Korea’s Government Initiates Crypto Hacking Investigation

June 25, 2018

The government of South Korea has declared, it has officially started investigating the causes of the alleged security violations on the two crypto exchanges «Bithumb» and «Coinrail». At the moment of creating this article Bithumb was the second largest crypto exchange of South Korea by trade volume with Upbit alone after it. Coinrail is ranked the seventh.

The notice of the government says:

“The Ministry of Science and Information and Communication Technology (hereinafter referred to as ‘Science and Technology Ministry’) and the Korea Internet & Security Agency (KISA) said that they are investigating the cause of the accident caused by the virtual currency leak that occurred in Coinrail and Bithumb.”

The government of Korea explained:

“As soon as a company reports a hacking incident, a KISA accident investigation worker is quickly on the scene and is investigating. In cooperation with the police, the agency will analyze and respond to the cause of the accident.”

The Science and Technology Ministry has inspected the level of IT security at 21 crypto exchanges from January to March this year. Having found that most of the companies had security weaknesses, the Ministry offered extra measures aimed at enhancing service protection.

The Ministry says, it would encourage the inspected 21 crypto exchanges to adopt additional measures by the end of the month and then check again their security systems.


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