Coinbin Go Bankrupt due to Employee Embezzling $26M

Funds withdrawal has been suspended since February 20 and user payments will be made in accordance to the law-based procedures
25 February 2019   469

South Korean exchange Coinbin (formerly Youbit) declared bankruptcy after it discovered a shortfall of 29.3 billion won, according to CCN.

Marketplace published a notice that it is forced to stop operations due to "debt growth", as well as due to "government regulation".

We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement.
 

Park Chan-kyu
CEO, Coinbin

According to him, the possibility of withdrawing funds in cryptocurrency and fiat money has been suspended since February 20. Payments to users will be made in accordance with the procedures provided by law.

Pak also noted that his employee deleted cryptocurrency keys from "hundreds of wallets" containing bitcoins and more than 100 ETH. The attacker acted intentionally, in order to assign digital assets equivalent to $ 26 million.

Coinbin acquired Youbit in 2017. Prior to this, Youbit twice a year has been cracked, and then declared bankruptcy.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   262

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.