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South Korea cryptocurrency exchange shuts down after hacking

Bitcoin medals. Investing in virtual currencies has become hugely popular in the hyper-wired South, whose trades account for some 20 per cent of global bitcoin transactions. PHOTO | KAREN BLEIER | AFP

By  AFP

What you need to know:

  • About one million South Koreans, many of them small-time investors, are estimated to own bitcoin.

  • Demand is so high that prices for the unit are around 20 per cent higher than in the US, its biggest market.

SEOUL 

A South Korean exchange trading bitcoin and other virtual currencies declared itself bankrupt on Tuesday after being hacked for the second time this year, highlighting the risk over cryptocurrencies as they soar in popularity.

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