BUSINESS

Bitcoin hits two-month low after South Korean exchange hacked

The Associated Press Published Monday, June 11, 2018 12:25AM EDT

Bitcoin logos are displayed at the Inside Bitcoins conference and trade show, in New York on Monday, April 7, 2014. (AP/Mark Lennihan)

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SEOUL, Korea, Republic Of - A South Korean cryptocurrency exchange says hackers have stolen about one-third of the coins traded on its market.

Coinrail's announcement Monday sent bitcoin prices tumbling to a two-month low.

Coinrail said hackers stole cryptocurrencies including Pundi X, Aston and NPER. It did not give the value of the stolen coins but Yonhap News agency cited unnamed industry sources saying about coins worth about 40 billion won ($37 million) were lost.

Bitcoin was trading at $6,780, down from more than $7,500 before the weekend, according to Coindesk, which monitors prices.

Coinrail said it was co-operating with police and suspended trading.