Youbit, the South Korean Bitcoin Exchange Hacked, Initiates Liquidation Proceedings

Youbit, the bitcoin exchange of South Korea has stopped buy & sell and declared it will be filing for liquidation after it was attacked this year for the 2nd time. The new hack took place on December 19, in the early morning, and lead to the loss of around 17% of whole assets possessed by the trade in its cryptocurrency wallets. A report from the firm did not mention whether the pilfering solely included bitcoin or involved other cryptocurrencies.

Youbit, the South Korean Bitcoin Exchange Hacked, Initiates Liquidation Proceedings

The earlier attack, this year in April, witnessed roughly 4,000 bitcoins pilfered. The firm, officially recognized as Yafi Co. Ltd., stated it had right away disabled exchange and the ability of users to take out funds to reduce further loss, with cryptocurrency assets possessed by consumers to be dropped to 75% of their worth once the firm finds out a means for consumers to take out funds in line with bankruptcy processes.

Now, the local police are initiating their inquiry into the new attack, but the prior one was ascribed to North Korea, as per Reuters. In September, a report stated the rogue state was established to have been deliberately aiming bitcoin trades in South Korea—although rather feebly, having only coped to pilfer 100 million won from 2013 to 2015 in bitcoin as a piece of an attempt to amplify the hard currency of the country. The interest if North Korea in bitcoin also expands to mining, amid a statement in July asserting that the nation had initiated on May 17 “state-sponsored bitcoin mining operations.”

The Youbit’s hack might not be only winning major bitcoin robbery by North Korea this year. The nation is also supposed to have been engrossed in the hack and stealing of bitcoin from Bithumb, South Korean exchange, dated July 5, although the precise sum pilfered was never revealed.

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