South Korea: Insurance Company Denies Hacked Crypto Exchange’s Damages Claim

JulienJ

Member
Yapian Corp., the operator of twice-hacked crypto exchange Youbit, has been denied their insurance claim of $2.8 mln for last December’s hack of an alleged 17 percent of their assets, the Wall Street Journal reported March 29.

The mid-December security breach of South Korean Bitcoin (BTC) exchange Youbit led the company to file for bankruptcy, with 75 percent of customers’ holdings available for withdrawal and the rest on hold until the end of the bankruptcy proceedings. The hack has been attributed to North Korean hackers, along with several other hacks of South Korean crypto exchanges. Youbit, which formerly went by the name Yapizon, was also hacked in April of last year.

A Yapian press release from March 28 says that DB Insurance, Yapian’s insurance provider, denied the payout due to what they cited as a failure on Youbit’s behalf to disclose pertinent information before purchasing the insurance policy, which Youbit sees as an excuse to not honor the policy.

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