Mar 02, · The North Korean hackers also are “tied to the theft of approximately $ million worth of virtual currency from a South Korea-based virtual currency exchange in Author: Kim Lyons. Jun 11, · Bitcoin Crashes Following South Korean Hack Bitcoin's price hit its lowest level in two months on Monday. bitcoin, cryptocurrency, South Korea, crime, fraud. The Author: Wayne Duggan. Dec 20, · South Korea Bitcoin exchange DROPS in value amid major hack BITCOIN prices fell around 15 per cent in Asian trade on Wednesday before gaining back some of its losses after a South Korean exchange.
South korea hack bitcoinBitcoin price plunges after cryptocurrency exchange is hacked | Technology | The Guardian
The exchange was previously targeted in April in an attack which South Korean officials believe was conducted with the support of neighboring North Korea. According to Reuters , investigators have begun looking into the situation. And while the company suggested that users may not see the full return of their funds, the statement indicated that Youbit would be disbursing the cryptocurrency it still has in its possession. The company also suggested that it would seek to pare losses by tapping insurance funds and selling a stake in the exchange.
Hack image via Shutterstock. Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.
The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies.
For the rest, we are looking into it with an investigative agency, related exchanges and coin developers. There have been a series of thefts from cryptocurrency exchanges in recent months. It started reimbursing customers in March, but faces two class-action lawsuits.
In December, the South Korean exchange Youbit shut down and filed for bankruptcy after being hacked twice. After every few months, we are seeing the same pattern emerging. This is the result of loose regulatory control and regulators must step in to protect the consumers. Anyone who wants to do anything with exchanges should be forced to adopt high-grade security and regular security upgrades.
The investigation comes six months after CME Group launched bitcoin futures.