North Korean hackers can be related to YouBit hack

North Korean regime is trying to reduce losses from economic sanctions by stealing the cryptocurrency
21 December 2017   604

South Korean investigators are considering North Korea's possible involvement in hacking the Youbit crypto exchange. According to sources close to the investigation, there are serious indications and concrete evidence of this fact, writes The Wall Street Journal.

Now the regime of Kim Jong-un is going through hard times with funding because of tightening economic sanctions. One way to replenish the treasury is hacking of vulnerable crypto currency. 
 

Investigators

Earlier, a number of experts said that against the background of the global crypto currency "mania" the North Korean regime intends to establish control over a significant number of existing bitcoins through the use of virus-extortionists, thefts and mining.

On December 19, the South Korean crypto exchange Youbit announced the closure and commencement of the bankruptcy procedure after the second time in the last year it was a victim of hackers. Unknown attackers stole about 17% of the assets of the site.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   108

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.