Wednesday, December 20, 2017

North Korea suspected in latest Bitcoin Heist

Investigators in South Korea suspect North Korea’s involvement in the latest bitcoin heist that collapsed Youbit digital-currency exchange. The same cryptocurrency exchange, operating under a different name, was targeted in April by North Korean hackers. Yesterday the White House said North Korea directed the 'WannaCry' ransomware attack, which locked digital files and demanded bitcoin payment for their release.
It's thought a North Korean cyber army of 7,000 hackers has shifted tactics towards financial gain, pilfering from banks and, most recently, cryptocurrencies. The bitcoin craze has created a unique opportunity, as a rush of new investors bet on a market most know little about.

The bitcoin itself is touted to be secure and safeguarded by encryption. But cyberthieves have breached cryptocurrency exchanges or “digital wallets" multiple times, stealing encrypted passwords as well as bitcoins.

Lax security protocols haven’t repelled investors, a concern even for virtual currencies’ biggest advocates.
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