Earlier this year, Youbit, a South Korean exchange company was hacked and lost 4,000 of its digital coins. This morning at 4:35am, they announced a second hacking with allegations placing North Korea as the culprit.
Now with severe losses and their currency marked down to 75% of their value, Youbit will file for bankruptcy and plan to shut down.
Early Monday, the nascent and highly popular cryptocurrency, Bitcoin, almost reached the $20,000 mark before slipping back to around $19,000.
Cryptocurrency is an internet-based currencies and payment that does not require banks to process payments. Unlike other traditional currency, the central bank does not hold cryptocurrency.
This Sunday, Bitcoin futures went live for the first-time and shot up over $1,000 to now $17,000. The increasingly popular virtual currency made its debut on a major US exchange on the Chicago Board Options Exchange, a Chicago-based group.
The buyer-seller frenzy shut down the company’s website.
In 2010, my wife-to-be wanted to invest before we married. She thought we should buy a dollar house in Detroit, while I suggested investing in currency, both old and new.