South Korean cryptocurrency exchange Coinrail has reported a successfully deployed hacking incident on Sunday afternoon (KST) which appears to have involved the theft of over 2.6 billion NPXS (=~US$20 million) and a host of other Ethereum-based virtual tokens. NPXS is the cryptoasset enabling Pundi X; the Indonesian startup disseminating retail-friendly devices designed to make cryptocurrencies more usable and accessible. In response, the eight-month-old Coinrail has frozen Pundi X (NPXS), as well as NPER (NPER) and Artex Coin (ATX). Whilst inspection procedures continue to be carried out, Coinrail has made their website inaccessible. They currently estimate a wait of 26 hours before this inspection is complete (i.e., 02:00 KST Sunday – 04:00 KST Monday).
Whilst the investigation is ongoing and yet to yield any conclusive answers, an individual researcher has shared evidence of transactions involved in Sunday’s cyber-heist. The trail involves the sending of over 2.6 billion NPXS to a hot wallet on IDEX, an Ethereum-based decentralized exchange. Other tokens that appear involved are NPER, ATX, DENT, TRX, B2B, JNT, KNC, STORM. Pundi X Help With FreezeAssisting Coinrail with their investigative process, Pundi X announced that they’d halt their NPXS transactions until 18:00:00 SGT (GMT+8) on Sunday night; a time window of roughly six and a half hours.
Fragile Market ReactsAs the undesirable news spread across the globe, the entire cryptocurrency market saw a strong bout of selling, with ~$20 billion being wiped off the collective market cap. Over the past 24 hours, EOS (EOS) and IOTA (IOTA) have been the hardest hit, down 10.9 percent and 13.4 percent, respectively. Bitcoin (BTC) experienced a drop of 5.6 percent. Given that Coinrail is a relatively low-volume crypto exchange (even in a domestic sense), the impulsive Sunday sell-off is highly indicative of the cryptocurrency market’s fragility. Indeed, investors continue to anxiously await some much-needed clarity regarding how cryptoassets will be legally treated by most developed nations. Worrying Trend ContinuesThe cryptosphere has certainly been rife with cybercrime in 2018; a worrying continuation from last year’s collective ~$1 billion loot. Last week, cybersecurity specialist Carbon Black published this paper that reported that they’d “identified more than $1,148,763,000 in losses over the [previous] six-month period.” Image From Shutterstock Read More Korean Crypto Exchange Coinrail Hack Triggers Sunday Sell-Off : https://ift.tt/2sYVuGKPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service.
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