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EOS Worst Hit By Panic Sell Amidst Coinrail Hack

disappointed businessman looking at chart

Following the Coinrail hack this past weekend, crypto markets lost up to $42 billion in value, EOS appears to have been worst affected. Coinrail is not a particularly big exchange and only 10% of its currency was stolen, so it’s unlikely that would have had a big effect on the market as a whole. Compared with the $500 million theft from Coincheck in January this year, it could be seen as a relatively small amount. It seems the theft coincidentally happened amidst a period of crypto panic-selling.

This morning EOS is down almost 15.5% to $11.20 where previous it was trading at $14.75. Prior to the hack EOS has been in the news, not least because of problems with the upcoming MainNet launch. Troubles began earlier this year when hackers hijacked a Zendesk account used by EOS and sent out phishing emails that garnered them millions of dollars from tricked investors. Then the more recent security vulnerabilities found in the EOS network by a Chinese security firm caused a delay in the MainNet launch.

Following the CoinRail hack, EOS dropped to almost $10 amidst a flurry of market activity that affected most coins and not even the positive news from the EOSHackathon that was happening in Hong Kong helped to buoy up the price.

However, last week’s announcement of the EOSIO update regained much-needed confidence in investors and after securing a positive vote from users, it seems the MainNet is ready for launch.

It’s possible the effect was just a knock on from the sell-off that has plagued the entire market, with EOS being the worst hit. It’s possible markets will recover swiftly though, as has happened before. Investors will be hoping that happens before EOS drops below the $10 resistance mark that could spark a further panic sell.

Image From Shutterstock

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