This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/bitcoin-latest-updates-north-korea-south-youbit-exchange-hack-cryptocurrency-a8121781.html
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Bitcoin latest: North Korea suspected of South Korean cryptocurrency exchange hack | Bitcoin latest: North Korea suspected of South Korean cryptocurrency exchange hack |
| (35 minutes later) | |
| 21 December - North Korea is being investigated for possible involvement in a massive cyberattack on a South Korean currency exchange this week. | |
| The Youbit exchange shut down and collapsed into bankruptcy after hackers stole 17 per cent of its assets. | |
| Youbit was also hit by an attack in April that local media have linked to North Korean hackers. | |
| Police investigators and the Korea Internet and Security Agency are viewing the case as an extension of the April attack, Bloomberg reported, citing a person familiar with the investigation. Authorities said they are open to all other possibilities besides the Pyongyang regime, the person said Thursday. | |
| The Wall Street Journal reported earlier that investigators saw telltale signs that North Korea was behind the Youbit attack. Spokespersons for both the police and Korea’s internet security body couldn’t immediately be reached for comment. | The Wall Street Journal reported earlier that investigators saw telltale signs that North Korea was behind the Youbit attack. Spokespersons for both the police and Korea’s internet security body couldn’t immediately be reached for comment. |
| The attack on Youbit is “in alignment” with the recent focus of North Korea’s cyber army on cryptocurrencies and their exchanges, said Luke McNamara, senior analyst at FireEye, a US cybersecurity researcher. | The attack on Youbit is “in alignment” with the recent focus of North Korea’s cyber army on cryptocurrencies and their exchanges, said Luke McNamara, senior analyst at FireEye, a US cybersecurity researcher. |
| “This an adversary that we have been watching become increasingly capable and also brazen in terms of the targets that they are willing to go after,” said McNamara, citing banks and other financial institutions. “This is really just one prong in a larger strategy that they seem to be employing since at least 2016, where they have been using capability that has been primarily used for espionage to actually steal funds.” | “This an adversary that we have been watching become increasingly capable and also brazen in terms of the targets that they are willing to go after,” said McNamara, citing banks and other financial institutions. “This is really just one prong in a larger strategy that they seem to be employing since at least 2016, where they have been using capability that has been primarily used for espionage to actually steal funds.” |
| North Korea has used an army of hackers to try and raise cash as the US has stepped up sanctions in a bid to thwart Kim Jong Un’s push for the ability to strike the American homeland with a nuclear weapon. Earlier this week, the U.S. blamed North Korea for the WannaCry ransomware attack that affected hundreds of thousands of computers globally this year. | North Korea has used an army of hackers to try and raise cash as the US has stepped up sanctions in a bid to thwart Kim Jong Un’s push for the ability to strike the American homeland with a nuclear weapon. Earlier this week, the U.S. blamed North Korea for the WannaCry ransomware attack that affected hundreds of thousands of computers globally this year. |
| While North Korea allows internet access to only a small portion of its population, it began to train its techno soldiers in the early 1990s, according to South Korea’s Defence Security Command. The country probably employs 1,700 state-sponsored hackers, backed by more than 5,000 support staff, according to the Australian Strategic Policy Institute. | While North Korea allows internet access to only a small portion of its population, it began to train its techno soldiers in the early 1990s, according to South Korea’s Defence Security Command. The country probably employs 1,700 state-sponsored hackers, backed by more than 5,000 support staff, according to the Australian Strategic Policy Institute. |
| Cutting North Korea off from the Internet entirely wouldn’t be effective because North Korea would probably have cyber capabilities located outside the country, possibility in embassies or other locations masked by front companies, McNamara said. | Cutting North Korea off from the Internet entirely wouldn’t be effective because North Korea would probably have cyber capabilities located outside the country, possibility in embassies or other locations masked by front companies, McNamara said. |
| North Korea has grown increasingly adept at breaking into computer systems around the world for financial gain and strategic benefit. This year, the regime’s cyber warriors have been linked to stolen U.S.-South Korean military plans and the alleged theft of $60 million from a Taiwan bank. | North Korea has grown increasingly adept at breaking into computer systems around the world for financial gain and strategic benefit. This year, the regime’s cyber warriors have been linked to stolen U.S.-South Korean military plans and the alleged theft of $60 million from a Taiwan bank. |
| The most usual route into target computer networks is via spearphishing, where the employees of digital currency exchanges are targeted with emails carrying malware which is activated once the attachment is opened, according to FireEye. | The most usual route into target computer networks is via spearphishing, where the employees of digital currency exchanges are targeted with emails carrying malware which is activated once the attachment is opened, according to FireEye. |
| Bloomberg | |
| 20 December - Cryptocurrency dealer Youbit became a casualty of hackers. | |
| The South Korean exchange will close and enter bankruptcy proceedings after a cyberattack at about 4:35 am local time, its owner, Yapian, said on Tuesday in a statement. About 17 per cent of total assets were lost. The heist follows a previous “accident´´ in April, after which Yapian said it encouraged clients to keep their tokens in a safer form. | |
| South Korea has emerged as a sort of ground zero for the global crypto-mania. So many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth. | |
| The craze has spread so far that, in Korea, bitcoin is trading at a premium over prevailing international rates. | |
| “There were no additional losses, as other coins were in the cold wallet,” Yapian said. While it suspended coin and cash deposit and withdrawals as of 2 pm local time, it said about 75 percent of assets could be safely withdrawn by clients. | |
| South Korea finance ministry official Ko Kwanghee said in telephone interview Wednesday that the government is not taking any “countermeasures,” noting regulators’ warnings over such speculation. | |
| A hot wallet is an internet-connected account that potentially can be accessed by hackers. That’s why many people keep their cryptocurrency holdings in cold wallets — typically, physical devices disconnected from the web that can be plugged into a computer when needed. | |
| Thanks to cyber insurance and a possible sale of operating rights, the losses could be less than 17 per cent, Yapian said. | |
| Bloomberg | Bloomberg |