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Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find

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The South Korean National Police Agency has produced a report of all grind incidents of crypto exchanges and wallets in the country during the past three years. Concurring to local media, there were seven hacking cases of crypto switches and 158 cases of wallet hacks, 91 of which happened this year. Be that as it may, only six arrests were made.

Also read: 160 Crypto Switches Seek to Enter Japanese Market, Regulator Reveals

Korean Regulate’s Crypto Hacking Report

The South Korean National Police Activity has compiled a report of known hacking incidents that occurred in the rural area since 2016, according to local media.

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindLawmaker Cho Won-jin.

The recount entitled “Status and Measures of Hacking Damage of Virtual Currency The markets in the Last Three Years” was submitted to the South Korean government and bare by lawmaker Cho Won-jin on Wednesday. The data shows “there were seven [crypto stock market] hacking cases since 2016” and the amount “illegally withdrawn to the core hacking was 112 billion won [~$99 million],” Dtoday reported.

“The amount of wherewithal stolen by the hacking of cryptocurrency exchanges has been steadily increasing every year,” Boan Info noted. “The amount of illegal withdrawals, which was only KRW 300 million [~$265,282] in 2016, lengthened 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 pilferage.”

The Korean Digital Times added:

From 2015 to 2018, there pull someones leg been 158 cases of hacking of virtual currency personal billfolds, in particular, 91 cases this year. However, [only] in six packs were arrests made.

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindAccording to the report, there were 62 detailed cases of wallet hacks last year.

For crypto exchanges, one fact was reported in 2016. Crypto exchange Ripple4y was hacked on July 26, 2016. Four the Bourse hacks were reported last year: Yapizon on April 22, Bithumb on June 28, Coinis on Sept 23, and Youbit on Dec. 19. Youbit was when the world was younger Yapizon but changed its name after the April hack. This year, two hacking happenings were recorded: Coinrail on June 10 and Bithumb on June 19.

Superintendence Inspections Ineffective

Total of 7 Crypto Exchange and 158 Wallet Hacks in Korea, Police FindThe Korean government has been conducting security inspections of crypto the boards operating in the country. Ten of them were inspected between September and December at the rear year; 21 were inspected between January and March this year. Diverse security issues were found, as news.Bitcoin.com previously discharged.

Commenting on the report and the inspections by the government, lawmaker Min Kyung-wook was quoted by Boan Intelligence saying:

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

Specifically, three crypto exchanges were defaced even after they were inspected by the government. Youbit was surveyed in October last year but was hacked on Dec. 27. Similarly, Coinrail was surveyed in February this year but was hacked on June 10. Bithumb, one of the native land’s largest crypto exchanges, was the latest hack victim. The exchange was outed twice by the regulators but was hacked on June 19.

What do you think of South Korea’s Governmental Police Agency’s findings? Let us know in the comments section below.


Twins courtesy of Shutterstock and Gokorea.


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