Cryptocurrency
Buy the FUD: Mainstream Media Convinced Coinrail Hack Caused Crypto Price Plunge via @cointelegraph
As reported by CoinTelegraph, “Cryptocurrency users are venting frustration June 11 after mainstream media outlets reported the crypto market had fallen namely due to the hacking of a small South Korean exchange Coinrail. “As both Bitcoin and altcoins fell June 10, sources including Bloomberg, the Wall Street Journal (WSJ), Reuters, the Guardian and others claimed that Coinrail’s hack – which local media reported as causing $37 […]
As reported by CoinTelegraph, “Cryptocurrency users are venting frustration June 11 after mainstream media outlets reported the crypto market had fallen namely due to the hacking of a small South Korean exchange Coinrail.
“As both Bitcoin and altcoins fell June 10, sources including Bloomberg, the Wall Street Journal (WSJ), Reuters, the Guardian and others claimed that Coinrail’s hack – which local media reported as causing $37 mln in losses – had crashed markets. The exchange confirmed the ‘cyber intrusion’ in a tweet Sunday, and in a post on its site, but has yet to specify the value of losses.
“’Enthusiasm for virtual currencies has waned partly due to a string of cyber heists,’ Bloomberg wrote June 10, citing an Singapore forex trader who told the publication that Coinrail had prompted widespread ‘knee-jerk’ selling, triggering the price drop.”