Korean insurance company rejects request from bankrupt crypto exchange

South Korean cryptocurrency exchange Youbit was denied insurance after it shut down due to a hack.

In December, Youbit declared bankruptcy following a series of hacker attacks that many believe were behind the North Korean government. The second hacker attack, which led to the loss of more than 17% of its total assets, forced the exchange to close.

According to the Wall Street Journal, the exchange filed for bankruptcy two weeks before the second hack. On the other hand, DB Insurance.Co., one of the largest insurance companies in South Korea, denies this information, the source says.

“DB Insurance accused them of trying to obtain insurance and hiding important information,” journalists write. It is also reported that despite the difficulties that the creators of the project may have faced after its closure, experts are studying the circumstances of the first hack, with a particular focus on North Korea.

In another report, the Wall Street Journal, citing unidentified sources, said that the investigation was at the initial level and that the study of the malware that was used was ongoing.

Earlier this year, according to Kyodo News, South Korean government officials reported their suspicions to North Korean lawmakers, who They are also allegedly behind the theft of $530 million in cryptocurrency from the Japanese exchanger Coincheck.

According to https://www.coindesk.com