According to Coinrail exchange twitter account, the exchange is now back online after suffering a cyber attack just over a month ago when around $37 million was lost.
Why it is important
- On June 12, Coinrail was attackedand subsequently ceased to operate after large sums of NPXS, ATX, DENT and TRX tokens went missing. 1. Trading in bitcoin, TRX and some other cryptocurrencies remain to be re-enabled, while work is underway. 1. Firm’s blog states that developers have completely revamped the security system of the exchange while adding more functions for client support. 1. The portal holds a document describing how various altcoins will be restored.
While the Korea Internet & Security Agency (KISA) is still investigating the break in, Coinrail has proposed several user reimbursement plans. In the first instance, the exchange buys up cryptocurrencies which it later drops into wallets of the users. An alternative method is that the exchange would gift clients its own RAIL tokens that would be exchangeable at 1 RAIL=0,72 KRW. Both propositions were heavily criticized, most notably because the price of RAIL has dropped following the attack.