[2017-12-19] Youbit Exchange Files For Bankruptcy

[davey76]

South Korean exchange Youbit has announced it is filing for bankruptcy after hackers stole 17% of its net assets. ‘Very Sorry (Again)’ In an announcement on its homepage since reported by various news outlets, the relatively unknown exchange, which is not to be confused with the similarly-named Yobit.net, said it had made “every effort” to stay afloat. A previous hack in April saw 4000 BTC covertly leave Youbit’s books, an episode from which the exchange never fully recovered.

More: http://bitcoinist.com/youbit-bankruptcy-hackers-assets/

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[superjeyy]

Sad to see that with the growth of Bitcoin also made the interest for online robbery grow. It is not new to Exchanges as many have fallen victim to hacking and I am surprised that Youbit have survived the first hack of their exchange. Bitcoin related websites need to step up their security as hackers are easily stealing their money as well as their users. It is another reason why we need Bitcoin regulated to help decrease these kinds of criminal acts.

[TheBeardedBaby]

Maybe this is the reason why the Bitcoin drop to 17k$ today. I was wondering what happend when it crossed 19K $early this morning and started to fall.

[cr1776]

Yet another example showing why you shouldn’t leave coins with a third party unless you intend to sell then on the exchange or use them.

[CryptoBry]

South Korean exchange Youbit has announced it is filing for bankruptcy after hackers stole 17% of its net assets. ‘Very Sorry (Again)’ In an announcement on its homepage since reported by various news outlets, the relatively unknown exchange, which is not to be confused with the similarly-named Yobit.net, said it had made “every effort” to stay afloat. A previous hack in April saw 4000 BTC covertly leave Youbit’s books, an episode from which the exchange never fully recovered. More: http://bitcoinist.com/youbit-bankruptcy-hackers-assets/

My eyes popped because I was then thinking it is Yobit.net but thankfully it is not but just another exchange with similar name. Sadly, this will never be the last exchange to be victimized by talented people who are using their skills to spread gloom and doom online. We have to beef our security measures and sites should be two steps ahead of hackers to avoid getting into the same problem. This is unfortunate especially to members who banked on the site for their cryptocurrencies concerns. This and more can be one of the many challenges that we in the cryptocurrency community are facing everyday...from hackers, phishers, keyloggers, malware, scammers, so on and so forth. Is there no concrete on this from the blockchain technology that we can utilize to protect our online assets?

[entrepmind23]

There's a lot of exchange being hacked that's why it would be good to never just leave your coins in an exchange because of this possibility. Those who experienced Mt. Gox are very careful when it comes to dealing with exchanges but there are still many people who are leaving a bulk of their coins to the exchanges thinking it is secure.

Bitfinex has been hacked last year but thankfully they were able to recover but it is a different story for Youbit because they weren't able to get back to its feet and end up filing bankruptcy. This is the sad truth when there are hackers lurking around waiting for its opportunity to attack that's why we should always have security when dealing with our funds.

[Mpamaegbu]

Is there an exchange with that name? I know of https://www.yobit.io or https://www.yobit.net (both are the same site and are not having any bankruptcy issue). YoUbit isn't the same as Yobit as many would quickly assume it is the popular Yobit exchange. I know this piece of news will greatly misinform the public. Especially, those who knew about the issue around the now defunct novaexchange.

[CryptocurrencyInvestor]

Are you sure YoBit is South Korean? I never knew that, well you learn something new every day

[Kinohimitsu]

So that means at least three South Korean exchanges have been hacked this year, at least those who made it public. I cannot remember the first one in March, but Bithumb recently was discovered last month (although the hack started all the way in April) and now Youbit. It must be of little coincidence that all these hacks started around the same time. Perhaps more exchanges are affected but do not know it yet? I'd change all my passwords if I'm using a South Korean exchange now.

[davey76]

So for the people that are new in this cryptoworld: Never leave your coins/tokens on an exchange! Unless you are a daytrader and pro.

[MMostaza]

Maybe this is the reason why the Bitcoin drop to 17k$ today. I was wondering what happend when it crossed 19K $early this morning and started to fall.

Market is always aware of every movement of the environment, so yes, is very probably that Youbit bankrupt is the reason of Bitcoin drop. Good news is that probably in the following days more positive news are going to appear about Bitcoin and value will rise again.

[wilhb81]

South Korean exchange Youbit has announced it is filing for bankruptcy after hackers stole 17% of its net assets. ‘Very Sorry (Again)’ In an announcement on its homepage since reported by various news outlets, the relatively unknown exchange, which is not to be confused with the similarly-named Yobit.net, said it had made “every effort” to stay afloat. A previous hack in April saw 4000 BTC covertly leave Youbit’s books, an episode from which the exchange never fully recovered. More: http://bitcoinist.com/youbit-bankruptcy-hackers-assets/

My eyes popped because I was then thinking it is Yobit.net but thankfully it is not but just another exchange with similar name. Sadly, this will never be the last exchange to be victimized by talented people who are using their skills to spread gloom and doom online. We have to beef our security measures and sites should be two steps ahead of hackers to avoid getting into the same problem. This is unfortunate especially to members who banked on the site for their cryptocurrencies concerns. This and more can be one of the many challenges that we in the cryptocurrency community are facing everyday...from hackers, phishers, keyloggers, malware, scammers, so on and so forth. Is there no concrete on this from the blockchain technology that we can utilize to protect our online assets?

Same reaction like you, when I first read about the news (I thought it was 'Yobit', but after read it carefully for the 2nd time - it was 'Youbit') Hackers are lurking around like a lion - they will wait for the right timing and do an ambush on the victim.

That's why I never store any alt coins on 3rd party exchange platforms, because I can't bear to lose my assets.

[J. Cooper]

Maybe this is the reason why the Bitcoin drop to 17k$ today. I was wondering what happend when it crossed 19K $early this morning and started to fall.

Market is always aware of every movement of the environment, so yes, is very probably that Youbit bankrupt is the reason of Bitcoin drop. Good news is that probably in the following days more positive news are going to appear about Bitcoin and value will rise again.

It certainly could've had an impact on the price but all in all I think it was quite minimal (assuming it had an impact at all). What really caused the price to briefly crash to $14000+ was the listing and inside trading of bcash by coinbase. Shills have been working overtime and the bitcoin network suspiciously got congested once more (see for yourselves https://twitter.com/sbetamc/status/943433491097714688). But this only resulted in a healthy dip for the market and those who were looking to buy some more bitcoin.

[veleten]

Is there an exchange with that name? I know of https://www.yobit.io or https://www.yobit.net (both are the same site and are not having any bankruptcy issue). YoUbit isn't the same as Yobit as many would quickly assume it is the popular Yobit exchange. I know this piece of news will greatly misinform the public. Especially, those who knew about the issue around the now defunct novaexchange.

it won't misinform people who can read
there is a  difference between Yobit and Youbit
also I believe many would love to see Yobit in place of Youbit,since there is little love for that exchange in the community
the lesson-never ever keep your money anywhere but your wallet,even if for a short period of time,even at "trusted" exchanges

[1Referee]

Yet another example showing why you shouldn’t leave coins with a third party unless you intend to sell then on the exchange or use them.

Right, but traders in this regard are always on the wrong side of the fence. If they end up losing due to a hack, they get blamed for leaving coins on-exchange. Trading sessions can take days and days, which is something you can't avoid as seasoned trader. I remember how I got burned when BTC-E went down. In this case the only thing I blame myself for, is the fact that I shouldn't have used that exchange. I don't blame myself for the fact that I left my coins on-exchange, because I am still trading where my coins some times remain on-exchange for a whole week. On top of that, the fiat I am trading with never leaves the exchange for convenience purposes. Sending fiat back and forth takes days, which is something that makes you lose out on opportunities.

[greeklogos]

They just announced that without explaining the reason. It is a little bit strange to me that the exchanger became a bankrupt with such kind of fees that they take for operations it must be the most profitable business of nowadays!