North Korea May Be Behind Youbit Cryptocurrency Heist

FinTech, Investing, News | March 29, 2018 By:

South Korean lawmen examining the Youbit exchange that collapsed after a hack believe North Korea may have been involved.

The Wall Street Journal, citing sources claimed to be familiar with the particulars of the crime, made the North Korea claim. Youbit was operating under a different name (Yapizon) when it was hacked last year. Its parent company, Yapian, declared bankruptcy.

Computer science forensic examiners have uncovered some indications of North Korea’s involvement. The country has been ramping up its cyber activities to counter economic sanctions, and is believed to be involved in such capers as the WannaCry ransomware attack last year.

North Korea has denied involvement in any cyber attacks.

A South Korean insurance company has denied Youbit’s claim on its business policy.