Bitcoin crashed after South Korean exchange Coinrail was hacked — Quartz

Bitcoin fell more than 10% yesterday (June 11) to its lowest price in two months, after a relatively small crypto exchange in South Korea reported a hack. The crash widens bitcoin’s year-to-date losses to as much as 50%, wiping about $120 billion off its market value this year.

Coinrail, which is among the world’s top 100 crypto exchanges by trading volume, said in a statement that some of the lesser-known cryptocurrencies, such as NPXS, belonging to its users were stolen by hackers. It said it had frozen the tokens that were stolen and halted all trading across the exchange to help with a police investigation.

Although Coinrail didn’t specify the value of the heist, a wallet address that has been linked to the alleged attacker appeared to have stolen more than $40 million worth of cryptocurrency, TechCrunch noted.

Other major cryptocurrencies including ethereum and ripple also tumbled, with about $45 billion wiped off the total crypto-market value in the last 24…