Hunderds of South Korean Crypto Wallets and Exchanges hacked: Report

9 months ago

The South Korean National Police Agency has created a report of all hacking episodes of crypto exchanges and wallets in the nation amid the previous three years. As indicated by local media, there were seven hacking cases of crypto exchanges and 158 cases of wallets being hacked, 91 of which happened for this present year. In any case, just six captures were made.

Korean Police’s Crypto Hacking Report

The South Korean National Police Organization has arranged a report of known hacking episodes that happened in the nation since 2016, as per local media.

The report entitled “Status and Proportions of Hacking Harm of Virtual Money Exchanges over the Most recent Three Years” was submitted toward the South Korean government and revealed by lawmaker Cho Won-jin on Wednesday. The information demonstrates “there were seven [crypto exchange] hacking cases since 2016” and the sum “wrongfully pulled back through hacking was 112 billion won [~$99 million],” Dtoday reported.

“The measure of cash stolen by the hacking of cryptocurrency exchanges has been relentlessly expanding each year,” Boan News noted. “The measure of unlawful withdrawals, which was just KRW 300 million [~$265,282] in 2016, expanded to KRW 40.5 billion [~$35.8 million] out of 2017, and two hacking cases happened in 2018, adding up to KRW 71.3 billion [~$63 million] in theft.”

The Korean Digital Times included:

From 2015 to 2018, there have been 158 cases of hacking of virtual money individual wallets, specifically, 91 cases this year. Be that as it may, [only] in six cases were captures made.

The aggregate of 7 Crypto Exchange and 158 Wallet Hacks in Korea, According to the report, there were 62 reported cases of wallet hacks a year ago.

For crypto exchanges, one episode was reported in 2016. Crypto exchange Ripple4y was hacked on July 26, 2016. Four exchange hacks were reported a year ago: Yapizon on April 22, Bithumb on June 28, Coinis on Sept 23, and Youbit on Dec. 19. Youbit was once in the past Yapizon yet changed its name after the April hack. This year, two hacking episodes were recorded: Coinrail on June 10 and Bithumb on June 19.

Government Assessments Inadequate

Aggregate of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindThe Korean government has been leading security investigations of crypto exchanges working in the nation. Ten of them were investigated among September and December a year ago; 21 were assessed among January and Walk this year. Numerous security issues were found, as news.Bitcoin.com beforehand reported.

Remarking on the report and the examinations by the administration, lawmaker Min Kyung-wook was cited by Boan News saying:

The nature of cryptocurrency exchanges is presented continuously to cyber threat… the hacking mishaps happened even in the spots where the administration led security checks.

In particular, three crypto exchanges were hacked even after the administration investigated them. Youbit was examined in October a year ago, however, was hacked on Dec. 27. Also, Coinrail was examined in February this year yet was hacked on June 10. Bithumb, one of the nation’s biggest crypto exchanges, was the most recent hack casualty. The exchange was reviewed twice by the regulators yet was hacked on June 19.

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