Cryptocurrency: Youbit hacked, files for bankruptcy

[NumLock21]

South Korean cryptocurrency exhange Youbit, has filed for bankruptcy after it has been hacked twice, with the hackers taking 17% of the exchange's asset reserves.

Quote

 

YouBit said it has suspended deposits and withdrawals as a result of today’s attack. “Due to bankruptcy, the settlement of cash and coins will be carried out in accordance with all bankruptcy procedures,” the exchange said in a statement (translated) about what should its customers expect.

“However, in order to minimize the damage to our members, we will arrange for the withdrawal of approximately 75% of the balance at 4:00 am on December 19, the rest of the unpaid portion will be paid after the final settlement is completed.” The exchange also said that it will minimize the losses for customers by selling a stake in the exchange and tapping insurance funds.

 

https://wccftech.com/bitcoin-exchange-collapses-bankruptcy/

[Crunchy Dragon]

Whoa.

[Guest Generallee]

Oh noes the coinerinos are gone

 

 

[Steemax]

Ouch, but this isn't the first time or the last time this will happen, people stop leaving your coins on exchanges! Use a paper wallet, hardware wallet or a wallet that only you have access to the private key. 

[Matu20]

I feel like Bitcoin was supposed to protect the money, not make it more vulnerable. 

[Fetzie]

19 minutes ago, Matu20 said:

I feel like Bitcoin was supposed to protect the money, not make it more vulnerable. 

If you handed the contents of your bank account over to some website that said they'd look after the money for you, how long do you think it would take before you lost the money?

[WkdPaul]

8 hours ago, Matu20 said:

I feel like Bitcoin was supposed to protect the money, not make it more vulnerable. 

The crypto currencies themselves have nothing to do with that.

 

It's the way lots of those exchanges are managing their assets.

 

 

Hacks are just here to stay, where there's money or something of value, hacks WILL happen. Just look at the different companies and government bodies being hacked recently ; Equifax, Uber, the State of California, the Far Eastern International Bank, every single Yahoo accounts, etc ... that's just what you could find in the news in the last few months of 2017 and it's all unrelated to cryto currencies!

 

As it was stated when Nicehash was hacked, if you want your crypto currency to be safe, keep it in a safe offline wallet.

Edited December 20, 2017 by wkdpaul

[Dissitesuxba11s]

At least people seem to be wising up, one of the most popular wallets, the Ledger Nano S is sold out almost everywhere. You can still buy it but it is almost double the price.

[DrMacintosh]

Down with crypto! 

[Syntaxvgm]

57 minutes ago, DrMacintosh said:

Down with crypto! 

yea, fuck math 

[PocketNerd]

Queue "Annnnd it's gone" memes.

[JoseGuya]

Cheesus, people who store their currency on exchanges instead of hardarware/private walltes just deserve  the natural selection. 

[Guest]

Wow, losing 17% is enough for bankruptcy. Was the exchange already struggling before hand? (Maybe this was just the tipping point as the major damage could have come from the April hack.)

[captain_to_fire]

3 hours ago, wkdpaul said:

The crypto currencies themselves have nothing to do with that.

 

It's the way lots of those exchanges are managing their assets.

 

 

Hacks are just here to stay, where there's money of value, hacks WILL happen. Just look at the different companies being hacked recently ; Equifax, Uber, the State of California, the Far Eastern International Bank, every single Yahoo accounts, etc ... that's just what you could find in the news in the last few months of 2017 and it's all unrelated to cryto currencies!

 

As it was stated when Nicehash was hacked, if you want your crypto currency to be safe, keep it in a safe offline wallet.

It makes me trust banks even more than cryptocurrency wallets. If there’s a bank heist, there’s an insurance and Bitcoin doesn’t have it. 

[Drak3]

4 hours ago, wkdpaul said:

Just look at the different companies being hacked recently ; Equifax, Uber, the State of California

Are you familiar with this old robot saying? 'Does not compute.'

 

 

 

1 hour ago, PocketNerd said:

Queue "Annnnd it's gone" memes.

How about this meme instead?

4 hours ago, Matu20 said:

I feel like Bitcoin was supposed to protect the money, not make it more vulnerable.

The problem isn't the money. The problem is people leaving it out by the dark back alley when there is a perfectly good fire proof safe next to their bed.

[WkdPaul]

17 minutes ago, Drak3 said:

Are you familiar with this old robot saying? 'Does not compute.'

yeah, my intention was to give a few companies as exemples but then remembered the State of California had was also hacked ... fixed

[BryL]

Not bankrupt, money pool is empty.

Hacked? Same alibi with Nicehash