South Korean cryptocurrency platform Youbit has been forced to shut down after it was hacked for the second time in less than eight months. 

Youbit, which is used to trade Bitcoin and other digital currencies, filed for bankruptcy on Tuesday, saying it is shutting down operations as of 2 p.m. that day. 

The exchange said that the latest hack occurred at 4:35 a.m. Tuesday and the attackers managed to take 17 percent of its assets. 

It is the first time a local cryptocurrency exchange has filed for bankruptcy.