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Bitcoin latest: North Korea suspected of South Korean cryptocurrency exchange hack | Bitcoin latest: North Korea suspected of South Korean cryptocurrency exchange hack |
(about 2 hours later) | |
21 December - North Korea is being investigated for possible involvement in a massive cyber-attack on a South Korean currency exchange this week. | |
The Youbit exchange shut down and collapsed into bankruptcy on Tuesday 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. | 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 on Thursday. | |
The Wall Street Journal reported that investigators believed the Youbit attack bore the hallmarks of a North Korean hack. | |
The price of bitcoin fell from close to $19,000 to around $16,300 on Tuesday after news of the security breach broke. | |
North Korea has built up an army of hackers, thought to be 1,700-strong. They are suspected of carrying out a range of attacks, including the "WannaCry" malware attack that affected hundreds of thousands of computers around the world and devastated NHS IT systems in May. | |
The US publicly blamed North Korea for WannaCry earlier this week, while British government ministers have said that it is "all but certain" North Korea was responsible. | |
The Youbit hack is the latest security breach to hit bitcoin and other cryptocurrency exchanges. | |
Last week, almost $64bn of bitcoin was stolen by hackers who broke into the NiceHash marketplace in Slovenia. | |
That followed a $31m theft of rival cryptocurrency tether, last month. | |
20 December - Cryptocurrency dealer Youbit became a casualty of hackers. | 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. | 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. | 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. | 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. | “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. | 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. | 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. | Thanks to cyber insurance and a possible sale of operating rights, the losses could be less than 17 per cent, Yapian said. |
Bloomberg | Bloomberg |