Bitcoin swoons 10% after news of South Korea crypto exchange hack, leading a broad cryptocurrency selloff

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  • Coinrail, a relatively small South Korean cryptocurrency exchange, tweeted over the weekend that it was hacked, according to Google Translate.
  • Bitcoin fell more than 10 percent to a low of $6,647.33, its lowest since April 9, according to CoinDesk’s bitcoin price index.
  • The decline followed a report on Friday from The Wall Street Journal that U.S. regulators are investigating potential price manipulation at four major cryptocurrency exchanges.

Bitcoin

Dado Ruvic | Illustration | Reuters

Bitcoin tumbled 10 percent on Sunday to its lowest in two months, after a relatively small South Korean exchange said it was hacked.

Over the weekend, crypto exchange Coinrail tweeted that it was hacked, and noted that lesser-known cryptocurrencies such as Pundi X were among those affected, according to Google Translate. The Pundi X-bitcoin pair is the most-traded on Coinrail, CoinMarketCap data showed.

However, Coinrail’s public statements did not mention bitcoin, according to Google Translate.

Nevertheless, Bitcoin hit a low of $6,647.33, its lowest since April 9, according to CoinDesk’s bitcoin price index, and coincided with a broader crypto sell-off. The largest cryptocurrency by market capitalization remains about 50 percent lower for the year so far.

Bitcoin three-month performance

Source: CoinDesk

Other major cryptocurrencies also fell. Ethereum dropped 14 percent to near $514 and litecoin fell more than 11 percent to around $104, according to CoinDesk.

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The declines followed a report on Friday from The Wall Street Journal, citing sources, that U.S. regulators are investigating potential price manipulation at four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit and Kraken.

The exchanges, CME and the Commodity Futures Trading Commission did not immediately respond to a CNBC request for comment on Sunday evening.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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