Bitcoin Exchange Youbit to Announce Bankruptcy After Hack

A South Korean bitcoin exchange is moving to proclaim bankruptcy following what it said wasgoed a debilitating hack and theft.

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A message on Youbit’s official webstek posted today states that, at around Four:34 a.m. oportunidad time, an outer hack resulted ter the loss of “about 17 procent of total assets.”

The cyber attack is the 2nd for Youbit, previously known Yapizon. The exchange wasgoed previously targeted te April ter an attack which South Korean officials believe wasgoed conducted with the support of neighboring North Korea. Latest reports indicate that intelligence services te South Korea suspect that North Korea is behind toegevoegd attacks against domestic cryptocurrency exchanges, including market-leader Bithumb.

Spil a result of today’s attack, Youbit said that it has halted deposits and withdrawals. According to Reuters, investigators have begun looking into the situation.

And while the company suggested that users may not see the utter come back of their funds, the statement indicated that Youbit would be disbursing the cryptocurrency it still has te its possession.

“Due to bankruptcy, the settlement of contant and coins will be carried out ter accordance with all bankruptcy procedures,” the exchange said te a translated statement. “However, te order to minimize the harm to our members, wij will arrange for the withdrawal of approximately 75 procent of the enumeraciĆ³n at Four:00 a.m. on Dec Nineteen, The surplus of the unpaid portion will be paid after the final settlement is finished.”

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The moves are being taken despite what Youbit characterized spil a less severe intrusion compared to the one te April. The company also suggested that it would seek to pare losses by tapping insurance funds and selling a stake te the exchange.

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“Wij will do our best to minimize the loss of our members by 17 procent , through various methods such spil cyber comprehensive insurance (Trio billion [won]) and selling the operating rights of the company,” the company wrote.

Editor’s Note: Some of the statements te this report have bot translated from Korean.

The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.

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