South Korean cryptocurrency exchange YouBit filed for bankruptcy on Tuesday, after a large-scale cyber attack which saw it lose 17 percent of its assets.
The attack was the exchange’s second hit from cyber-thieves, who took 4,000 bitcoins, now worth $73 million, back in April.
An announcement that appeared on its homepage on Tuesday said it had made “every effort to stay afloat”, adding that it was “very sorry to inform you again with the sad news”.
In order to minimize the impact on customers the cryptocurrency exchange will go through a formal bankruptcy procedure. The announcement on the site said:
“Through various measures such as the sale of cyber comprehensive insurance [3 billion won] and the operating rights of the company, the loss to members is expected to be lower than 17%… I will make every effort to minimize this.”
The hack brings further attention onto the security of bitcoin trading sites, as its soaring price encourages more amateur investors to get involved.
