Bitcoin plummets after small crypto exchange hacked

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While the bitcoin price did experience a small decline in the immediate aftermath of the report that an exchange had been hacked, Greenspan noted that the bulk of the decline came more than 15 hours later and that the scale of the pullback was entirely disproportionate to both the size of the hack and Coinrail's significance in the cryptocurrency ecosystem.

South Korean cryptocurrency exchange, Coinrail, has revealed that it was targeted by hackers on Sunday, leading to bitcoin's price tumbling down to a two-month low.

The largest cryptocurrency declined to US$6,840 as of 4pm in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

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South Korea is one of the world's major cryptocurrency trading centers, and is home to one of the most heavily trafficked virtual coin exchanges, Bithumb.

Investors and regulators were jolted earlier this year after Japan's cryptocurrency exchange Coincheck was hacked in a high-profile theft of over half a billion dollars worth of digital currency. More recently, in December a year ago, South Korean cryptocurrency exchange Youbit shut down and filed for bankruptcy after being hacked twice. Analysts said the attack highlights the weak regulation and security of the industry. "70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not directly connected to the internet]. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers". While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp.in Singapore.

The company said in a statement that it was cooperating with the police and their investigation into the cyber attack which occurred yesterday.

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