https://news.bitcoin.com/hacked-korean-bitcoin-exchange-yapizon-offers-ious/
This past week a South Korean bitcoin exchange called Yapizon was hacked for 3816 BTC or roughly $5.3 million USD worth of bitcoins on Saturday, April 22. The exchange has made a statement concerning the hack and plans to offer an IOU token to its customer base to cover losses.
According to the bitcoin exchange Yapizon, four of the company’s hot wallets were compromised on April 22, between 2:00 to 3:00 in the morning. Yapizon says roughly 36 percent of funds were stolen and they have filed a complaint with the Cyber Investigation Division of Seoul, the local police. After the hack, Yapizon says they have spoken with their legal team and have decided to split the loss among its customer base.
“After many discussions, legal and accounting consultations and reviews, we have come to the conclusion that it should be applied fairly to all members,” explains the Yapizon exchange. “It is also the most common way to go through the liquidation process.”
The trading platform details that they are not spreading losses to KRW accounts but only virtual holdings including BTC, ETH, and LTC. Yapizon says executives and the CEO have relinquished property rights to resolve the case and will be paying its members with a token called “Fei.” Furthermore, the Korean exchange says they will also provide customers the opportunity to trade the Fei into shares of Yapizon’s “Yahoo Japan” stock.
https://news.bitcoin.com/hacked-korean-bitcoin-exchange-yapizon-offers-ious/