Incident Overview
DB Insurance denies Yapian's claim of 3 billion won (~USD$2.65 million) following a cyber attack.
DB Insurance, one of South Korea’s largest property-and-casualty insurers, denied the claim of 3 billion won (~USD$2.65 million) by Yapian, a South Korean exchange. The insurer claimed that Yapian violated the 'advance notice obligation', which requires the company to disclose important information prior to obtaining insurance. This information is used to calculate premiums.
Yapian filed bankruptcy after allegedly losing 17% of its assets in December of last year due to a cyber attack. The company suffered damage of 17.2 billion won (~$15.2 million) last year.
Incident Report
Protocol Information
Market Context at Time of Hack
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Youbit, these are the critical security checks that could have prevented this incident (December 2017).
- Verify all logic paths related to Other are guarded by proper access controls and input validation
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
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The Youbit hack is one of many attacks that skilled auditors are trained to detect before deployment. Master real exploit patterns and defense techniques with hands-on Web3 security training.