Coinrail Had Strange Transactions Few Month Before Hack

Local publication said that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the hack
13 June 2018   950

The seventh largest exchange of South Korea Coinrail reported its own hacking on Sunday, June 10. The damage was estimated at $ 40 million.

As reports with reference to local media, in February, Korean banks recorded activities related to alleged money laundering, coming from the Coinrail exchange.

Several banks that traded with Coinrail found suspicious money-laundering transactions in Coinrail in February, and some banks took steps to stop their fund deposits in April.

Bank Official

In South Korea, banks have a legal right to refuse servicing crypto exchange if they do not use the system to identify users based on real names, which was presented in January, but has not yet been widely disseminated.

The hack of the Coinrail exchange was the largest in the history of the South Korean market. Another local exchange Youbit has been hacked last year twice: in April and December. After the second episode, the company was forced to report its own bankruptcy.

Currently, Coinrail does not service the trade, and on posted a notice of technical works. It also says that 70% of assets have been moved to cold storage and are safe.

About 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers. The exact damage of the leaked coins / tokens is currently being confirmed, which may require some time with the coins.


"Investigators visited the exchange yesterday to ascertain whether it was an accident or a crime," the Korea Times said, adding that the investigation is being conducted by the police, the Korean Agency for Internet and Information Security and the Ministry of Science, Technology and Information.

BTC Invesment Profitability to Exceed Traditional Assets

This conclusion was made by Binance Research team in study "What Bear Market?"; since begining of the year the BTC has grown by more than 50%, while oil by 33%
08 May 2019   320

Since the beginning of the year, Bitcoin has grown faster than traditional market assets, including oil, technology companies, real estate and gold. This conclusion was made by Binance Research in the new study "What Bear Market?"

Since the beginning of the year, the price of Bitcoin has grown by more than 50%, while oil - by 33%, tech stocks - by 18%. The price of gold in five months slipped by 1%.

Recently, however, some factors have emerged that may put pressure on the price of Bitcoin. Thus, the recovery of BTC growth slowed down somewhat amid news of a hacker attack on the popular Binance exchange itself, as a result of which 7,000 BTC ($ 40.5 million) were stolen.

Another potentially negative factor for the price of Bitcoin could be the upcoming IEO of the Bitfinex exchange, where Tether stablecoins will be used to purchase LEO tokens for $ 1 billion. It can lead to situation when large players can may actively sell BTC.