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

The paradox of money

[Anonymous Coward]

Bitcoin is only useful as a means of exchange if you don't mind making payments similar to an interbank transfer with each exchange.

Bitcoin is only useful as a store of value if you spend a great deal of money and attention on security, backups and securing backups.

Therefore, Bitcoin is only useful as money if you spend a bunch of money on it.