[Crypto] The Case of Hacking on the Exchange in Korea
22.04.17 Yapizon
I am John :)
We’ve created a separate category to talk about blockchain and cryptocurrency, about the blockchain industry, and about the many things that are circulating in the crypto market in Korea.
There’s some inaccurate news, but I’m going to tell you a variety of stories about the fact that we’re going to focus on the fact that we can.
Let’s talk about it so it’s a little closer to helpful information!
Today, we will talk about the hacking of the exchange in Korea.
The creation of Bitcoin and the creation of exchanges led to various hacking incidents at home and abroad. One of the most common cases is a hacking case on Mt.gox.
But we’re not going to start with any foreign exchange hacking.
Because it is in Korea.
Let me tell you what happened to the exchange hacking cases in Korea!!
1. April 22, 2017 Yapizon Exchange Hacking
Saturday, April 22, 2017
Four hot-wallets stolen
3831 Bitcoin About 5.5 billion won Hacking
That’s 37.08% of the total assets that Yapizon has!

After the hacking, YapiZon came up with a plan
The solution to the damage caused by hacking is to be applied fairly to all members. Yapizon’s excuse that this is the most common way of clearing up. So, the Yapizon is responsible for the members’ KRW, BTC, ETH, LTC and Fei.
It is said to have made a 37.08% deduction. (The profits generated by the exchange are taken by the YapiZon and the damage is shared with the members……)
However, the YapiZon has also made a premise for making small compensation plans for these measures.
The loss of members should be minimized as much as possible (finally zero).
The company should bear these losses to the fullest!
In that way, we decided to pay the company’s profits, “Fei,” as much as our members’ losses. This compensation was not rewarded for continuing to leave Bitcoin to Yapizon for damages, despite being hacked in the end because it would require the creation of Fei through transaction roll. Members have ended up crying over and over again about leaving bitcoins in the YapiZon.
In the end, the damage is being handled by all the users.
The centralized exchange is always exposed to this crisis.
The fact that Bitcoin cannot hack is the strength of the blockchain itself, and the exchange that deals with it runs through the central server, so it is very vulnerable to hacking.
But
there’s still a lot of central exchange running,
a lot of people using it, and
there’s a lot of hacking happening.
Will this trend change soon?
Almost the first Yapizon hacking case in Korea.
They change the name of the exchange later, and it’ll pop up again!!
I’ll keep you posted on the exchange hacking series.
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