RATE Group | Another week, another bitcoin hack, another huge price drop
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Another week, another bitcoin hack, another huge price drop

12 Jun Another week, another bitcoin hack, another huge price drop

Posted at 11:12h in Bitcoin News by

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iStock / siraanamwong / WIRED

Following a cyber-attack on South Korean bitcoin exchange Coinrail over the weekend, the cryptocurrency suffered yet another massive sell-off, destroying a whopping $42 billion of its market value. Coinrail announced the hack in a tweet, triggering a $500 (£372) drop in the space of just one hour; overall, the cryptocurrency suffered a 10 percent drop to a two-month low, dragging down many other virtual currencies as well.

But how can a relatively small attack on a fairly niche virtual currency exchange in just one country cause such a plunge in crypto value? Why are bitcoin and cryptocurrencies in general so volatile?

Cryptocurrencies were always positioned by their fans as ultra-secure stores of value, as every transaction was verified by blockchain, a form of distributed ledger. In real life, though,…

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