Bitcoin at 2-month low after South Korean exchange hacked

South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations. (AFP)
Updated 11 June 2018
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Bitcoin at 2-month low after South Korean exchange hacked

SEOUL, South Korea: A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low.
Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million) were lost.
If true, that would make it the biggest cryptocurrency theft reported to date in South Korea.
Bitcoin was trading at $6,780 on Monday, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.
Coinrail said it was cooperating with police and suspended trading. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.
South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations. Cryptocurrencies still are popular, especially with young investors.


Boeing profit falls 21% after 737 MAX groundings

Updated 5 sec ago
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Boeing profit falls 21% after 737 MAX groundings

  • Boeing’s core earnings fell to $1.99 billion, or $3.16 per share
Boeing reported a 21 percent fall in first-quarter profit on Wednesday and suspended its 2019 outlook as the world’s largest planemaker worked to get its 737 MAX jets back in the air after two deadly accidents.
The company said it would be issuing a new forecast in the future when it has more clarity around the issues surrounding the 737 MAX.
Excluding certain items, Boeing said its core earnings fell to $1.99 billion, or $3.16 per share, in the quarter ended March 31 from $2.51 billion, or $3.64 per share, a year earlier.