Korean Government Launches Investigation into Crypto Hacks
Following the alleged hacks of South Korean crypto exchanges, the government has formally launched an investigation into the cause of the hacks. The authorities will also perform security checks on all crypto exchanges’ systems.
The government’s notice states:
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.
So far, the authorities have not confirmed that the two exchanges were hacked. Coinrail announced on June 10 that it was hacked with an estimated loss of approximately $40 million. Just 10 days later, on June 19, Bithumb revealed that approximately $31 million worth of its cryptocurrencies was stolen.
Investigating Security Breaches
In its announcement, the Korean government 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.
According to the ministry, 17 companies had a 'system access control deficiency' while 16 had 'insufficient network isolation.' 17 were found to have 'abnormality' in their 'monitoring system' and 18 had poor security management of crypto wallets and cryptographic keys. Furthermore, 10 companies needed 'crypto security management' and 12 companies had inadequate firewall and security systems.
The ministry says it will encourage the 21 crypto exchanges that were inspected to implement additional measures by the end of the month and will review their security measures again afterwards, reiterating:
We plan to check whether the improvement measures for security vulnerabilities have been completed.
Furthermore, all newly identified crypto exchanges will also be inspected, the ministry informed, clarifying that upon confirmation of a new crypto dealer, security checks will be conducted.
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