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Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack

  • Theft from Coinrail renews concerns about exchange security
  • Bitcoin drops 12% from Friday, extending its 2018 retreat
Bloomberg business news
Bloomberg’s Eric Lam reports explains why bitcoin extended losses for a third day, tumbling as much as 12 percent.(Source: Bloomberg)
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The 2018 selloff in cryptocurrencies deepened, wiping out about $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 percent.

Some observers pinned the latest retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.