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South Korean authorities launch probe into cryptocurrency exchange hack

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South Korean authorities launch probe into cryptocurrency exchange hack

South Korea's police launched a probe into the recent cyberheist at cryptocurrency exchange Coinrail, The Chosun Ilbo reported June 11.

Coinrail lost about 30% of its coin assets with damages estimated at 40 billion South Korean won, making it the biggest cryptocurrency hack ever in the country. The attack affected nine different cryptocurrencies held in the company's account.

It was the first cryptocurrency exchange heist in South Korea this year following similar hacks on four exchanges in 2017.

The price of Bitcoin fell more than 7% after Coinrail announced the cyberheist, CNN Money reported. According to data provider Coinmarketcap.com, nearly US$30 billion in cryptocurrency wealth was wiped in about seven hours of trading after the Coinrail heist.

Following the heist, Coinrail suspended cryptocurrency trading operations, citing "system maintenance" on June 10. The company said 70% of its coin holdings are safe, while about 80% of the coins it lost have been frozen, recovered or otherwise taken care of.

The company added it was still in the process of sizing up the exact amount of damage.

As of June 11, US$1 was equivalent to 1,075.68 South Korean won.