South Korean Bitcoin Exchange Hacked and $5 Million Stolen
Yapizon the Bitcoin exchange of South Korea suffered from a massive data breach earlier this week. Hackers stole about 3816.2028 Bitcoin (about US$5 million) which is nearly 37% of total user funds. According to official statement from exchange in Korean language, this attack took place on the Saturday, April 22, 2017, a hacker has compromised four of the total exchange’s hot wallets. A hot wallet means a Bitcoin wallet that is online and is connected to the Internet in some way. As if this data breach was not enough to annoy the users, exchange has decided to make use of 37 percent of the user balances to accommodate the loss of 37 percent in the incident. But to compensate all this loss, the exchange is planning to issue the ‘Fei’ tokens to the “priority members.” Fei is the service product which exchange has been trading eversince 2014. “After so many discussions, the legal and accounting consultations and reviews, has come to the conclusion that this losses incurred in this case sh...