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Coinrail Cryptocurrency Exchange Suffers $40 Million Theft

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Korean Cryptocurrency Exchange Coinrail Suffers $40 Million Theft

A case of CYBER INTRUSION has been reported by a South Korean cryptocurrency exchange ” Coinrail“. In a blog post on Monday, the company revealed about the same problem in a blog post and informed that they had suspended its services following the intrusion in its system on Sunday.

The Aforesaid hacking resulted in a loss of 40 billion won ( $37.2 million ) in cryptocurrency. But still, the exact amount of stolen cryptocurrency has not been disclosed only a rough figure has been estimated. Coinrail revealed some of the tokens stolen such as ERC-20 tokens, NPXS tokens from Pundi X, ATC from Aston X, and NPER tokens.

The worst effect was on Pundi X, Which revealed that the hackers stole a total of 2,619,542,080 NPXS tokens, around $19.5 million at the time of the cyber theft. Wallet address associated with the cybercriminal has also pointed to 93 million ( approx $13.8 million ) in ATX tokens and 831 million DENT coins, around $6 million in value. The total theft value has exceeded $40 million.

As per the data from Coinmarketcap, Coinrail was the world’s 90th largest crypto trading firm. Transaction data has revealed that the hacker has dipped some of the 2.6 billion NPXS tokens in an attempt to sell 26 million coins at decentralized ECR-20. Pundi X has confirmed that it initiated its “Emergency Protocol” to stop all NPSX transactions on Sunday to look after the theft of coins which is more or less 3% of the coins currently in circulation.

Coinrail added:

“The remaining one-third of coins are being investigated with investigators, relevant exchanges, and coin developers.”

As reported by Reuters, representative Kim Jin-Hwa stated:

Coinrail is not a member of the group that promotes self-regulation to enhance security. It is a minor player in the market and I can see how such small exchanges with lower standards on security level can be exposed to more risks

After all these cyber attacks and mishappenings, Coinrail has informed that 70% of its coins are now transferred to offline cold wallet while on the other hand two third of the remaining 30% coins are now frozen.

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