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Coinrail Hack — June 10, 2018
Summary
South Korean cryptocurrency exchange Coinrail was hacked in the early morning hours of June 10, 2018, with thieves making off with over $40 million worth of altcoins and tokens. Coinrail was a small exchange (~90th largest at the time, with ~$2M daily volume).
Scope of Loss
• ~30% of tokens held by the exchange were stolen.
• ~$20M worth of NPXS (Pundi X) tokens.
• ~$14M of Aston X.
• ~$6M in Dent tokens.
• Over $1M in TRON.
Root Cause
• Per local police, the hack happened due to a lack of efficient security protocols.
• Networking experts believed the breach was made successful by involuntary support from a machine inside the company that had admin-level access to the internal system (likely insider machine compromise — phishing/malware).
Response
• Coinrail had 70% of reserves in cold storage (unaffected).
• Of the 30% stolen, two-thirds were reportedly frozen by token issuers (NPXS, Pundi X, etc.) cooperating with the exchange.
• The exchange suspended services for an extended audit and partial recovery process.