THELOGICALINDIAN - The South Korean government has been criticized for not accomplishing abundant to advice anticipate hacking at cryptocurrency exchanges Data acquired by the regulators appearance that three crypto exchanges were hackedwith accident of about 1 billion afterwards accepting gone through an analysis by the government Meanwhile one of the nations better crypto exchanges Upbit has denied the rumor that it was additionally hacked
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Crypto Hacking Incidents
The South Korean Ministry of Science and Technology, the Ministry of Information and Communication, the Korea Communications Commission (KCC), and the National Police Agency accept submitted abstracts on hacking incidents of cryptocurrency exchanges to the National Assembly, bounded media appear on Monday.
Min Kyung-wook, a affiliate of the National Assembly’s Science and Technology Information and Communications Commission, appear that the abstracts shows seven hacking incidents. They resulted in the accident of 128.8 billion won (~US$115 million) in cryptocurrencies, the Korea Daily reported.
The government has conducted a aegis analysis on 31 crypto exchanges, the account aperture detailed, abacus that 10 of them were inspected amid September and December aftermost year while the added 21 from January to March this year.
The regulators advised the exchanges to booty actual activity to advance a cardinal of areas such as the “lack of advice aegis arrangement such as firewall, abridgement of arrangement admission control, [and] bereft awful cipher prevention.”
Government Criticized
Out of the absolute accident of 128.8 billion won, 110 billion won (~$98.5 million) in cryptocurrencies were baseborn from three crypto exchanges. These three “were afraid alike afterwards accepting government aegis checks,” the advertisement noted. “The government has been criticized for not actuality able to booty able measures adjoin the barter aegis problem.”
The aboriginal of the three is Youbit. The belvedere was inspected by the government on October 26 and 27 aftermost year but was after afraid beneath than two months later, on December 19. The aegis aperture resulted in the accident of about 25.9 billion won (~$23.2 million).
Coinrail was inspected on February 8 and 9 and was afraid on June 10, with accident of about 53 billion won (~$47.5 million), the advertisement quoted the government’s findings.
One of the country’s better crypto exchanges, Bithumb, was inspected alert by the government, on November 29 and 30 aftermost year and afresh on February 22 and 23, the account aperture detailed. However, on June 19, it suffered a aegis aperture and absent about 35 billion won (~$31.4 million). The exchange, however, lowered its accident appraisal to about 19 billion won (~$17 million) canicule later.
Lawmaker Min criticized the government, pointing out:
Citing that “the government has not yet fabricated bright rules for cryptocurrencies,” Professor Lim Jong-in of Korea University’s Information Security Graduate School asserted that “as Bithumb and added exchanges act as banking institutions in reality, the government should set up a authoritative arrangement based on this.” He believes that if the regulators let them abide as they are, “the accident will be exponential.”
Upbit Denies Hack Rumor
With account of assorted aegis breaches at assorted crypto exchanges, all eyes are one of the nation’s arch crypto exchanges by volume, Upbit. There accept been assorted rumors that the Kakao-backed barter has been afraid alike admitting Upbit has consistently denied them.
On July 8, the barter issued a account in acknowledgment to one accurate rumor which it said had alike “in abounding communities” on Sunday. Citing that the rumor is false, the barter wrote:
What do you anticipate of the Korean government actuality criticized for the hacks? Let us apperceive in the comments area below.
Images address of Shutterstock, Upbit, and Joongang Ilbo.
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