Bitcoin tumbles on news of South Korean exchange’s bankruptcy
Youbit has closed and is entering bankruptcy proceedings after being hacked, rattling the bitcoin market
20 December 2017 - 08:31
Tokyo — Bitcoin prices plunged about 15% in Asian trade on Wednesday, before recouping some of the losses, as investors apparently took fright at news that a South Korean exchange had been hacked. The unit, which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings, according to Bloomberg News. Separately, US authorities on Tuesday suspended trading in a popular bitcoin-related stock, citing concern about market manipulation.
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