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Hunderds of South Korean Crypto Wallets and Exchanges hacked: Report

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There were seven hacking cases of crypto exchanges and 158 cases of wallets being hacked, 91 of which happened for this present year.

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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4 Comments

4 Comments

  1. Pingback: Hunderds of South Korean Crypto Wallets and Exchanges hacked: Report – The Coinage Times

  2. Pingback: Hunderds of South Korean Crypto Wallets and Exchanges hacked: Report | Perle de Ayiti

  3. Pingback: Hunderds of South Korean Crypto Wallets and Exchanges hacked: Report | E-Bitcoin News Portal

  4. Tammy Rabalais

    October 9, 2018 at 3:57 pm

    last year i lost over 8btc to hackers when i downloaded a movie on my computer from a torrent website. I was so devastated by this situation, but luckily for me my friend introduced me a group of certified ethical hacker ( via email BITCOINRETRIEVAL2018 GMAIL COM) and they helped me get my bitcoins back, i dont know how they did it but well i got my money back so if you have a similar issue i advise you contact them.

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#Exchange

Stock Exchange of Thailand moving towards Cryptocurrency

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The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange.

The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange. With continuous regulations, Thailand is set to become the cryptocurrency hub in Southeast Asia.

 

Stock Exchange of Thailand: Interested in Crypto

As more and more people are moving towards adoption of cryptocurrencies, institutional investors are getting attracted too. As such there not many specific institutional platforms for trading cryptocurrencies and thus the stock exchange of Thailand is planning to introduce one for the institutional investors. If the financial regulators in Thailand approve the licensing, it would be a great step ahead for the crypto industry.

Pattera Dilokrungthirapop, who is a member of the board of directors of the Stock Exchange of Thailand, the exchange is getting ready to invade into the cryptocurrency market by presenting brokerage services for crypto trading.

She also said they believe that cryptocurrencies will grow massively in the future as more and more investors gain an understanding about them. She added that securities firms are curiously waiting for the Stock Exchange of Thailand to apply for the digital license.

 

Thailand: A cryptocurrency hub

Thailand is steadily moving ahead in the crypto space with regulatory clarity unline other surrounding countries such as China and India who are moving away from crypto adoption. Thailand is all set to become a captivating place for cryptocurrency and blockchain businesses with the government of the country also promoting blockchain technology. Last year, Thailand also legalized some cryptos such as bitcoin, litecoin, ethereum and more while the securities and exchange commission of the country has also given clear regulations in relation to initial coin offerings. Around 2 weeks back, the Ministry of Thailand had also granted licensing to three new cryptocurrency exchanges to operate in the country,

 

What are your thoughts on the future of cryptocurrencies in Thailand and how the Stock Exchange of Thailand moving towards cryptocurrencies will help the overall crypto industry? Tell us in the comments section below.

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#Exchange

Cryptopia cryptocurrency exchange hacked: Millions Stolen

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Cryptopia, the New Zealand based cryptocurrency exchange was allegedly hacked on 14th January. The hackers were able to steal cryptocurrencies worth millions of dollars. According to the exchange, the local police authorities and New Zealand’s unit of high tech crimes are looking into the matter.

 

Cryptopia Hacked!

Cryptopia informed its users about the incident in a tweet yesterday explaining that the exchange had suffered a security breach which led to the loss of funds due to hacking. Cryptopia exchange was later put into maintenance while the team was trying to assess the damage. The exchange shall remain in maintenance mode and trading will be suspended until the issue has been resolved. The website of the exchange itself is offline.

On 13th January 19,391 ETH (Ethereum) worth around $2.5 million and 48,029,306 CENNZ tokens (Centrality) worth around $1.18 million were transferred from Cryptopia exchange to unknown wallets. However, the owner of the wallet is not yet confirmed. It could be the exchange itself or the hackers.

 

Here are the details of the transactions:

Transaction 1: 19,391 ETH

https://etherscan.io/tx/0x8a7c2b34f23eee02401e7c3fa1ea2ce8d3132e7ca3811d673ca35898c9535aae

Transaction 2: 48,029,306 CENNZ

https://etherscan.io/tx/0x31a58df14ea3420878267e2b9cdd242d983b5298ef48c5cd9a799ed10605f393

 

Crypto Reputation:

The increasing number of exchange hackings has led to spreading of negative reputation of cryptocurrencies. People are starting to lose hopes in crypto exchanges. Last year, CoinCheck, a Japenese cryptocurrency exchange was hacked which led to around $500 million of funds being stolen. If such incidences continue to occur, the newcomers in the crypto space will lose confidence over cryptocurrencies and hence the whole cryptocurrency market will have to suffer.
Prominent people in the crypto industry are calling out for people to opt for decentralized exchanges which are much more safer in comparison to the Centralized ones.

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#Exchange

Adoption: Three Cryptocurrency Exchanges Granted License in Thailand

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Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely BX, Bitkub and Satang Pro.

Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely Bitcoin Exchange Co. Ltd. (BX) Bitkub Online Co. Ltd. (Bitkub) and Satang Corporation (Satang Pro) were granted working licenses from the government. The ministry has also granted a working permit to Coins TH Co. Ltd, a crypto broker, and dealer.

 

Coin Asset Exchange Under Review:

Apart from the above-mentioned exchanges in Thailand, the government is also reviewing a cryptocurrency exchange licensing request from Coin Asset Exchange (Coin Asset Co). The request has been put on hold as the ministry has noticed some deformity in their management.

 

Two Exchange Licenses denied by Thailand:

The SEC has also denied licensing requests from two other cryptocurrency exchanges namely Cash2Coins (Cash2Coins Co. Ltd) and Seadex (Southeast Asia Digital Exchange Co. Ltd). The reason for the request being denied was the lack of cybersecurity and IT security in their management. Thus, the government has ordered the companies to stop their operations and notify their users about the same before the 14th of January so that the users are able to withdraw their funds from the exchange.

 

Thailand: An Upcoming Crypto Hub

More and more cryptocurrency related businesses are moving towards Thailand as the government is acting quite supportive of such business activities. Thailand had earlier approved ICO and cryptocurrency regulations in the country and even legalized seven top cryptocurrencies in the country which includes BTC and ETH. With neighboring countries such as China and India putting a strict ban on cryptocurrencies and related activities, people are moving towards crypto friendly nations such as Thailand which can soon become a hub for blockchain and cryptocurrency.

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