The three digital cryptocurrencies recovered some of their losses in the afternoon trading. Bitcoin was trading $10,643.97, still down more than 7% around $12:43 in the afternoon, Eastern Time.
On the other hand, ethereum and ripple were trading $987.32 and $1.24, respectively. Both digital currencies were still down more than 5% and 10%, respectively.
The reason behind the cryptocurrency sell-off today is unknown. However, there is a possibility that a negative report regarding initial coin offerings (ICOs) likely spooked investors.
Hackers stole 10% of funds raised in ICOs
Earlier on Monday, Reuters reported that hackers stole more than 10% of fund raised through initial coin offering (ICOs) based the research released by Ernst & Young.
The professional found that almost $400 million of the total $3.7 billion fund raised through ICOs had been stolen. Hackers were stealing $1.5 million in ICO proceeds every month, according to the analysis of the professional services firm.
Additionally, Ernst & Young discovered that the ICO volumes have been slowing since late 2017. The professional services firm noted that in June ICOs reached 90% of their target but in November less than 25% of ICOs achieved their goal.
