Most Bitcoin platforms face DDoS attack; Yapizon loses about 3,800 Bitcoins

Golden Finance News - Hidden Bitcoin platforms have always been favored by hackers and cyber criminals. Most Bitcoin platforms face DDoS attacks. Hacker attacks and phishing attacks are very common, and most of them are thwarted by security measures.

Hackers successfully hijacked four independent Bitcoin wallets belonging to the Yapizon platform. Image source: Golden Finance

However, if hackers are able to circumvent security measures, the Bitcoin platform will eventually suffer significant monetary and reputational losses.

A South Korean crypto-bitcoin platform, Yapizon, ended up being targeted by hackers and cybercriminals, with the platform losing around $5 million in tokens in the process.

It was reported that unknown hacker elements attacked the Yapizon platform during the early hours of April 22, 2017, when the security of the Bitcoin platform was compromised.

In this attack, they successfully hijacked four separate Bitcoin wallets belonging to the Yapizon platform. After the incident, the Bitcoin exchange lost about 3,800 Bitcoins, which was worth about $5 million at the time.

Due to the sudden surge in Bitcoin prices in recent days, the value of the stolen cryptocurrency has exceeded $6 million.

Yapizon is one of many victims of hacking in privacy practices Image source: Golden Finance

Bitcoin platform Yapizon decided to keep the hacking incident secret for more than ten days before going public. The Bitcoin exchange has released a detailed compensation plan for affected users.

Taking a cue from last year’s Bitfinex hack, the company decided to distribute the losses evenly across its customer base. After losing about 37% of its total assets, Yapizon passed it on to its users.

Users who keep wallets on Yapizon will see their overall send and receive balances deducted by 37% and replaced with “Fei” tokens. These tokens, like the BFX tokens, will show users how much they are owed by the platform.

Although the platform lost a fortune in cryptography, the rest of the data, including private information belonging to users, was not affected. Professionals said that the hidden platform had followed several good practices to ensure the integrity of the data by storing sensitive data in encrypted form on different servers.

Yapizon is one of the many victims of hacking in the privacy movement. As a high-end platform, no matter how big or small, it must have advanced cybersecurity infrastructure to ensure the safety of the company and user funds.