. According to Zee Biz, Bitcoin prices hit its lowest value for 2018 on Tuesday over renewed worries over how safe this virtual currency is. 

On Bitstamp, Bitcoin was last trading at $6825.36, down nearly 1 %. With this, it has gone below the previous lowest price seen on February 5. 

Prices have stumbled over 15% since last Friday. There has been considerable correction in Bitcoin price after its record high in December 2017. 

A South Korean cryptocurrency exchange has said hackers have stolen about one-third of the coins traded on its market. 

Coinrail yesterday said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($ 37 million) were lost. If true, that would make it the biggest cryptocurrency theft reported to date in South Korea. Bitcoin was trading at $ 6,780 on Monday, down from more than $ 7,500 before the weekend, according to Coindesk, which monitors prices.

Coinrail said it was cooperating with police and suspended trading. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume. South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations. Cryptocurrencies still are popular, especially with young investors. 

With PTI inputs