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Bitcoin price drops after hackers steal £24m from South Korean exchange

Bitcoin's value has fallen this morning after South Kor..

Bitcoin's value has fallen this morning after South Korean cryptocurrency exchange Bithumb revealed it lost millions in a cyber attack.

Hackers have made off with 35bn won (£24m) worth of cryptocurrency.

Bitcoin dropped more than 2.3 per cent in value as the news emerged. At the time of writing it was trading down 1.7 per cent at $6,598.89.

Read more: The crypto world must stop inviting ridicule

Ethereum was also down, trading 2.4 per cent lower at $525.30.

Bithumb has said it will compensate users for any losses.

The news comes just over a week after another cyber attack on a South Korean exchange send Bitcoin's price plummeting.

Hackers also stole $500m worth of digital currencies from Japanese crypto exchange Coincheck in January, one of the biggest robberies in history.

Big names in the financial community have raised concerns about the volatility and security risk of crypto trading.

JPMorgan Chase boss Jamie Dimon told buyers to "beware" when trading Bitcoin earlier this month. Last year he labelled it a "fraud", causing the price to drop.

Read more: Bitcoin 'would break the internet' if used at national retail scale

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