Youbit Shuts Down Cryptocurrency Exchange After Second Hack, Files For Bankruptcy (bbc.com)

phalse phace writes: After experiencing another hack, South Korean crypto-currency exchange Youbit has closed their doors and is filing for bankruptcy. BBC reports: "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 $73 million to cyberthieves. 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."

Comments

Hype or Something Else?

[Anonymous Coward]

I have now seen multiple stories of crypto-currencies getting stolen or exchanges hacked. Then I read about how blockchain is supposed to be the end all, be all, of transaction security. Aren't these things connected at some level? What am I missing? How can something that is supposed to so hack resistance as blockchain allow for the common theft of crypto-currencies?

This is not a facetious question. It seems like the press (old man here, so using an old man term for everything in the public I read) is either breathlessly in awe of this stuff or telling me that someone just lost millions of dollars. I honestly don't know what to believe.