It was exposed today that South Korean bitcoin exchange Yapizon was hacked over the weekend. The company said that on Saturday, April 22, 2017, a hacker attacked between 2:00 am and 3:00 pm which prompted four of the company’s hot-wallets to be hijacked.
The total damage stands at 3831 BTC, which is about 5.5 billion won and around $5 million USD. The stolen assets were stated to be equivalent to 37.8% of the total assets of the exchange.
The exchange came to the conclusion after legal discussions, accounting consultations and evaluations that losses incurred in this case will be equitably applied to all members.
The unfortunate situation led Yapizon to file a complaint right away with an investigating agency.
Yapizon has suspended operations for the next few days in order to finish accounting work and also to strengthen security systems as quickly as possible.
As a smaller exchange, the bitcoin market shrugged this one-off, with prices undeterred in the last 24-48 hours. Veteran trader @CollinCrypto had the following reflections on the matter, “The total value stolen was only a few or so million dollars. In the earlier days of crypto, this would have been a cause for concern but with the bitcoin market cap as high as it is now, the market will easily absorb it.”
Bitcoin is currently trading around all-time highs of $1,300 at the time of writing slowly consolidating its position.
