Bitcoin hits two-month low after South Korean exchange hacked

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The value of bitcoin and many other digital currencies fell to their lowest levels this year after South Korean exchange Coinrail said a hack over the weekend stole virtual coin estimated to be worth more than $37 million.

Coinrail confirmed in a statement on its website that some of the exchange's digital currency appears to have been stolen by hackers, but it did not quantify its value. The venues have come under growing scrutiny in South Korea, the USA and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering.

Bitcoin (BTC) and Ethereum (ETH) Plummet - Over the weekend, $42 billion was wiped off the cryptocurrency market as FUD spread over a small North Korean exchange hack. NY time on Friday and was trading at $6,781.19 as of 11:43 a.m.in Hong Kong on Monday, bringing its year-to-date loss to 53 percent.

As always the cryptomarket is a volatile space where trading trends are created by emotion as much as any actual outside force but in the case of this weekends carnage, there are at least two contributing factors to blame.

EOS's price drop is notable as this cryptocurrency is now in the process of launching its main blockchain network (also known as mainnet) after having raised a reported $4 billion in a year-long initial coin offering (ICO), dwarfing all similar crowdfunding efforts.

Global policy makers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight. It wasn't immediately clear whether the lost coins were stored in the more insecure 'hot wallet'. It was just one month ago that the currency had been touching $10,000.

The company said it asked for technical support from the state-run Korea Internet & Security Agency.

The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now.

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