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ID:

coinbin-youbit-yapizon-657

Date:

Status:

Incident Count:

February 20, 2019

Verified

3

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

26,000,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Exchange

Assets

Insider Theft

Extended Method:

Insider theft

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Days in Operation:

0

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Coinbin, a south Korean cryptocurrency exchange, formerly Youbit and before that was Yapizon, is filing for bankruptcy with losses equivalent to more than $26 million after its debts grew after employees embezzled money. Park Chan-kyu, CEO of Coinbin, asserted that an executive in charge of managing cryptocurrencies, who previously served as the CEO of Youbit, the predecessor of Coinbin, had committed dereliction of duty and embezzled company funds. The executive reportedly claimed that he had removed hundreds of cryptographic keys to coin wallets containing hundreds of Bitcoin and lost the cryptographic key to a wallet containing more than 100 Ethereum coins last November. But Park said that it was not a mistake but an intentional act in that the executive is a cryptocurrency expert. The amount of the damage is estimated at 29.3 billion won including 27 billion won to be used for compensation of some former members of Youbit and 2.3 billion won of lost coins.

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