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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

The Death of Cryptopia: How it all Happened?

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Cryptopia has now gone into liquidation and suspended trading operations with them saying that they have been unable to reduce costs and to be profitable.

After the Cryptopia exchange was hit by a big hack back in mid-January which resulted in a loss of around $16 million in Ethereum and other ERC20 tokens, it has been struggling to reopen and find any kind of relevance.

 

Cryptopia decides to liquidate:

The matter of hack was made worse by the fact that the exchange was already becoming completely irrelevant at the time of the hack. Cryptopia has now gone into liquidation and suspended trading operations with the company saying that they have been unable to reduce costs and to be profitable.

 

It was decided that liquidation was the best path forward for all the stakeholders. While the liquidation takes place, all trading and withdrawals have been suspended and the process may take months to resolve.

 

The users still have their funds locked up in the exchange and they are unable to withdraw them because Cryptopia controls the private keys. If ever it becomes possible for the users to withdraw their cryptocurrencies remains to be seen.

 

What kind of obligations will the exchange have to the stakeholders may impact the kind of obligations they have to their users and the funds of the users that are stuck on the exchange.

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#Exchange

Will Bitfinex and Tether Fail? The IEO Chaos, LEO Token and Affect on BTC

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Bitfinex IEO is happening just a few days after the New York attorney general announced that they were taking action against iFinex.

The upcoming Bitfinex IEO is something that is being discussed all around the cryptocurrency space. It is quite surprising that the Bitfinex IEO is happening just a few days after the New York attorney general announced that they were taking action against iFinex, who owns both Tether and Bitfinex.

 

Tether and Bitfinex: The Same Entity

Tether and Bitfinex are largely the same entity. It is worth remembering of course that they lied and said that they were not connected before we had the whistleblower leak called the Panama Papers, which actually revealed their lie and that the audits have never been delivered despite being promised. In an industry in which we are striving so hard for transparency, Tether and Bitfinex have done everything possible to be opaque at every opportunity that they can get.

 

The Issue of $850:

It seems that Bitfinex has misplaced $850 million in corporate and customer fund which has resulted in some rather fancy accounting work which essentially saw an equal amount of Tether underlying dollars used by Bitfinex to cover that loss of $850 million with Bitfinex putting up shares in the company as collateral resulting in Tether only being 74% backed. Bitfinex of course casually forgot to mention all of this to investors or the holders of Tether that Bitfinex had $850 million seized.

 

The 2016 Bitfinex Hack:

Back in 2016, Bitfinex got hacked for 120,000 bitcoin which at that time was worth about $72 million and the losses were spread to users who experienced a generalized loss of 36%. They enforced a bail-in on exchange users and took 36% of account holders funds and the users were given a Bitfinex token in place of their stolen funds. The BFX token was redeemable for shares in Bitfinex. However, the cryptocurrency market was quite different and small at that time with the total market cap of $12 billion (at the time of hack). So, Bitfinex being hit $72 million or 120,000 bitcoins was pretty big because Bitfinex was the king of cryptocurrency exchanges back then, which now stands at #49.

 

The Bitfinex IEO:

Bitfinex is looking to raise $1 billion from big money investors. Each token that they are putting up is going to be worth $1 purchasable with Tether. The token will be called LEO and will be a utility token. According to documents LEO token holders will enjoy reduced crypto to crypto trading fees on Bitfinex and the companies decentralized exchange EOSfinex. Moreover, the token will also reportedly grant decreased lending fee, reduction withdrawal, and deposit fee, discounts and derivatives fees reductions.

Bitfinex has announced that $600 million is already taken in terms of allocation by private investors and the rest $400 million will be available for retail investors on May 10th.

 

If Bitfinex and Tether fail, How will it affect the price of Bitcoin?

If somehow BItfinex and Tether crumble due to the New York attorney general taking action against the company, bitcoin price might be affected at all with only Bitfinex crumbling especially at the current stage in the cryptocurrency game where Bitfinex stands at the 49th position in the top crypto exchanges list. However, if Tether fails, that could be potentially disastrous of a Mt.Gox level proportion if it happens overnight.

Competitors, of course, are scrambling to get bigger and bigger by the day trying to get people over to their services and people are already moving into those alternatives. Every time that happens, the impact of a Tether collapse becomes less and less relevant. However, there is a massive exposure to Tether across the markets with most major cryptocurrency exchanges having massive volumes in Tether pairs and much lower volumes in other stablecoin pairs.

 

What are your thoughts on the upcoming Bitfinex IEO? Let us know in the comments section below.

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#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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