Insurance Service Refused to Hacked Youbit Request

Youbit hacks investigation is still in the initial stages
29 March 2018   912

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.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.