7 Crypto Exchanges and 158 Wallets Hacked in South Korea

Korean Police’s Crypto Hacking Report – Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea

The South Korean National Police Agency has produced a record of hacking episodes of crypto exchanges and wallets in the nation during the previous 3 years. Based on local press, there have been seven hacking instances of crypto exchanges and 158 instances of wallet hacks, 91 of that occurred this year. But, just six arrests were made.

The South Korean National Police Agency has compiled a record of known hacking episodes that happened in the nation because 2016, according to local press.

The report entitled”Status and Steps of Hacking Damage of Digital Money Exchanges in the Last 3 Years” was filed to the Korean authorities and introduced by lawmaker Cho Won-jin on Wednesday. The information shows”that there were seven [crypto exchange] hacking instances since 2016″ along with also the amount”illegally pulled by hacking has been 112 billion earned [~$99 million],” Dtoday reported.

“The quantity of money stolen from the hacking of cryptocurrency exchanges has been steadily rising each year,” Boan News noted.

The Korean Digital Times included:

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.

According to the report, there have been 62 reported instances of wallet hacks this past year.

To get crypto exchanges, 1 episode was reported in 2016. Crypto exchange Ripple4y was murdered on July 26, 2016. Four exchange hacks were reported last year: Yapizon on April 22, Bithumb on June 28, Coinis on Sept 23, also Youbit on Dec. 19. Youbit was previously Yapizon but changed its name following the April hack. Last year, two hacking episodes were listed: Coinrail on June 10 and Bithumb on June 19.

Government Inspections Ineffective

The Korean government was conducting safety inspections of crypto exchanges working in the nation. Ten of these were inspected between September and December last year; 21 were inspected between January and March this year. Many safety problems were discovered, as news.Bitcoin.com formerly reported.

According to the report along with the testimonials from the authorities, lawmaker Min Kyung-wook has been quoted by Boan News stating:

The nature of cryptocurrency exchanges is always exposed to cyber threat…the hacking accidents occurred even in the places where the government conducted security checks.

Specifically, three crypto exchanges were hacked after they were scrutinized by the authorities. Youbit was inspected in October last year but had been murdered on Dec. 27. In the same way, Coinrail was inspected in February this year but had been murdered on June 10. Bithumb, among the nation’s biggest crypto exchanges, was the newest hack sufferer. The exchange had been inspected twice from the authorities but was murdered on June 19.

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