Youbit Exchange Files for Bankruptcy After North Korean Cyberattack
Yet another crypto exchange has fallen victim to a cyber attack, this time in South Korea. Farewell, Youbit.
A recent hack, allegedly waged by North Korean hackers, was responsible for draining nearly 17% of all crypto assets the exchange owned.
A dollar amount for this figure was not mentioned, and this isn't the first time the exchange has been the target of a cyber attack.
Earlier in April, the exchange was slammed by North Korean cybercriminals for as many as 4000 BTC - a now-massive sum.
North Korean hackers have made waves in the news lately, targeting various crypto exchanges and wrecking havoc amongst them.
Youbit mentioned that deposit holders on their exchange would be issued refunds at some point - but that the value of their deposits would be reduced to 75% of face value, in response to the most recent hack.
Bitcoin market value dropped in tandem with this news, to $17,900 as of writing this.
Another sad day in the crypto world, as yet another exchange falls.
When will exchanges get their shit together and start focusing on security over profit?
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Just another example of why you DON'T keep your stash in an exchange-controlled wallet where you don't own your private keys- they're massive targets.
Take control of your security folks. It's a big deal!
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Oh crap. I actually had some alt coins lying around in YouBit for a really long time (those dark coin days). Maybe I should go check those out.
Isn't it great that we had our internal trading moment back in Malaysia, @fatpandadesign ?
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Haha, i miss the good old days of trading in person! Are you still going to try and promote your idea?
How was Youbit when you used it?
Youbit was in its infant stage when I used it. It was just rather normal. The fact that I didn't continue to use it shows that I needed a lot of improvement. haha.
I am still promoting it. All was good when SBD and STEEM were lower, now my #teammalaysia are all waiting to sell to buy Christmas presents. haha. There are more sellers than buyers in my discord now. haha.
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