Report Bitcoin Hack: S. Korea Investigating N. Korea in Bitcoin Hack
https://www.thestreet.com/story/14427755/1/so...-hack.html
South Korean officials are investigating whether North Korea was involved in the theft from and collapse of a bitcoin exchange in South Korea Tuesday, according to published reports.
The Wall Street Journal reported late Wednesday that investigators are looking into the hack of Youbit, based in Seoul, and added the probe is in its earliest stages.
The Journal, citing people familiar with the investigation, said there are indications and historical evidence to support the idea that North Korea is responsible for the Youbit attack, and noted that North Korean hackers in April targeted the same cryptocurrency exchange, operating under a different name.
Yapian, the company that operates Youbit, suspended trading and filed for bankruptcy after Tuesday's hack.
The report also noted that for the cash-strapped North Korean regime, stealing bitcoin could be attractive because of the cryptocurrency's meteoric rise in value -- starting the year around $1,000 and surging above $19,000 over the weekend.
According to media reports, Yapian said the hack cost the exchange 17% of its assets, but it didn't declare the financial value of the loss.
According to the Journal, Youbit purchased at the beginning of the month a cyberinsurance policy from DB Insurance Co., a South Korean firm, with damage coverage up to about $2.8 billion. The Journal said a spokesman at DB Insurance said Youbit hasn't filed a claim, and that Youbit has up to three years to do so.
On Tuesday, the White House said North Korea was behind a global malware attack last May named "WannaCry." The attack encrypted and locked computers in more than 150 countries.
https://www.thestreet.com/story/14427755/1/so...-hack.html
South Korean officials are investigating whether North Korea was involved in the theft from and collapse of a bitcoin exchange in South Korea Tuesday, according to published reports.
The Wall Street Journal reported late Wednesday that investigators are looking into the hack of Youbit, based in Seoul, and added the probe is in its earliest stages.
The Journal, citing people familiar with the investigation, said there are indications and historical evidence to support the idea that North Korea is responsible for the Youbit attack, and noted that North Korean hackers in April targeted the same cryptocurrency exchange, operating under a different name.
Yapian, the company that operates Youbit, suspended trading and filed for bankruptcy after Tuesday's hack.
The report also noted that for the cash-strapped North Korean regime, stealing bitcoin could be attractive because of the cryptocurrency's meteoric rise in value -- starting the year around $1,000 and surging above $19,000 over the weekend.
According to media reports, Yapian said the hack cost the exchange 17% of its assets, but it didn't declare the financial value of the loss.
According to the Journal, Youbit purchased at the beginning of the month a cyberinsurance policy from DB Insurance Co., a South Korean firm, with damage coverage up to about $2.8 billion. The Journal said a spokesman at DB Insurance said Youbit hasn't filed a claim, and that Youbit has up to three years to do so.
On Tuesday, the White House said North Korea was behind a global malware attack last May named "WannaCry." The attack encrypted and locked computers in more than 150 countries.
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There is a VERY HIGH degree of RISK involved in trading and investing. Only invest what you can afford to lose.
As used herein, the terms "You" and "Your" shall mean you, individually, the reader, and each other party on whose behalf you may use the contained information at any time.
All references to "My", "I", and “The writer of the above post” shall refer to the creator.
Do NOT invest unless you are prepared to sustain a total loss of the money you have invested plus any commission or other transaction charges.
There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. I assume no responsibility for your trading and investment results. You should NOT rely on the information in the above post to make any decision or take any action.
ALL OF MY STATEMENTS, including but not limited to, POSTS, MESSAGES, PRIVATE MESSAGES, and RESPONSES are OPINION and NOT fact and are for entertainment purposes only. Do your own research and make your own decisions based on your own conclusions.
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My posts are NOT investment advice. I am not paid to post.
The writer of the above post shall NOT accept any liability for the accuracy or completeness of the information contained in the above post, for any reliance placed by any person on the information contained in the above post, or for any damage or loss, however caused, in connection with the use or reliance on any information contained in the above post.
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