South Korean Bitcoin Exchange Youbit Files for Bankruptcy After Hack Attack


It appears the crypto world is one of the most desired aims for the modern hackers these days. Following yet another cybersecurity attack, South Korean Bitcoin Exchange Youbit Files for Bankruptcy. What else do we know?

20 December, AtoZForex One of the South Korean cryptocurrency exchanges has experienced major issues with trading process following a cybersecurity attack. The name of the platform is Yapian; it operates the digital currency exchange Youbit.

South Korean Bitcoin Exchange Youbit Files for Bankruptcy After Hack Attack

After a cybersecurity attack, Yapian has halted all the trading on its platform yesterday. The company has also filed for bankruptcy after the hack. Some online sources state that the exchange has lost 17% of its cryptocurrency holdings.  As a matter of fact, Yapian has seen the same attack happening this April.

It is unsurprising that crypto market participants often face hacks and other cyber-related issues. One of the most famous cases involves once the biggest Bitcoin exchange in the world, Mt.Gox.

This Japanese digital currency exchange was forced to file bankruptcy back in 2014. That time, a hacker has stolen hundreds of thousands of Bitcoin from the exchange.

Cryptocurrency world under attack?

In November 2017, an estimate of $280 worth of Ethereum has been frozen by the cryptocurrency wallet Parity. The issue has taken place because of one person’s mistake. An unknown user has deleted the code library required to use recently created digital wallets within Parity.

According to a Parity security alert, a user claimed to have “suicided the library-turned-into-wallet.” As a result, it has wiped out all the library code. Also, it renders unusable all multi-signature contracts that employed the code.

To put that in more simple terms, the code library was a type of smart contract that facilitated transactions and balance holdings for users. After the deletion, wallets that rely on them can’t function and stuck in Ethereum purgatory. Particularly, Parity has issued a new version of its code to fix future wallets.

Yet, the crypto market has managed to reach remarkable heights. Recently, the total market capitalization of the cryptocurrency market has surpassed the $600 billion level.

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