A university student, a member of a club studying cryptocurrencies, attends a meeting at a university in Seoul on Dec 20, 2017. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen.
Bitcoin extended losses for a third day, tumbling as much as 12 per cent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. Amidst all the hype and hoopla, the prices of all major cryptocurrencies - including bitcoin, bitcoin cash, EOS, Ethereum ether, Ripple XRP, and litecoin - are caught in the middle, and moving deeper into the red.
The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year's slump in Bitcoin to more than 50 percent.
There were numerous hacker attacks on cryptocurrency exchanges throughout the past year.
"Coinrail is not a member of the group that promotes self regulations to enhance security".
The company later announced on its website that the wallet belonging to the attacker has been identified, and that "70 percent of its total coin/ total reserves were safe".
If true, that would make it the biggest cryptocurrency theft reported to date in South Korea.
Some observers pinned the latest retreat on the hacking of a South Korean exchange, while others pointed to lingering concern over a clampdown on trading platforms in China.
The remaining coins within Coinrail seem to have been secured by Coinrail through the migration of assets onto cold storage wallets. Coinrail only said that it was cooperating with investigators and other exchanges to try and track down the perpetrators and recover the money.
"We began the investigation immediately after receiving reports from the company".