South Korean Cryptocurrency Exchange Coinrail hacked, hackers stole over $40M worth of ICO tokens

Cryptocurrency Exchange continues to be a privileged target for hackers, news of the day is the hack of the South Korean exchange Coinrail.

The hack has happened during the weekend, on Sunday Coinrail announced the cyberheist. Attackers stole over $40M worth of ICO tokens that were maintained in the servers of the exchange.

The company published a data breach notification on its website that currently appears in maintenance mode.

The exchange explained that attackers stole tokens issued during the initial coin offerings (ICOs) of Pundi X (NPXS), NPER (NPER), and Aston (ATX).

“Most notably, the hackers got away with $19.5 million-worth of NPXS tokens that were issued by payment project Pundi X’s ICO. Added to that they scored a further $13.8 million from Aston X, an ICO project building a platform to decentralize documents, $5.8 million in tokens for Dent, a mobile data ICO, and over $1.1 million Tron, a much-hyped project originating from China.” reported TechCrunch.

“That’s according to a wallet address that has been identified as belonging to the alleged attacker, who also got hold of smaller volumes of a further five tokens from Coinrail.”

South Korea is one of the countries with the highest cryptocurrency trading activity, but Coinrail is one of its smaller exchanges operating over there.

According to coinmarketcap.com, the South Korean exchange ranks in world’s top 90 based on trading volume.

After the discovery of the hack, Coinrail immediately put offline its wallets to secure its cryptocurrency assets, it is currently working with the affected ICO companies to freeze the stolen funds.

Coinrail asked other cryptocurrency exchanges to freeze some of the attacker’s addresses where the coins where transferred.

At the time there is no news about possible compensation for the customers of the exchange, recently Japan’s Coincheck refunded its customers following a cyberheist.

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Pierluigi Paganini

(Security Affairs – Cryptocurrency Exchange Coinrail, cyberheist)

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