As part of our Year in Preview series, we've recently
covered both
international cyberwar and the rise of
cryptocurrency. Just before the holidays, both of these topics
collided in a decidedly unpleasant manner.
On December 19, the South Korean cryptocurrency exchange Youbit
filed for bankruptcy, disclosing that it had
just suffered a hack that made off with about one fifth of the
bitcoins stored on its platform. Youbit's users can withdraw
75% of the value that's left, but anything beyond that will
have to wait until after bankruptcy proceedings.
The theft highlights some of cryptocurrency's geopolitical
ramifications. South Korea accounts for, on average, 20% of
bitcoin's daily trading volume. And while Youbit is a
relatively minor player on the scene, over $100m in coins have been
stolen in hacks on South Korean exchanges just this year. No
attacker has claimed responsibility, but the main suspects are state actors from North
Korea, which is said to be
