The South Korean National Police Agency has furnished a report that details all hacking incidents of crypto exchanges and wallets in the country during the last three years. The report states that there have been seven hacking cases of exchanges and 158 cases of wallet hacks. 91 of these cases took place this year and so far, only six arrests have been made.
The report entitled “Status and Measures of Hacking Damage of Virtual Currency Exchanges in the Last Three Years” was unveiled by lawmaker Cho Won-jin on October 3. According to the report, the number of attacks seemed to have increased as the years went by.
In 2016, the number of hacking incidents of crypto exchanges was relatively less when compared to the number of cases reported in the subsequent years. The number of illegal withdrawals increased to KRW 40.5 billion in 2017 compared to KRW 300 million in 2016. With the two hacking cases that took place in 2018, this number rose to KRW 71.3 billion.
In the year 2016, only Ripple4y, a local crypto exchange confirmed a hacking attack. However, the next year saw a notable jump with the hacking attacks that took place at Bithumb, Apizon, Youbit and Coinis platforms.
In 2018, only two hacking incidents have been recorded in South Korea – one at Bithumb and the other at Coinrail. Bithumb is the only South Korean exchange to be hacked twice. The government of South Korea has been conducting security inspections of crypto exchanges operating in the country. It inspected 10 exchanges between September and December 2017, as stated in the NewsBTC report.
Even after the inspection by the government, three crypto exchanges were hacked. The Youbit exchange was inspected in October 2017 but was hacked on December 27. Likewise, the Coinrail exchange was inspected in February 2018, but it was hacked on June 10. One of the largest Korean crypto exchanges, Bithumb was the latest victim. The exchange was hacked on June 19 and it was inspected twice by the regulators, as stated in the Bitcoin News report.
The post 7 Crypto Exchanges and 158 Wallets Hacked: South Korean National Police Agency appeared first on OWLT Market.
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