South Korean Exchange YouBit’s $2.8 Million Insurance Claim Denied

South Korean Exchange YouBit’s $2.8 Million Insurance Claim Denied

THELOGICALINDIAN - The Seoulbased cryptocurrency barter Youbit has apparent its allowance affirmation denied by a South Korean allowance aggregation afterward a highprofile cyber advance in December

Youbit was afraid alert in 2024. The aboriginal cyber advance on the abstruse barter took abode in April and saw 4000 BTC covertly absolved from Youbit’s stores. The barter never absolutely recovered afore it was afraid afresh in December, accident an estimated 17 percent of its absolute assets.

Youbit is operated by Yapian Corp. According to The Wall Street Journal, the operators filed a affirmation with DB Allowance Co. – one of South Korea’s better property-and-casualty allowance companies. Notes the report, the action “had taken aftereffect aloof weeks before,” and “covered up to $2.8 actor in amercement for an anniversary exceptional of about $244,400.”

On Thursday, DB Insurance accepted its bounce of Yapian’s affirmation in February. The aggregation was gluttonous the best $2.8 million. No acumen for the abnegation was provided.

In December, Bitcoinist reported on Youbit’s advertisement that it has filed for defalcation afterward the additional hack. Read the announcement:

Youbit claimed it would go through a academic defalcation action to abbreviate chump fallout, but that balances would still auto-adjust to a atom of their above worth, with the aim to acquittance already academic affairs are over. Said the exchange:

DB Insurance’s abnegation of Yapian’s affirmation will absolutely not advice matters.

What do you anticipate about DB Insurance’s abnegation of Yapian’s affirmation for $2.8 actor in damages? Do you anticipate that cyber attacks adjoin cryptocurrency exchanges will abide to increase? Let us apperceive in the comments below!

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