South Korea Bitcoin Exchange Hacked
South Korea exchange Yapizon has reported that 3,831 bitcoins are missing. The bitcoins are equivalent to slightly more than 37 percent of the exchange’s total assets.
The company reported the theft on Saturday via social media. It said that it would use remaining customer balances by the equivalent amount of loss suffered by the hack when it comes up with a repayment schedule. The practice mirrors that of Bitfinex, which also docked user accounts 36 percent in the wake of a hack.
Yapizon has since published details about its compensation program for users. Those maintaining wallets on Yapizon will see their overall cryptocurrency balance deducted by 37 percent and replaced with “Fei” tokens. Yapizon will buy the Fei tokens from its holders over a period of time with profits from future operations.
The company claimed private user information was not obtained in the hack. That information was stored on a separate server.
