Source of info: Coinrail Crypto Exchange
On Sunday June 10, bitcoin price fell over 10 percent lowest in two months soon after the South Korean crypto exchange, Coinrail posted a tweet that it was hacked.
Bitcoin suffers worst drop in three months, though it was on a recovery mode during February but experienced extended losses soon after. When the “hack news” rolled out after the South Korea’s small crypto exchange Coinrail reported on twitter, Bitcoin slumps down to $6,785.61 USD. It also adds that Pundi-X , one among the lesser-known cryptocurrencies have also been affected. Noticeably, Pundi-X bitcoin pair is most traded on Coinrail.
The head of Asia Pacific trading at Oanda Corp. in Singapore stated that,
“This is ‘If it can happen to A, it can happen to B and it can happen to C’. Since, then people panic because someone is selling. The markets are so thinly trade, primarily by retail accounts that these guys can get really scaring out of positions. It actually doesn’t take a lot of money to move the market significantly”.