EXECUTIVE SUMMARY:

Coinrail, a cryptocurrency exchange in South Korea, was hit by hackers who have siphoned off about 30 percent of the coins traded on the exchange. Unofficial estimates put that dollar amount at about $37 million.

The incident sent Bitcoin value plummeting, according to Reuters, due to renewed concerns about security at virtual currency exchanges in the absence of global regulations.

The Wall Street Journal reports, “Bitcoin dropped more than 10% over the weekend, falling below $6,700, according to research site CoinDesk….Other large cryptocurrencies like Ethereum, Ripple and Bitcoin cash have all fallen more than 11% over the past 24 hours. EOS,┬áthe token backed by startup block.one which has raised more than $4 billion, is down 20%, according to research site coinmarketcap.com.”

Reportedly, Coinrail has said that 70 percent of its virtual currency has been marked safe. The exchange moved that remaining portion of cryptocurrency to cold wallets and halted transactions until the exchange service stabilizes, according to The Next Web (TNW).

“The real problem lies with the remaining 30 percent affected by the breach,” reports TNW. “Coinrail says that its team might be able to recover 20 percent through collaboration with other cryptocurrency exchange desks, where the funds have been moved; for this though, the exchanges will have to either freeze or recall the funds. The company is still conducting an investigation with the remaining 10 percent.”

Get the full story at TNW.