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Hack Attack Shuts Youbit Exchange

Hack Attack Shuts Youbit Exchange

A crypto currency exchange in South Korea is shutting down after it was hacked for a second time in less than eight months.

Youbit, which lets people buy and sell bitcoins and other virtual currencies, has filed for bankruptcy after losing 17% of its assets in a cyber-attack.

Its first attack in April, lost 4,000 bitcoins, now worth $73m (£55m) to cyberthieves.

South Korea’s internet and security agency, Kisa, which investigates net crime, said it had started and enquiry into how the thieves gain access to the exchange’s core systems.

Kisa blamed the earlier attack on Youbit on cyber-spies working for North Korea, however, no information has been released about who might have been behind the latest Youbit attack.

In a statement, Youbit said that customers would get back around 75% of the value of the crypto-currency they have lodged with the exchange and added that it was “very sorry” that it had been forced to shut down.

The exchange added that the hackers did not manage to steal all the digital cash it held because it was lodged with a “cold wallet” – a secure store used to hold the assets that were not being traded.

More and more cybercriminals have tried to cash in on the boom in virtual currencies such as Bitcoin, with many creating a malware that seeks to use victims’ computers to create or “mine” valuable currencies.

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