• News
  • Money

Cryptocurrency exchange Youbit shuttered due to security breach

Cryptocurrency exchange Youbit shuttered due to security breach

Youbit has now filed for bankruptcy after the firm lost 17 percent of its assets in the hack.

This was the second hack the exchange suffered this year. The incident wiped out 5.5 billion won (US$5.06 million) worth of assets, with customers bearing the losses. While hot wallets offer greater convenience, they also put funds at greater risk because they are connected to the internet. According to Youbit, security had already been beefed up after the first attack whilst the remaining 83 percent of the exchange's funds were moved into a cold wallet.

The National Intelligence Service based in South Korea is responsible for the investigation, and they have reasons to believe that the attack on the Coinis exchange in September 2017 was also carried out by North Korean hackers. "However, in order to minimize the damage to our members, we will arrange for the withdrawal of approximately 75% of the balance at 4:00 am on December 19, The rest of the unpaid portion will be paid after the final settlement is completed".

Cybersecurity researchers tell Newsweek that the activity is part of a worrying trend relating to hackers from Bluenoroff, a subgroup of the North Korean hacking group Lazarus famous for the Sony Pictures hack in November 2014.

While attacks by Lazarus have mainly been aimed at social disruption, recent reports indicate the group is increasingly going after money.

It's important to note that Youbit was just a small exchange that handled small volumes in South Korea's surging bitcoin scene. Analysis of the techniques used in the WannaCry attacks show strong links to Lazarus.

"They've also used related malware to opportunistically mine Monero coins on compromised servers".

Throughout the history of Bitcoin, hacks have amounted to painful losses.

On Wednesday, news agency AFP reported that bitcoin prices plunged about 15 per cent in Asian trade as investor sentiments took a hit on news that a South Korean exchange had been hacked.

Leave Your Comment

Leave Your Comment


Latest News

  • Rain chances Wednesday, warm temperatures continue

    Rain chances Wednesday, warm temperatures continue

    But it will be turning much colder with highs going from near 40 Christmas Day to the middle 30s early next week. The good news is that low temperatures will only fall to the low 50s so frozen precipitation won't be an issue.
    Honda Insight to be revealed at Detroit motor show

    Honda Insight to be revealed at Detroit motor show

    Interestingly, the third-generation Insight appears to be a hybrid version of the latest Civic , launched for the 2016 model year. The new Insight will utilize the company's two-motor hybrid system and will join Honda's existing electrified vehicle lineup.
    Selena Gomez' Mom Pays Emotional Tribute to Baby Girl She Miscarried

    Selena Gomez' Mom Pays Emotional Tribute to Baby Girl She Miscarried

    The source continued and said that Bieber's trying to change so that the family will come to accept him as part of Gomez's life. According to the top entertainment site, Mandy is giving Selena space to figure out what she wants.
  • Leicester City vs. Manchester City (Carabao Cup)

    Leicester City vs. Manchester City (Carabao Cup)

    Guardiola, looking to plot a path past Claude Puel's side, selects Claudio Bravo in goal, with Ederson dropping to the bench. It's hard to understand we can play with quality against Southampton (a 4-1 win) and then the game afterwards is so hard .
    Paramount sets

    Paramount sets "GI Joe", "Dungeons & Dragons" release dates

    However, it attracted negative reviews and performed poorly at the box office and the two sequels were not released in cinemas. The Hasbro-verse branches out even further with an unspecified release date reservation of October 1, 2021.
    Republican Senators Helped Block A Trump Nominee

    Republican Senators Helped Block A Trump Nominee

    Garrett's long history opposing the Ex-Im Bank, I believe it would be hard for him to accomplish both of those goals". Bonnie Watson Coleman (D-12) supported the decision to block Garrett's nomination. "Given Mr.
  • Turkish prosecutor seeks jail term for National Basketball Association  player

    Turkish prosecutor seeks jail term for National Basketball Association player

    The player is a vocal supporter of Fethullah Gulen, the US -based cleric blamed by Turkey for last year's failed military coup. Kanter, who has previously compared Erdogan to Adolf Hitler, lives in the United States and will be tried in absentia.
    Allardyce reacts to 'brave' Everton after fourth consecutive home win

    Allardyce reacts to 'brave' Everton after fourth consecutive home win

    Everton were awarded a second penalty after 73 minutes, which Swansea complained about with some justification. Then in games you need something special and Gylfi provided that.
    Palestinian girl filmed trying to provoke soldiers is arrested

    Palestinian girl filmed trying to provoke soldiers is arrested

    The Israeli army said in a statement the Palestinian girl was arrested for participating in "violent riots" in her village. Bennett noted that under Israeli law, attacking soldiers is punishable by up to seven years in jail.
  • WWE Announces First Ever All Women's Royal Rumble Match For 2018

    WWE Announces First Ever All Women's Royal Rumble Match For 2018

    This week's episode of WWE Monday Night Raw featured some huge announcements regarding the Royal Rumble pay-per-view. As it should have, WWE announcing the first ever women's Royal Rumble commanded the wrestling world's attention .

    These Sketches *Could* Be Our First Look at Meghan Markle's Wedding Dress

    The fact that these sketches were leaked points to the improbability that Inbal Dror would be chosen to design Markle's dress. Not only does it have an A-line design with a skirt that flows from the hips, but it also has elegant long sleeves.
    Ryanair's O'Leary warns unions ahead of first-ever talks

    Ryanair's O'Leary warns unions ahead of first-ever talks

    It forced the budget airline to recognise a pilots' union and brought about talks with IMPACT union scheduled for later today. Ryanair has also offered to meet the Portuguese union on Thursday and the British and Italian organisations in early January.
  • House discloses three more sexual harassment settlements totaling $115000

    House discloses three more sexual harassment settlements totaling $115000

    Two claims were simply categorized as "retaliation" while the rest were focused on racial, age or disability discrimination. In addition, some lawmakers have secretly paid settlements from their office budgets.
    Trump talked of rescinding Gorsuch nomination after criticism

    Trump talked of rescinding Gorsuch nomination after criticism

    After Donald Trump gave his view on the Washington Post story about Neil Gorsuch , critics wasted no time responding. Gorsuch, before his confirmation, was rated as being to the right of Scalia. "And you were so kind to recognize Mrs.
    Ola acquires Foodpanda India for $200 mn, Pranay Jivrajka to head

    Ola acquires Foodpanda India for $200 mn, Pranay Jivrajka to head

    Foodpanda's business is facing intense competition from Swiggy , which is backed by Naspers, Zomato , UberEats and Google Aero. But the company shut down its operation in 2016, less than a year after operating in a handful of tier-one cities.
  • Senate Now Wondering If Jill Stein Colluded With Russia

    The House Intelligence Committee is interviewing a number of high-profile witnesses this week, according to the Boston Globe . The Senate Judiciary Committee requested all communications with Stein from Donald Trump Jr .in July.
    Christian School Teacher Arrested After Husband Catches Her in Bed With Teen

    Christian School Teacher Arrested After Husband Catches Her in Bed With Teen

    She graduated from Northwest Christian University in May 2014. " She lives with her husband, dog and cat just south of Eugene ". Baber had sex with the student at least once a week at her home, according to the affidavit obtained by the Register-Guard.
    Florida mall brawl caught on video

    Florida mall brawl caught on video

    Milburn's video of the incident became viral on Facebook, where it sparked another controversy. "World peace with then begin". The post ignited outrage in Southwest Florida , given Deverso-Pakulis' familial relationship to local law enforcement.

Breaking News



Recommended

JeM militants killed in gunfight, woman dies in clashes

The trapped militants tried to escape while firing their guns but soldiers retaliated, leading to a prolonged clash. A woman whom the locals identified as Rubeena Jan, daughter of Abdul Rashid was hit by a bullet in her abdomen.

Raheem Sterling: Man arrested on suspicion of racially abusing Manchester City winger

Sterling was uninjured in the attack, and went on to start in and score two goals in City's 4-1 win. It is not believed the man was known to Sterling.

Apple gets rare downgrade after rising more than 50% in 2017

Apple's Taiwanese contract manufacturer, Wistron, assembles the iPhone SE in the technology hub of Bengaluru in southern India. The import tax on imported iPhones was increased from 10% to 15% in a bid to encourage local manufacturing.

Express Scripts Holding Company (ESRX)

An excellent example of how this would look complete, would be to gauge Express Scripts Holding Company (NASDAQ: ESRX ). Capital Investment Advisors Llc bought 15,532 shares as the company's stock declined 6.06% while stock markets rallied.

Wall Street Analysts See -1.6% for The Charles Schwab Corporation (NYSE:SCHW)

Alta Capital Management Llc bought 87,689 shares as the company's stock declined 0.40% while stock markets rallied. The New York-based Reilly Herbert Faulkner Iii has invested 2.97% in The Charles Schwab Corporation (NYSE: SCHW ).

Facebook knows you're in a photo before being tagged

As for Photo Review itself, it is powered by the same AI technology that suggest friends you might want to tag in your pictures. Honesty time: I have some friends on Facebook whose posts sometimes greatly annoy me.

Alabama LB Dylan Moses injures foot, may miss playoff

That includes 21 tackles and four tackles for loss in the last two games of the regular season. Moses has 30 tackles and 5.5 stops behind the line in 11 games while starting against Mercer.

Catherine: Full Body Announced For PS4 And PlayStation Vita; New Features Revealed

Catherine : Full Bodywill again star Vincent, who's caught in the middle of several very different women named Catherine . Atlus' cult PS3 hit Catherine is being remade for the PS4 and PlayStation Vita , the publisher announced today.

Trump in Hall of Presidents: Disney Display Debuts Tuesday

Originally, Disney said the attraction would reopen in late June, ahead of the Independence Day holiday. The attraction had been closed since January 17th - three days before president trump's inauguration.

When does early signing period start?

Planz has coached Elmhurst College, which as a Division III program can't offer athletic scholarships, for the last four seasons. He's considering College Football Playoff participants Clemson, Georgia and Alabama in addition to SC and Virginia Tech.