South Korean Bitcoin exchange shuts down after second hack attack

Wednesday 20 December 2017 10:19 CET | News

Youbit, a crypto-currency exchange in South Korea, is shutting down after it was hacked for the second time in less than eight months, according to BBC.

As a result, the exchange has filed for bankruptcy after losing 17% of its assets in the cyber-attack. However, it did not disclose how much the assets were worth at the time of the attack. In April 2017, Youbit, formerly called Yapizon, lost 4,000 Bitcoins now worth USD 73 million to cyberthieves.

South Koreas Internet and Security Agency (Kisa) said it had started an enquiry into how the thieves gained access to the exchanges core systems. Kisa blamed the earlier attack on Youbit on cyber-spies working for North Korea. Separate, more recent, attacks on the Bithumb and Coinis exchanges, have also been blamed on the regime, the online publication continues.

In a statement, Youbit said that customers would get back about 75% of the value of the crypto-currency they have lodged with the exchange. Earlier in December 2017, hackers got away with more than USD 80 million in Bitcoins from NiceHash, a Slovenia-based mining exchange.

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Keywords: Youbit, cryptocurrency exchange, cryptocurrency, South Korea, Bitcoin, crypto trading, hacks, online security
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies