[Bitcoin Now] Below 40 Million Won... Hackers Demand Bitcoin as Recovery Condition

US Government Concerned Bitcoin Used for Crime Funds Since Before
Ethereum as 'Digital Oil'...Risk of Losing Money Due to Bugs and Software Issues

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen below 40 million won again. The hacker group that attacked a US IT security company demanded about 70 million dollars (approximately 79.3 billion won) in Bitcoin as ransom for returning the data.

According to the domestic cryptocurrency exchange Upbit, as of 10:25 a.m. on the 6th, Bitcoin recorded 39.61 million won, up 0.31% from the previous day. It rose to 41.64 million won at 6:58 a.m. the previous day but has been declining since. Since the 20th of last month, Bitcoin has not recorded above 43 million won.

The hackers demanded Bitcoin as ransom for the data. On the 5th (local time), US CNN reported that the Russian hacker group 'REvil,' which attacked the IT security company Kaseya with ransomware, demanded about 70 million dollars in Bitcoin as ransom for returning the data. It is presumed that Bitcoin was demanded to exploit its difficult-to-trace characteristics. Ransomware refers to a crime where unauthorized access is made to a specific institution's system, data is encrypted, and money is demanded in exchange for decrypting it. REvil's attack is known to have paralyzed hundreds of companies and systems in at least 17 countries.

The US government has long been concerned about Bitcoin being used as criminal funds. On the 30th of last month, the Financial Crimes Enforcement Network (FinCEN) under the US Treasury Department specified cryptocurrency and cybersecurity-related cybercrime as top priorities for preventing terrorist financing. Earlier this year, US Treasury Secretary Janet Yellen also criticized, saying, "Cryptocurrency is mainly used for illegal finance."

Meanwhile, interest in Ethereum is increasing. On the 4th, the US economic media CNBC analyzed the characteristics and value of Ethereum. According to CNBC, Ethereum is mainly used for decentralized finance and non-fungible tokens (NFTs). It serves as a kind of platform for cryptocurrencies. Accordingly, Bitcoin is compared to digital gold, and Ethereum to digital oil. However, Avichal Garg, co-founder of Electric Capital, explained, "Ethereum is still in its early development stage, so risks still follow," adding, "You can lose money due to bugs and software issues." At the same time, Ethereum recorded 2.6 million won, up 1.36% from the previous day.

This content was produced with the assistance of AI translation services.