Youbit, South Korean cryptocurrency exchange has revealed plans to file for bankruptcy.The decision for closure of operations came after the exchange was hacked for the second time in this year.
Youbit announced on its website on Tuesday that it had been hacked at 4:35am local time on Tuesday, causing a loss worth 17 percent of its total assets.Accordingly, all coins trading and cash withdrawals were suspended to minimize customer losses.
With no signs of a downtrand in crytocurrency prices, security expert warns that bitcoin exchanges and wallet services are likely to become more vulnerable to cyberattacks.
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