Crypto Exchange Coinrail Hacked For $37 Million
Cryptocurrency exchange Coinrail is under maintenance reviewing its security system following a $40 million hack. The attackers wallet address has been identified containing approximately 10 various ERC20 tokens – or tokens on the Ethereum blockchain – stolen from the site.
Coinrail is one of Korea’s smaller exchanges by volume, with more popular ones being Bithumb and Upbit. This hack reinforces the importance of keeping assets off exchanges as countless millions have been lost in similar situations this year.
According to Crypto Aware, approximately $1.7 billion in cryptocurrencies were lost to hacks or scams from 2011-2018. Over the last three months alone, over $670 million in assets have been stolen from rightful owners, equating to over 40% to date.
Be sure to take the time to ensure proper custody of assets and educate yourself on the various methods, hot wallets or cold storage, to avoid ending up in a situation that unfortunately arises all too often as most recently seen with Coinrail.