Crypto Carnage Continues: Bitcoin Plunges Below $7,000 After Korean Exchange Hack

After earlier weakness driven by headlines of South Korean exchange hack, Bitcoin (and the rest of the crypto space) just took another more serious leg lower, crashing below $7000 for the first time since April with the biggest drop since mid-January...

As we detailed earlier,  the drop comes after South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.

This triggered selling across the entire crypto space (Coinrail trades around 50 currencies)...

Coinrail said in a statement on its website that it’s reviewing its system due to hacking attempts. The exchange says it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet. The statement is the only content available on the exchange’s homepage, and contact information could not immediately be located.

Today's drop in the cryptospace pushes Bitcoin back to being down over 50% this year...

While the fact of a 'hack' is notable, we do caution any panic as Coinrail is only the 98th largest crypto-exchange, with a 24-hour volume average of about $2.65 million, according to data from Coinmarketcap.com.  

The crypto market is also under pressure, in the wake of the news that the US Commodity Futures Trading Commission (CFTChas launched a probe into four major crypto exchanges.

Source: Coin360.io

All of the top-100 cryptocurrencies by market capitalization are in the red over the 24 hours to press time, while total market capitalization is down by over $30 bln over the same period, according to Coinmarketcap.

Comments

ProstoDoZiemi Sun, 06/10/2018 - 14:33 Permalink

Bullshit,   CFTC   wants to know who's pumping and dumping    while the whales are packing up shoppe not wanting anything to do with regulators putting their noses into what they're doing

Exponere Mendaces RedBaron616 Sun, 06/10/2018 - 17:49 Permalink

Same old pattern -- every time Bitcoin has a down swing every idiot comes out of the woodwork about how its "dying" this time, for realz.

300+ "Deaths" later from articles on various sites, including ZH, Bitcoin is still here. But the geezers on this forum pretend its the end of days, because they can't wrap their ossifying brains around what cryptocurrency is.

Well mark the date you insufferable faggots, because this will be near the capitulation low that is forming, just like every other goddamn time that Bitcoin has had a massive rally and subsequent decline.

Even if we have a long rounded pattern like 2014 - Bitcoin still has utility, and it is the absolute standard for crypto. Why else do you think the Cashie retards forked from an ancient part of the same code? They were too stupid to make it on their own, that's why.

 

Enjoy your time in the cage, throwing your monkeyshit, I'm sure all of you idiots will shut the fuck up on the next rally -- just like usual.

In reply to by RedBaron616

Sudden Debt Cryptopithicus Homme Sun, 06/10/2018 - 17:16 Permalink

It's created out of thin air. The price is manipulated like a thai hooker and it's got no use whatsoever.

It's not only, it's not worth anything. 

The fact that people like you work for pennies to write posts pushing this crap is evidence enough how big this fraudgame has become.

 

If there was anything legit to it, would they need to hire pushers to lure people into the fraudgame?

 

for this post alone, there's about 20 idiots like you who are trying to give a postive spin to this fraudgame!

You do it for pennies, so it's just a job for you but maybe it's time to get a real job.

In reply to by Cryptopithicus Homme

lookslikecraptome tmosley Sun, 06/10/2018 - 15:26 Permalink

Gotta give it to u there mos. Some one is always "paging" u. You had the brains to dump some losers. Good on u. Did not marry u r trades or investments. 

So much more efficient than the die hard holders. 

 

I am anarchistic. The powers that be never did a  thing for me and 90% of the rest of the world.

I know there are some that believed that coins would change the world. That can never happen when there is money involved. Greed will always get in the way. Those people sell cool aid to people that do not like the way the world is structured financially.  One could see early on that the 1%er phenomenon was going to happen in the coin world. 

People do always say the people that look at crypto fro what it is do not get the science. The science is not hard to understand. 1 and 0 in a software mining or compiler. I am not that computer science oriented nor do I understand the components of mining.  the overall arc of crypto is computer science and it is basic. 

The same process is in place that Msoft and Seagate and Borland and Java/Oracle and all other software or hardware companies engage. 

It is about ownership and becoming a 1%er for the founders and major miners. 

The technology of the coin world is substandard. Look at all the hacks that occur. There is a missing security component. Why? Beats me.

Look at all the online poker sites. When was the last time one of them got hacked???  Beats me. 

Look at their technology. One site will run 100s of poker tables at one time and run random Numbers generators for each table. They will then render, on those one hundred random numbers generators graphics that turn hundreds of thousands bit of data and mathematics and statistical concepts into cards for the players to see in nano seconds. Then they will process, INSTANTLY, decisions by thousands of poker players on those hundreds of poker tables by clicking on a screen in their living rooms worldwide constantly for 24/7 all year long. They do this, once again, in nano seconds. 

They also must track, instantly, all balances on each individual poker table in real time. Then they will also balance the accounts of all poker players in real time. 

AND THEY NEVER GET hacked for their finances. There have been scams but those are insider scams, NOT HACKS FROM THE INTERNET. Poker sites exhibit technology at its highest most instantaneous real time form. They may be even more technically advanced than trading software and online exchanges other than the crypto world that never get hacked by outside internet hackers. 

Compared to the poker sites, the SCIENCE of the crypto world is not science. It is a bunch of cobbled together 1s an Os. Tor is far more advanced than the block chain. And the hacks of the exchanges, which occur monthly, indicate a lack of efficiency in all manner of computer science and internet security. And INTERNAL methods for assessing risk to their exchanges. 

I did hope at one point that something good might come from the crypto world about the powers that be. 

It is people and greed that can fuck up anything. So much for the crypto cool aid and the science of crypto. 

In reply to by tmosley

tr123 thesmallwheel Sun, 06/10/2018 - 16:40 Permalink

Lack of volume was concerning, I got on the right side but it's obviously just whales that are doing this. The market was pretty stable trading between 7200 and 7600 for quite some time now. The whales are organized and they sold off before any kind of news hit the public. Check out Cryptopanic for a realtime feed of all news sources known, they always lag big price moves. Bitmex alerts can lead news by hours. I'm hesitant about shorting b/c just as easy as they took it down they can take it up. Frankly, those who don't believe "Whales" exist or do not matter have never seen a 1min candle on a chart before.

The major risk is that ordinary people get fed up with this nonsense and cash out, leaving too few to buy the 6500 triple bottom. It's basically a whale war now.

In reply to by thesmallwheel

Brazen Heist II tr123 Sun, 06/10/2018 - 17:13 Permalink

The big boys are now running crypto trading desks. Then there are exchanges and miners who likely do insider trading. No doubt there are concerted moves to influence the market at any given time, but overall, I was highly sceptical of this recent bullish "recovery". I knew the bears would kick it back down below $7K, it just happened a little later than I expected. This is a better technical level for a proper rebound. I was kinda pissed off at the recent rally, I thought it was badly timed, impatient traders I thought. There was not enough volume to hold it, and once it hit the first retracement and double dipped, it was ranging in for a tumble.

My main concern are those big ass whale candlesticks that you don't see coming. But thats crypto for you. One learns to trade with it. No matter how well versed one is in technicals, you just don't know all the information that some insiders have nor command their combined market making power.

In reply to by tr123

zebra77a rooftopkoreans Sun, 06/10/2018 - 15:17 Permalink

Hacks are the BEST way for Exchanges to quietly clean out client wallets. Remember they are not regulated.  Secondly exchange crypto is NOT blockchain crypto, they had to create a virtual crypto that represent the blockchain crypto to facilitate instant trading.  And that allowed them to make as much virtual crypto dollars as they desire..

Google [EXCHANGE OF INTEREST] fraud / scam / cannot withdrawl.  It doesn't matter what [EXCHANGE OF INTEREST] you type in they are all bit bucket shops.

Because they could make fictional volumes / dollars they could completely fabricate the market cap of the cryptos.  What had a market cap of $200,000 would be listed as having a market cap of $200 million, attracting the heavier liquidity investors who do not want to get caught..

Finally the RUMOR of an exchange hack is a great way to shave accounts.  I make digital string A and sell that digital string A for $10,000.  Next I release a rumor I have been hacked, and digital string A collapses to $6000.  I make sure to NOT buy back any client holdings helping choke liquidity till that point and then buy back my digital string A from my own client pool for a $4000 discount.  So $10000 went into my clients accounts and I give them back $6000, and pocket $4000.

This has been around for 40 years, first it was the aluminum salesmen, next came the wolf of wall streets, after that the forex bit bucket shops, and now crypto.

In reply to by rooftopkoreans

lester1 Sun, 06/10/2018 - 14:35 Permalink

I told you idiot HODL'ers to sell and cash out. Its going much lower.

 

These unstable price plunges is a prime example of why bitcoin/crypto will NEVER have mass adoption.

 

Enjoy your losses HODL'ers! 🤣

Sudden Debt lester1 Sun, 06/10/2018 - 14:55 Permalink

crypto's are a big fraud. Just go to youtube and watch all those former gold and silver channels that have been paid off to promote any kind of crypto. Most of those shitcoins don't even exist anymore.

 

Also, almost every exchange has his own crypto's that they push and manipulate for their own profit. bitcoin is the best known but nobody really talks about the fraud in the thousands of other shitcoins.

the public turned their back on crypto's a long time ago and it's got the reputation of nigerian princes fraud games.

 

If you're still into crypto's you're a moron. I was a golden goose untill last year and those who are still in are just bagholders dreaming of a revival that will never come.

Those exchanges still push out dreamy fairytales which are the only thing these victims kling onto and the only once making a profit are the exchanges.

In reply to by lester1