according tobitcoin.comaccording to

The South Korean Ministry of Science and Technology, the Ministry of Information and Communications, the Korea Communications Commission, and the National Police Agency have submitted data on cryptocurrency exchange hacking incidents to the National Assembly, according to reports. According to the data, there were seven major hacking incidents in South Korea, resulting in a loss of 128.8 billion won (about 115 million U.S. dollars). Of the total losses of 128.8 billion won, 110 billion won ($98.5 million) worth of digital currency was stolen from Youbit, Coinrail and Bithumb exchanges.

After digital currency exchanges were hacked one after another, South Korea has accelerated the inspection and supervision of digital currency exchanges.

South Korean prosecutors conducted surprise inspections on digital currency exchanges such as Bithumb and Upbit, requiring the exchanges to disclose relevant documents and information, and seized hard drives and account records. Afterwards, the South Korean government, the Korean Financial Intelligence Unit (KFIU) and the Financial Services Commission (FSC) reached a consensus to focus on preventing large-scale hacking attacks, further supervise digital currency exchanges in the same way as banks, and improve Exchange security system to protect user information and account security.

In addition, 21 digital currency exchanges in South Korea agreed to a self-regulatory assessment under the impetus of the Korea Blockchain Association. These include four of the largest exchanges in the country: Upbit, Bithumb, Coinone and Korbit. Self-regulatory evaluation indicators include capital reserve standards, security standards, and digital currency listing process standards.

However, although the South Korean government cooperates with multiple agencies and associations to supervise and evaluate digital currencies, there are still many digital currency exchanges being hacked.

Youbit was inspected by the government on October 26 and 27 last year, but was subsequently hacked less than two months later on December 19. The security breach caused a loss of about 25.9 billion won (about 23.2 million U.S. dollars); Coinrail was inspected on February 8 and 9 this year, and was hacked on June 10, with a loss of about 53 billion won (about 47.5 million U.S. dollars). ); Bithumb received two government inspections on November 29 last year and again on February 22. However, on June 19 this year, due to its security breach, Bithumb lost approximately 35 billion won (about 31.4 million U.S. dollars) ).

The South Korean government has come under fire for failing to prevent cryptocurrency exchanges from being hacked. But in fact, in addition to the necessary supervision of the government, there are other reasons that cause hackers to succeed frequently.

The first is that the security technology of digital currency exchanges is insufficient and there are loopholes. Secondly, due to the anonymity of digital currency, hackers are more concealed when cashing out or transferring assets.

For digital currency investors, they should protect their private keys, use high-strength passwords, and replace them regularly. In addition, the assets are transferred to the offline cold wallet as soon as possible after the transaction is completed to further ensure security. At the same time, care should also be taken to avoid using the same account password on multiple exchanges to prevent systemic risks caused by one of the exchanges being stolen.

(I am Yannan, a reporter from Odaily. I am exploring the real blockchain. Please add WeChat nangua421262 for breaking news and communicating. Please note your name, unit, position and reason.)