The Asian Banker
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Press Release
Published December 20, 2017
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A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now

Date: December 20, 2017
Categories: Financial Technology, Liquidity Risk, Operational Risk Management, Risk and Regulation, Security, Technology, Transaction Banking
Keywords: Cryptocurrency, Bitcoin, Ethereum, Bankruptcy


Yapian, a company that owns the Youbit exchange in South Korea, filed for bankruptcy after a hack that resulted in the loss of 17 percent of its cryptocurrency, according to a statement on its website.
 
News of the hack was first reported by The Wall Street Journal.
 
The exchange was used to purchase and sell cryptocurrencies including bitcoin and ethereum.
 
A translated statement posted by the company on its website said customers will be able to withdraw 75 percent of assets held there until the bankruptcy process is complete.
 
After a hack in April, the company said, it did its "best to improve the security, recruitment and system maintenance."
 
South Korea's Internet and Security Agency blamed the earlier attack on cyberspies working for North Korea, according to the BBC.
 
Re-disseminated by The Asian Banker from CNBC.com