Youbit bankruptcy – not a fact yet, but it is coming

Dorota Zabek
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South Korean cryptocurrency exchange market is about to declare its bankruptcy since it got hacked second time this year only.

Lately, we have been covering the subject of attacks on South Korean cryptocurrency exchanges. We especially took a look at the Bithumb case where as a result of hacking into one of Bithumb’s employee’s private computer the cryptocurrencies worth about 90 million dollars were stolen, as well as personal data of around 30 000 individuals. As we mentioned not only Bithumb was attacked.

Now much smaller, but still popular exchange market is about to declare bankruptcy after the second attack. In April 2017 hackers 4 000 BTC from Youbit, known as Yapizon at that time. Yesterday at 4:35 local time they have announced another hacker attack on their official website. The value of stolen Bitcoins is 17% of all the assets on the market.

Youbit claims that they will try to minimize their users’ losses by decreasing value of every asset to 75%.

Due to The Japan Times, the Korea Internet&Security Agency is pointing at hacker group from North Korea. Since South Korea is one of the most crowded with cryptocurrency transactions countries, it seems like a tempting target.

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