3831 BTC stolen from South Korean Bitcoin exchange Yapizon, users will share all losses

South Korean bitcoin exchange Yapizon has become the latest victim of a hacker attack, reportedly losing 3,831 BTC — or about $5 million — from its customers.

On Saturday, employees of the exchange posted a notice on social media confirming that 3,831 BTC had been stolen, equivalent to 37.08% of the platform’s total assets.

All losses will be shared equally among users

Last year, another Bitcoin exchange, Bitfinex, also suffered a hacker attack and ultimately chose to let users share the losses. The Yapizon exchange also said it would adopt this approach to share the losses among all users of the platform.

The exchange’s announcement reads:

“After much discussion and legal and accounting consultation, we concluded that the loss should be shared equally among all users, which is the most common approach, with all users’ accounts losing 37.08% of their funds.”

This month, Bitfinex announced that it had paid off its entire debt and repurchased all of the “IOU” tokens it had issued.

The move drew mixed reactions from within the cryptocurrency community, with ShapeShift CEO Erik Voorhees calling it “really fucking amazing.”

Whether Yapizon will adopt this IOU token scheme remains to be seen.