Insurance Service Refused to Hacked Youbit Request

Youbit hacks investigation is still in the initial stages
29 March 2018   674

South Korean Exchange Youbit received a refusal to request, sent to the insurance service, a few months after a hack.

In December, Youbit declared itself bankrupt, after hacked twice during 2017. The last attack resulted in the loss of 17% of the exchange's assets and its subsequent closure.

According to the Wall Street Journal, the exchange contacted the insurance service in accordance with the procedure, which she was informed about several weeks before the second hack. However, the insurance company DB Insurance Co. refused to meet her demands.

Although the insurer did not comment on the situation, WSJ managed to contact Yapian, the operator of the Youbit exchange. It said that DB Insurance accused them that they were in a hurry to get insurance and did not provide important information at the time of discussing the terms of insurance.

In the meantime, the investigation continues into two hackings of the Youbit exchange and the possible involvement of North Korean hackers. WSJ reports that the process is in the initial stages, and the investigation did not go beyond the stage of studying the malicious software used to carry out attacks.

OKEx & Kraken to List Bitcoin SV

Kraken notes that Bitcoin SV doesn't meet its usual listing requirements
19 November 2018   50

OKEx Bitcoin exchange, charged holders of Bitcoin Cash with BCHABC and BCHSV coins. Bidding for each asset is available in pairs with Tether USD, Bitcoin, Ethereum and OKB token.

Note that futures, margin trading and fiat pairs will remain unavailable for new assets. The withdrawal of coins is also closed indefinitely.

In turn, the Kraken exchange assigned the BCH ticker to the Bitcoin ABC chain, but also made a decision on the listing of Bitcoin SV (BSV).

WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of:

  • No known wallets supporting replay protection (be careful!)
  • No support in major block explorers
  • Miners apparently subsidized or operating at a loss
  • Representatives threatening and openly hostile toward other chains
  • Chain’s survival may be mutually exclusive with other chains
  • Supply is temporarily constrained because of limited wallet support
  • Some large holders have indicated they’d be dumping everything ASAP
  • Kraken has done only very minimal code review

Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.

Kraken Team

BSV trading will be available in pairs with Bitcoin, fiat USD and Euro.

Meanwhile, the BSV rate in the last 24 hours fell by almost 30%, dropping below $ 90.