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South Korea | The Hackers of Cryptocurrency Exchanges

The National Police Agency of South Korea, has reported the known hacking cryptocurrency exchanges incidents that have occurred in the country since the past 3 years.

On Wednesday 3rd of October, a report was submitted to the South Korean government and unveiled by lawmaker Cho Won-jin. The report was entitled “Status and Measures of Hacking Damage of Virtual Currency Exchanges in the Last Three Years.”

According to Dtoday reports, The data shows “there are seven cryptocurrency exchanges that has been hacked since 2016” and the amount “illegally withdrawn through hacking was 112 billion won that’s about $99 million.”

Furthermore, Boan News also reported that, “The amount of money stolen by the hacking of cryptocurrency exchanges has been steadily increasing every year,” it added, “The amount of illegal withdrawals, which was only KRW 300 million [~$265,282] in 2016, increased to KRW 40.5 billion [~$35.8 million] in 2017, and two hacking cases occurred in 2018, amounting to KRW 71.3 billion [~$63 million] in theft.”

Korean Times on the other handed reported:
“From 2015 to 2018, there have been 158 cases of hacking of virtual currency personal wallets, in particular, 91 cases this year. However, [only] in six cases were arrests made.”

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• In 2016 only one Cryptocurrency Exchange hacked was reported known as Ripple4y and it was hacked on July 26, 2016.

• While in 2017, Four Cryptocurrency exchanges were reported to be hacked and they are: Yapizon on April 22, Bithumb on June 28, Coinis on Sept 23, and Youbit on Dec. 19.

• And this year 2018 so far, two hacking incidents have been recorded: Coinrail on June 10 and Bithumb on June 19.

According to report, there were 62 reported cases of wallet hacks last year.

With all these yearly hacks, do you think the South Korean government inspection are effective? Share your opinion below.

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What do you think?

Written by Russell


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