Enter the terms you wish to search for. The bankruptcy of a bitcoin exchange has been blamed on North Korean hackers, prompting concerns for the cryptocurrency’s future. 72 million worth of bitcoins were stolen from the South Bitcoin bankruptcy exchange Youbit in April, before a second more recent cyber heist forced the exchange to shut down on Tuesday. Cryptocurrency exchanges from neighboring South Korea—which account for 15 to 25 percent of world bitcoin trading—appear to be the main target of the hackers, with the country’s largest exchange platform, Bithumb, hacked in July.
Other Seoul-based bitcoin exchanges, including Yapizon and Coinis, have also been the target of cyber thieves suspected of being from North Korea this year. Clearly they have a large interest in cryptocurrencies as an easy method for economic gain, as well as an opportunity to economically weaken their enemies. The consequences of these cyber thefts could result in a crackdown from regulators on bitcoin and other cryptocurrencies. Andy Norton, director of threat intelligence at Lastline. It’s like a black hole attracting bad actors and dirty money from all around the world. If North Korea are using it to avoid sanctions it could lead to a coordinated response by various governments to shut down access to those funds locked in bitcoin. Youbit, which resulted in the loss of 4,000 bitcoins, to hackers based in North Korea.
Related: Was North Korea’s Bureau 121 hacking group behind internet attacks? This analysis reaffirmed claims by the CWIC Cyber Warfare Research Center in South Korea, which stated earlier this year that the rogue nation may be targeting the virtual currency in response to heavier economic sanctions. For the spate of attacks not to lead on to a collapse of bitcoin and other cryptocurrencies, security researchers say exchanges need to apply a much greater focus on cybersecurity. Shlomi Dolev, co-founder of Secret Double Octopus, tells Newsweek. Because of the anonymous nature of cryptocurrencies, stealing personal keys represents the perfect crime, leaving absolutely no traces of wrongdoing.
We need to see much greater transparency in the adoption of modern authentication techniques throughout this industry. Ice Cube Responds To The Drake vs. Find out how IB schools are shaping global education. To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. Enter the terms you wish to search for. This story has been appended to include a statement from Dorian Nakamoto received on March 19th when Newsweek was first contacted directly by Mr.