South Korea's Youbit files for bankruptcy after suffering a second cyber attack in 8 months
Youbit is a cryptocurrency exchange in South Korea and announces its plans to file for bankruptcy after 17% of its digital currency reserves were hacked. It says that its systems were hacked in the predawn hours of Tuesday.
The exchange trades in 10 cryptocurrencies, which includes Bitcoin and Ethereum.
Users of the exchange were told they can withdraw about 75% of their cryptocurrency for now, while the remaining balances would be returned after the company goes through its bankruptcy proceedings.
The constant threat of hacking and cyber attacks have been a thorn to cryptocurrency exchanges/miners. Earlier in the month, Bitfinex - a Taiwan-based exchange - came out to say that it is constantly under threats of a cyber attack. Then, we also had NiceHash - a Slovenian crypto-mining company - got about $70 million worth of Bitcoin stolen.
