South Korean - Claim denied in digital exchange
Saturday, 03 31 2018, Category: Technology, Country: Asia
The Seoul-based cryptocurrency exchange Youbit has seen its insurance claim denied by a South Korean insurance company following a high-profile cyber attack in December.
Youbit was hacked twice in 2017. The first cyber attack on the little-known exchange took place in April and saw 4000 BTC covertly liberated from Youbit’s stores. The exchange never fully recovered before it was hacked again in December, losing an estimated 17 percent of its total assets.
Youbit is operated by Yapian Corp. According to The Wall Street Journal, the operators filed a claim with DB Insurance Co. – one of South Korea’s largest property-and-casualty insurance companies. Notes the report, the policy “had taken effect just weeks before,” and “covered up to $2.8 million in damages for an annual premium of about $244,400.”
On Thursday, DB Insurance confirmed its rejection of Yapian’s claim in February. The company was seeking the maximum $2.8 million. No reason for the denial was provided.