The insurer refused to satisfy requirements of the hacked Youbit Exchange

The insurer refused to satisfy requirements of the hacked Youbit Exchange


South Korean Exchange Youbit received a refusal to request, sent to the insurance service, a few months after its hacking.

In December, Youbit declared itself bankrupt, after twice underwent hacking cracking 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.

“DB Insurance accused us that we were in a hurry to get insurance and did not provide important information at the time of discussing the terms of insurance,” the operator said, adding that the insurer is trying to fraudulently evade the payment of the funds due to his company.

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.

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