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PR Newswire
26-12-2017, 01:57 PM
https://www.ccn.com/south-korean-exchang...this-year/
Youbit Files for Bankruptcy After Second Hack This Year
Tuesday morning, the Seoul-based Youbit published an announcement informing users that a hacker had successfully breached the exchange’s hot wallet, absconding with 17 percent of its assets.
This was the second time that Youbit had suffered a hack this year. In April, the exchange suffered a theft of nearly 4,000 bitcoins in a cyber attack that South Korean authorities allege was perpetrated by North Korea, according to a Reuters report.
Youbit said that it beefed up its security policies following the April hack and that the other 83 percent of the exchange’s funds were stored safely in a cold wallet. Nevertheless, Yaipan, the company that operates the exchange, filed for bankruptcy on Tuesday and halted trading on the platform.
According to the announcement, the exchange has marked down customer assets to 75 percent of their market value, and customers can withdraw them immediately. The company said it will repay the remainder of the funds at the conclusion of the bankruptcy proceedings, by which time it will have filed an insurance claim and sold the company’s operating rights.
Youbit Files for Bankruptcy After Second Hack This Year
Tuesday morning, the Seoul-based Youbit published an announcement informing users that a hacker had successfully breached the exchange’s hot wallet, absconding with 17 percent of its assets.
This was the second time that Youbit had suffered a hack this year. In April, the exchange suffered a theft of nearly 4,000 bitcoins in a cyber attack that South Korean authorities allege was perpetrated by North Korea, according to a Reuters report.
Youbit said that it beefed up its security policies following the April hack and that the other 83 percent of the exchange’s funds were stored safely in a cold wallet. Nevertheless, Yaipan, the company that operates the exchange, filed for bankruptcy on Tuesday and halted trading on the platform.
According to the announcement, the exchange has marked down customer assets to 75 percent of their market value, and customers can withdraw them immediately. The company said it will repay the remainder of the funds at the conclusion of the bankruptcy proceedings, by which time it will have filed an insurance claim and sold the company’s operating rights.
Virtual currencies are worth virtually nothing.
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