A bitcoin exchange in South Korea has gone out of business after being hacked, highlighting the perils of trying to cash in 15 bitcoin exchange this year’s stunning boom in digital currencies. Seoul-based Youbit said it was filing for bankruptcy after cyber-thieves stole nearly a fifth of its clients’ holdings in an attack Tuesday.
It’s the second time this year that Youbit, which allows customers to trade bitcoin and other digital currencies, has been hit by hackers. The company didn’t say how much was taken in the latest heist or how exactly it happened. South Korea’s Korea Internet and Security Agency said Wednesday that it was working with police to investigate this week’s Youbit hack, but that it didn’t yet know who was responsible. Youbit said that its customers would get back about three-quarters of the value of the digital currencies they had stored in accounts with the exchange. The rest will be refunded after bankruptcy proceedings, it said. Bitcoin’s history is littered with cases of trading platforms coming under attack.
70 million worth of bitcoins from digital currency platform Nicehash. As the prices of bitcoin and similar virtual currencies continue to appreciate, we expect greater interest from attackers seeking to steal it,” he said. 15 times as high as it was at the start of the year. Suspicion for this week’s Youbit hack could fall on North Korea. South Korean police have accused North Korean hackers of targeting at least four different exchanges this year that trade bitcoin and other digital currencies in South Korea. North Korea has previously denied any role in international cyberattacks. Bitcoin, which offers layers of anonymity, has long been a magnet for criminals.
Unlike traditional currencies like the U. South Korea has become a hotbed of bitcoin activity. Youbit was a small player in the market, which is dominated by Bithumb, a much larger exchange. With so many small South Korean investors diving into bitcoin, authorities are getting worried about the potential impact of a crash. The government earlier this month said it was forming a special task force to study the “cryptocurrency problem.
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On demand, free withdrawals All withdrawal requests are processed and paid directly to your bitcoin wallet within 48 hours. There is no fee for all withdrawals. Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Welcome to the future of work.