South Korea’s Giant Cryptocurrency Files Bankruptcy After Data Breach

There’s no doubt that Bitcoin has become one of the hottest topics on the internet for the past year. We’ve seen how the value of BITCOIN had surged high and sometimes plummeted over the course of months and this apparently draw in more investors to invest in cryptocurrency.

Most online investors and entrepreneurs, like Mark Cuban himself, are optimistic about the future of BITCOIN. He even claimed that bitcoins will become the new face of trading and monetary system in the world. Sooner or later, our society will become cashless and bitcoin will become the future of trading.

While some financial analysts and businessmen are still hesitant to drive onboard with bitcoin, many experts are saying that BITCOINS are just a bubble. Because of its decentralized system and volatility, the high surge we’re experiencing right now may come crashing down the next day, bursting all of our hard-earned money like a bubble. They claim that bitcoin is highly unstable and unregulated and therefore, your return on investment is not guaranteed. It’s risky to invest in this type of investment. And it seems that analysts are making their claim true because recently, not only the BITCOIN’s value plummeted but also, one giant CRYPTOCURRENCY in South Korea filed bankruptcy after a hacking incident.

DATA BREACH IN SOUTH KOREA’S CRYPTOCURRENCY COMPANY CAUSES THE FILING OF BANKRUPTCY

South Korean company Youbit, which houses one of the giant cryptocurrency companies in the country, was forced to shut down their operations after their company was hacked for the second time this year. The first time the data breach happened, the company lost around 4,000BITCOINS which were allegedly stolen by some spies and hackers from their cold-war enemy, North Korea.

South Korea’s Youbit Files Bankruptcy after Data Breach

And now, Youbit, unfortunately, had to announce the shutdown last week when the company lost around 17% of its assets due to cyber-attack. Although the company didn’t specify how much money they lost, they informed their customers that they can only return around 75% of their investment value. And in ORDER to minimize the investment loses as well as securing the personal and financial information of their customers, they opt to halt all the trading in their platform.

KOREA INTERNET & SECURITY AGENCY (KISA) HAD ALSO RELEASED AN OFFICIAL STATEMENT ABOUT THE CYBER ATTACK.

An official from the KISA had also released a statement about the incident. The state agency reiterated that this has to be the biggest financial data breach the country had encountered so far. And that they assured the public that they’re doing everything in their power to conduct an investigation and seize the culprit. The state agency also stated that they will be implementing stricter security system and countermeasures in order to minimize the risks of cyber-attacks in the future. This is in lieu of the FINANCE minister Ko Kwanghee’s orders about the incident.

Korea’s StateSECURITY Agency to Investigate the Said Cyberattack

It can be remembered that the finance minister had warned the public about the dangers and risks of investing in bitcoins. However, a lot of Koreans were still drawn to the said investment because of its high returns. Aside from that, bitcoins are more vulnerable to cyber-attacks because it doesn’t have a central governing body to regulate the trading and to implement security features for the said BITCOIN platform.

WHAT TO DO IF YOUR BITCOIN ACCOUNT HAS BEEN BREACHED?

If you’re one of the customers whose BITCOIN accounts has been compromised, we recommend that you withdraw your available balance as soon as possible. Convert your bitcoin into your local currency and put it in your offline wallet. Then withdraw your money and transfer it to your bank account. If it’s possible, delete all the information available in your account to avoid identity theft and fraud.

Have Your ACCOUNT Closed To Prevent Identity Fraud

Or if not, you can call Youbit to have your accounts closed in order to minimize security data and financial breach. May this incident also serves as a lesson to all that before you invest in any type of investment (not onlyBITCOIN but also with others), you need to make some time to build your knowledge-base. Make sure to know everything about the inside outs of the investment you’re entering. Know the advantage, the pros, the cons, as well as the calculated risks you need to take.

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