Bitcoin price gains amid news of a major hack
Bitcoin has rallied sharply on the news that a large-scale hack was discovered in China.
The cryptocurrency, which gained about $5.5 billion in the past week, jumped more than 5% to a record high.
The move comes after reports that a cyberattack on the financial industry had led to the loss of $500 million.
The hack affected all major payment providers, including banks and payment processors.
A security researcher said that attackers had breached at least five of the largest banks in the country, including two of China’s biggest, Tencent Holdings Ltd and Baidu Inc. A Chinese hacker, who goes by the name of Wu Xiaohua, who claimed to have breached the Chinese banks was arrested on Friday.
Wu, who has also been linked to a string of other major hacks and breaches, had claimed that he was responsible for the breach, according to The Associated Press.
The hacker was arrested after he stole the login credentials of banks and the passwords of their users.
Reuters/Aly Song The hack, which was uncovered by security researcher Wu Xiaojun, could affect as many as 20 banks and banks of major financial institutions in China, including Tencent, one of China�s largest online payment services, according Reuters.
The hackers also reportedly accessed the personal email of a number of major banks and other financial institutions.
The banks were notified on Wednesday that a security breach had occurred, according Chinese media.
Wu has been linked several times to previous breaches, including one in October that exposed the personal details of more than 10 million people, according TOKYO BANK.