Bitcoin exchange Youbit shuts after second hack attack


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

Youbut, a crypto-currency exchange which lets people buy and sell bitcoins and other virtual currencies, filled for bankruptcy after losing 17% of its assets in the cyber-attack.

At the time of the attack Youbit did not disclose how much the assets were worth.

In April, Youbit, formerly called Yapizon, lost 4,000 bitcoins now worth $73m (£55m) to hackers.

(Kisa) South Korea’s internet security agency which investigates internet crimes, stated it had started an investigation into how the hackers gained access to the core systems.

(Kisa) blamed the earlier attack on the website on hackers from North Korea. Bithumb and Coinis attacks have also been blamed on the rogue state.

But behind the latest attacks no information has been released.

Youbit stated it was “very sorry” that it had been forced to shut down.

The exchange website added that the cyber-criminals didn’t steal all the Bitcoins because a lot was stored in a “cold wallet” – a secure store used to hold the assets that were not being traded.

The majority of the Bitcoin trading in the country is done on the Bithumb exchange which has a 70% market share, Youbit was one of the smaller exchanges in South Korea.

A Slovenian mining exchange was hacked earlier this month, hackers got away with more than $80m in bitcoins.

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Bitcoin exchange Youbit shuts after second hack attack