## Tonight, Youbit was hacked again at 4:35 am local time, losing a total of 17% of their total assets. They also said all customers crypto currency assets would be marked down to 75% of their value. 

![hacking-2964100_1280.jpg](https://steemitimages.com/DQmY7RZXLDpAqNNDTKRSGTZqzAFHGYzHdxE9tLyzkyBcu6N/hacking-2964100_1280.jpg)

Youbit has stopped trading to minimise loss. 

Youbit is one of the small players, and I hadn't even heard about it. I thought it was YoBit, another smaller player. But this is Youbit, even smaller. Nothing to worry too much about.

>I am very sorry to inform you again with the sad news. After the accident in April, we made every effort to strengthen security, recruit personnel, and reduce hot wallet storage… In the meantime, due to the hacking of our company at 4:35 in the morning, funds have been lost from your wallet.

Very sad indeed. Rumor has it that North Korean hackers did. Youbit was insured, so total loss for customers shouldn't be more than 17%. 

https://www.reuters.com/article/us-bitcoin-exchange-southkorea/south-korean-cryptocurrency-exchange-to-file-for-bankruptcy-after-hacking-idUSKBN1ED0NJ

## Control your own coins

Which is very important at this point, and should be repeated again and again. Securing your cryptos is a part of your job now. If your "huhuhu..I just bought some silly online-coins" has turned into " oh fuck, I have A LOT of money now" it's very important that you not only diversify within the space buy owning different types of coins, but also where you hodl it. 

The more private and secure, the better. Try to get as many coins as possible into your own custody. Ledger Nano S, Electrum, MyEtherWallet, Jaxx, those sort of things. You might have bought a "shitcoin" at a very low price, and now it's all of a sudden worth $1000 or $10,000. Time to find out where you can keep it safe.

I have a rule, and that is once a coin reaches a certain sum, I'll transfer it to it's own wallet. 

I know that it's a jungle and it's often a lot of information to process. You buy Bitcoin with fiat on Coinbase, you send Bitcoin to Electrum, you send some Bitcoin to Bittrex, then buy Eth, then send that to MyEtherWallet, then perhaps you want to buy a shitcoin, and you have to learn Etherdelta. 

Yes, yes, there's a lot of steps, and sometimes I spend the entire evening just transferring and securing assets, taking backups, putting passwords on USB-sticks etc. 

I think this will be made easier in the future with more streamlined wallets where you can store every coin etc. Until then, stay safe! 

 
 

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