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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

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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#Exchange

Alert: Bancor Hackers move 25433 Ethereum

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Three days ago, Bancor Exchange hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange.

The whole crypto community was in shock when Bancor was hacked on 10th July last year with more than $23 million worth of Ethereum being stolen. Almost eight months after the incident, the hackers have allegedly made transactions from the wallet where the stolen Ethereum were kept.

bancor hack address

Three days ago, the hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange. It cannot be determined yet whether the funds can still be tracked or not.

It might be the situation where the hackers are trying to bewilder people so that the funds can be cashed out later from the new address as the older address was already in the view of people and even etherscan displays a cautionary sign above the previous address “Warning! There are reports that this address was used in a (Bancor) hack. Please exercise caution when interacting with this address”.

The Bancor Hack:

Bancor decentralized exchange was hacked last year where the private key was stolen in an uncertain manner by a hacker that still remains mysterious.

Around 25,544 Ethereum, 230 million Pundi X tokens and 3.2 million Bancor Tokens were stolen during the hack. According to Bancor, the hack was due to the compromisation of a wallet that was kept for smart contract upgradation.

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#Exchange

QuadrigaCX mystery takes a shocking turn: Wife reveals CEO used own money to fund user withdrawals

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Widowed wife of Gerry Cotton, the dead CEO of QuadrigaCX exchange claims that her husband used to mix his own money with the exchange's funds.

The current situation of the defunct exchange QuadrigaCX is just like a thriller movie as cryptocurrency enthusiasts around the world are curious to know what exactly has happened and what was the exchange up to. It was in the news recently that Ernst & Young, one of the top auditing and law firms in the world had revealed that QuadrigaCX’s cold storage wallets had almost NIL amount of user funds. This was quite shocking for the people who had millions of their investment or trading funds on the exchange as they were not hoping for this.

 

QuadrigaCX: A Shocking Turn

The situation gets even worse now as the widowed wife of Gerry Cotton, the dead co-founder, and CEO of QuadrigaCX exchange claims that her husband used to mix his own money with the exchange’s funds in order to fulfill customer withdrawals. According to Gerry’s wife, she does not know exactly how Gerry used to operate his business/exchange, however, he used to tell her that he had to keep transferring his own personal money into Quadriga CX exchange to fund the user withdrawals last year.

 

The statement of the widowed wife came into the picture soon after Ernst & Young revealed that the cold storage wallets of the exchange were nearly empty. A report also claimed that the exchange’s funds (around 600,000 ETH) were stored on different exchanges namely Kraken, Bitfinex, and Poloniex, after being transferred from the cold wallets.

 

The situation got worse long before the death of Gerry Cotton:

The situation had got worse long before the death of the CEO of QuadrigaCX, Gerry Cotton. The company was already in huge trouble and also is facing a legal battle with a bank. The CEO had to fund the exchange withdrawals using his own personal savings which may be because the holdings of people were being spent on personal expenses previously or had been lost on gambling or other activities. This is not confirmed and yet to be known. However, the people drew attention to the QuadrigaCX case only after the death of the CEO this year.

 

Is there a Change of Recovery?

If the CEO of QuadrigaCX, Gerry Cotton had really transferred the cold wallet funds onto other cryptocurrency exchanges as being reported earlier, and the auditors are able to track these fund’s transactions, there might be a chance for the victims to get their funds recovered, either fully or partially.

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