South Korea Bitcoin exchange DROPS in value amid major hack

Wednesday, December 20, 2017
By Paul Martin

BITCOIN prices fell around 15 per cent in Asian trade on Wednesday before gaining back some of its losses after a South Korean exchange was hacked.

Wed, Dec 20, 2017

The cryptocurrency had hit $19,500 at the start of the week but it took a hit as Youbit, the South Korean exchange was hacked.

And the hack has led to Youbit declaring bankruptcy proceedings.

Youbit posted on its website at 4:34 on December 19 local time that a hack had resulted in the loss of “about 17 percent of total assets.”

The company said: “Due to bankruptcy, the settlement of cash and coins will be carried out in accordance with all bankruptcy procedures.

“However, in order to minimize the damage to our members, we will arrange for the withdrawal of approximately 75 percent of the balance at 4.00am on December 19, The rest of the unpaid portion will be paid after the final settlement is completed.”

This is the second largest cyber attack on Youbit, after an attack on the echange in April which was believed to have been supported by North Korea.

The crypto company’s share price had risen 1700 per cent between the end of September and Monday evening. Due to this the Securities Exchange Commission intervened to stop trading until January 4.

Raita Yamaguchi, senior consultant at Nomura Research Institute, said: “Both the news of South Korea’s exchange having been hacked and position adjustment following recent rallies affected the market today.”

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