File boom bitcoin exchange

A bitcoin exchange in South Korea has gone out of business after file boom bitcoin exchange hacked, highlighting the perils of trying to cash in on this year’s stunning boom in digital currencies. Seoul-based Youbit said it was filing for bankruptcy after cyber-thieves stole nearly a fifth of its clients’ holdings in an attack Tuesday.

It’s the second time this year that Youbit, which allows customers to trade bitcoin and other digital currencies, has been hit by hackers. The company didn’t say how much was taken in the latest heist or how exactly it happened. South Korea’s Korea Internet and Security Agency said Wednesday that it was working with police to investigate this week’s Youbit hack, but that it didn’t yet know who was responsible. Youbit said that its customers would get back about three-quarters of the value of the digital currencies they had stored in accounts with the exchange. The rest will be refunded after bankruptcy proceedings, it said. Bitcoin’s history is littered with cases of trading platforms coming under attack. 70 million worth of bitcoins from digital currency platform Nicehash.

As the prices of bitcoin and similar virtual currencies continue to appreciate, we expect greater interest from attackers seeking to steal it,” he said. 15 times as high as it was at the start of the year. Suspicion for this week’s Youbit hack could fall on North Korea. South Korean police have accused North Korean hackers of targeting at least four different exchanges this year that trade bitcoin and other digital currencies in South Korea.

North Korea has previously denied any role in international cyberattacks. Bitcoin, which offers layers of anonymity, has long been a magnet for criminals. Unlike traditional currencies like the U. South Korea has become a hotbed of bitcoin activity.

Youbit was a small player in the market, which is dominated by Bithumb, a much larger exchange. With so many small South Korean investors diving into bitcoin, authorities are getting worried about the potential impact of a crash. The government earlier this month said it was forming a special task force to study the “cryptocurrency problem. Is a Money Market Account or CD Right for You? Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc.

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All par for the course when a Ponzi collapses and nothing those who follow the MLM underbelly haven’t seen before. Let’s take a deeper look into each of them. Despite being readily available at the drop of a hat to appear in video announcements prior to the Texas cease and desist, of late USI-Tech management haven’t shown their faces. Instead affiliate communication is occurring through carefully scripted backoffice announcements. Earlier today USI-Tech sent affiliates a new backoffice communication, announcing the formal suspension of ROI and commission withdrawals.

Until these investigations are completed, we are barred from making any payments to prevent additional abuses. It seems that up until the Texas Securities Board sent them a cease and desist, USI-Tech had no problem with turning a blind eye to fraud going on inside the company. Tellingly, no time-frame is given for completion of USI-Tech’s investigations. This raises the prospect of ROI and commission withdrawals for US and Canadian USI-Tech affiliates being suspended indefinitely. Putting aside the fact that every payout in a Ponzi scheme is unlawful, presumably the affiliates USI-Tech are threatening are based in the US. At best they can file a civil suit claiming damages.

But with USI-Tech management on the run from US authorities, where are USI-Tech going to file these lawsuits? 3 million from an ethereum mining pool. The mining pool in question is named USITech and surfaced last month. Whether the mining pool even belongs to USI-Tech is unclear. It is however widely believed that the company purchased an existing Chinese ethereum mining pool and renamed it. Regardless, USI-Tech affiliates were quick to cite the pool as evidence USI-Tech was generating external ROI revenue, despite the fact nothing had been transferred out of the pool for seven months.