Crypto Chronicle
  • Home
  • News
  • EOS Worst Hit By Panic Sell Amidst Coinrail Hack
Altcoin Exchanges News

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

Related posts

Toast Wallet allows users to Issue Own ICO’s on Ripple

Mark Hartley

Uphold integrates Full Ripple (XRP) Ledger Functionality

Mark Hartley

Winklevoss Twins Get Patent for Exchange-Traded Product

Mark Hartley

Leave a Comment

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close