South Korean Crypto Exchange Coinrail Hacked on Sunday

South Korean Crypto Exchange Coinrail Hacked on Sunday

The South Korean crypto exchange, Coinrail platform was hacked on Sunday and sources revealed a figure of around $40 million valued in cryptocurrencies were lost in the attack.

According to the exchange’s website, the services by the exchange are temporarily suspended. A range of ERC-20 based tokens was stolen in the attack. Coinrail just mentioned the name of the tokens only without disclosing the exact amounts at stake. These included the NPXS token from the Pundi X project, ATC from Aston and the NPER project’s NPER token.

A blog post from Pundi X mentioned that the hacker may have stolen 1,927 ether, 2.6 billion NPXS, 93 million ATX and 831 million DENT coins, as well as significant amounts of six other tokens.

These all added up to a value of around  $40 million at that time and it has dropped to $30 million since then, according to the data from CoinMarketCap.

Coinrail alerted Pundi X about an ethereum address which is believed to be associated with the Hacker. And it is now flagged as “Fake_Phishing1432.”

It can be seen on that initially this address received 2.6 billion NPXS from another address that is also now labeled as a suspicious account – “Fake_Phishing1431,” and then it tried to sell some 26 million NPXS tokens at IDEX, a decentralized ethereum asset exchange.

After the investigation, IDEX froze the assets sent from the Fake_Phishing1432 address and the NPXS tokens were not liquidated.

This address also received a range of cryptocurrencies from a single address few hours before the hack was reported. Apart from ETH, NPSX, ATX, DENT, tokens from other projects such as Kyber Network, Storm, Jibrel Network and Tron were also included.

According to stolen tokens have been traded with EtherDelta, another decentralized cryptocurrency exchange.

Coinrail claims that 70 percent of the of the reserves have been moved to the cold wallet as there it will not be accessible from the internet.

And also stated that two-thirds of the remaining 30 percent have been frozen and investigations are currently running on the remaining one-third with the help of police, investigators, relevant exchanges and project developers.

At the time of the hack, the platform was ranked 90th largest with a 24 hrs trading volume of $2 million.

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