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Cryptocurrency exchange Youbit is filing for insolvency after it was hacked for the second time this year, highlighting concerns for security amid booming trade in Bitcoin and other virtual currencies boom. Youbit announced on its website that it had been hacked on Tuesday, causing a loss worth 17 percent of its total assets. The South Korean exchange didn't elaborate on the exact amount, but said all customers' cryptocurrency assets would be marked down to 75 percent of its value, and that it was stopping trade to minimize customer losses.
The cryptocurrency exchange had been hacked once before in April when nearly 4, Bitcoins were stolen in a cyber attack that the country's spy agency linked to North Korea, according to a South Korean newspaper report on Saturday. Youbit is a smaller player in South Korea's cryptocurrency market, with the world's busiest cryptocurrency exchange Bithumb accounting for about 70 percent of the country's market share.
The news comes as South Korea last week banned its financial institutions from dealing in virtual currencies such as Bitcoin, as the cryptocurrency soars in a bubble fueled by retail speculators, many of them from the country. South Korea has emerged as a hotbed for cryptocurrency trading, accounting for some 20 percent of global Bitcoin transactions.
But trading in the virtual currency has been overshadowed recently by a series of warnings from politicians and financial experts about risks. EU approves cryptocurrency clampdown to combat terrorism financing. Axel Weber, chairman of the Swiss bank UBS, warned this week that anyone keen to invest in Bitcoin risked losing their money.
Denmark's top central banker later weighed in, saying people buying Bitcoin should not blame regulators if they suffered losses when the market crashed because it was an unregulated market. He said putting money into bitcoin was basically gambling.
Bitcoin energy boom stamps down colossal carbon footprint. Bitcoin exchanges and wallets have a history of being targeted, and security experts say they become more vulnerable to cybercrime as valuations rise. The European Union has agreed to implement stricter rules on exchange platforms that deal with virtual currencies, including bitcoin. The measure is part of an effort to prevent terrorist financing and money laundering. Few people use bitcoin to buy anything — but everyone pays for its environmental impact.
Does mining the cryptocurrency actually consume more electricity than Ireland? Cryptocurrencies have grabbed a lot of attention in recent days as the value of bitcoin skyrocketed to hit record highs and Venezuela announced plans to create a digital currency called "petro.
Some of the world's biggest auto companies have teamed up with tech providers and startups to form a consortium aimed at developing automotive uses for blockchain, the database technology known from cryptocurrencies. Japanese online broker Monex is offering to acquire hacked cryptocurrency exchange Coincheck, a domestic business daily has reported. Shareholders appeared to welcome the move toward better investor protection.
What goes up must come down, old wisdom has decreed. Does it apply to the best-known digital token, Bitcoin? As the cryptocurrency's value has seen many ups and downs recently, we chart its dramatic journey to date. The search is on for Ursula Haverbeck, dubbed the "Nazi Grandma," after she failed to turn up to begin her jail term. The serial Holocaust denier has been sentenced to two years in jail for incitement. Campino said the rappers "crossed a red line" with their reference to Auschwitz inmates.
Months after inconclusive elections, Italy is still without a government. The left-wing M5S has offered to form a coalition with the League. But the far-right party refuses to ditch its alliance with Silvio Berlusconi. Change it here DW. COM has chosen English as your language setting. COM in 30 languages. News German President Steinmeier notes 'substantial change' in trans-Atlantic ties What to expect from the Russian president's next term Business Deutsche Bank pilots 'disruptive" payments solution for airlines Business South Korean Bitcoin exchange shuts down after hack Cryptocurrency exchange Youbit is filing for insolvency after it was hacked for the second time this year, highlighting concerns for security amid booming trade in Bitcoin and other virtual currencies boom.
Bitcoin's popularity on the rise. Bitcoin starts futures trading. Bitcoin takes off in Venezuela. EU approves cryptocurrency clampdown to combat terrorism financing The European Union has agreed to implement stricter rules on exchange platforms that deal with virtual currencies, including bitcoin. Bitcoin energy boom stamps down colossal carbon footprint Few people use bitcoin to buy anything — but everyone pays for its environmental impact.
Bitcoin, cryptocurrencies — how do they work? Send us your feedback. Print Print this page Permalink http: The week in review. German anti-Semitism commissioner suggests Order of Merit for Campino. Italy makes last-ditch effort to form government.