Audio By Carbonatix
A crypto-currency exchange in South Korea is shutting down after it was hacked for the second time in less than eight months.
Youbit, which lets people buy and sell bitcoins and other virtual currencies, has filed for bankruptcy after losing 17% of its assets in the cyber-attack.
It did not disclose how much the assets were worth at the time of the attack.
In April, Youbit, formerly called Yapizon, lost 4,000 bitcoins now worth $73m (£55m) to cyberthieves.
Crime wave
South Korea's Internet and Security Agency (Kisa) which investigates net crime, said it had started an enquiry into how the thieves gained access to the exchange's core systems.
Kisa blamed the earlier attack on Youbit on cyber-spies working for North Korea. Separate, more recent, attacks on the Bithumb and Coinis exchanges, have also been blamed on the regime.
No information has been released about who might have been behind the latest Youbit attack.
In a statement, Youbit said that customers would get back about 75% of the value of the crypto-currency they have lodged with the exchange.
It said it was "very sorry" that it had been forced to shut down.
The exchange added that the hackers did not manage to steal all the digital cash it held because a lot was lodged in a "cold wallet" - a secure store used to hold the assets that were not being traded.
Youbit was one of the smaller exchanges active in South Korea. The majority of Bitcoin trading in the country is done on the Bithumb exchange which has a 70% market share.
More and more cybercriminals have tried to cash in on the boom in virtual currencies such as Bitcoin. Many have created malware that seeks to use victims' computers to create or "mine" valuable currencies. Others have simply attacked exchanges and other crypto-cash service firms to get at large numbers of bitcoins at once.
Earlier this month, hackers got away with more than $80m in bitcoins from NiceHash, a Slovenia-based mining exchange.
Latest Stories
-
Today’s Front pages: Thursday, December 18, 2025
41 minutes -
Let’s rally behind Bawumia to rebuild and reclaim power in 2028 – Opoku Prempeh to NPP faithful
58 minutes -
UK and Ghana co-host African Development Fund 17 Pledging Conference in London
59 minutes -
Work yourself out of a job: The fearless path to leadership legacy
1 hour -
Empower institutions, not politicians, to win the galamsey fight – Kokofu
1 hour -
Mankessim Omanhen declares lithium lands ‘Artificial Disaster Zones’
1 hour -
Funerals, family visits drive GH¢6.6bn in domestic tourism
1 hour -
Christmas fever in Mother Ghana
1 hour -
At 90, Uncle Ray still punches above his weight – Enduring legacy of Ambassador Ray Quarcoo
2 hours -
GRA targets revenue growth and public trust through intensive staff training
2 hours -
People were leaking information to fraud suspects – Sam George on past failed cybercrime arrests
2 hours -
Ghana’s foreign policy anchored in humanitarian tradition – Ablakwa
2 hours -
Leadership is about lifting lives, not status – Adutwum
2 hours -
Accra–Kumasi Expressway to offer alternative route, not replace existing highway – Roads Minister
2 hours -
Mahama’s first term galamsey crackdown failed due to political leadership – Dr Kokofu
2 hours
