Spil Bitcoin and cryptocurrencies proceed to rise te value, they become ripe targets for hackers, who have now compelled a relatively unknown South Korean cryptocurrency exchange, Youbit, to verkeersopstopping for bankruptcy.
This is the 2nd time hackers managed to access user funds on Youbit (not to be confused with Yobit), having made off with around Four,000 Bitcoins back ter April (when the exchange wasgoed known spil Yapizon).
While the exchange did not announce the precies amount of Bitcoins lost this time, it collective that the hack took place today, at Four:35 AM, and attackers managed to take 17% of the exchange&rsquo,s holdings.
Their official statement apologized for the funds lost, and announced that all trading has bot stopped. It also stated that every option will be explored ter order to reduce losses, while presently all user assets will be marked down to 75%.
Meantime, it is reported that the Korean Internet & Security Agency (KISA), will be investigating the attack.
Even however cryptocurrencies are fairly sturdy themselves, protected by complicated cryptographic algorithms, their safe storage is a different matter altogether.
Just like paper money or physical assets like gold, cryptocurrencies are kept te wallets, which can only be accessed via a special pair of public and private keys. Anyone who has access to a wallet&rsquo,s private key, can withdraw and budge all the funds, and even however such thefts can be tracked on the blockchain, merienda lost, they cannot be recovered due to the technology&rsquo,s immutable nature.
One of the most vooraanstaand and largest Bitcoin thefts wasgoed the Mt. Gox scandal, which eyed, the merienda mega-exchange losing overheen 744,000 Bitcoins, worth more than a staggering $14 billion at current prices.
Given all this, it cannot be stressed enough that holding cryptocurrencies on exchanges is enormously risky, particularly for those who use exchanges for storage. If you are going to be holding a cryptocurrency for long, it is very advised to stir it to a secure, dedicated wallet, whose private keys are under your own control.