Bithumb hijacked

Hackers stole billions of wons from largest South Korean cryptocurrency exchange
04 July 2017   1726

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen


Distributed database that is used to maintain a continuously growing list of records, called blocks

Largest South Korean cryptocurrency exchange Bithumb reported about "billions of wons" stolen by the hijackers. BraveNewCoin reports about it.

Due to last week cyberattack, hackers was able to stole personal data of 31 800 Bithumb users. That's 3% of all exchange's clients base. 

Stolen data consists of names, cellphones and email addresses of users. Local newspaper Kyunghyang Shinmun reported that one user lost around 8700$ due to hacker attack.

Bithump located the hijack on 29th of June and called the police on the next day. Also, more than 100 users contacted More than 100 users contacted the National Police Agency's cybercrime report center.

Representatives of Bithumb argue that there was no direct access to the users' accounts and that the attack was not directed to the internal network of the exchange servers or wallets, but to the computer of one of the Exchange's employees.

After the theft of user data from the computer employee Bithumb fraudsters engaged in "voice phishing". So, one of the users said that they called him, introduced themselves as a Bithumb employee and asked to dictate a one-time password sent by email. After the client of the Korean stock exchange complied the request of the "employee", from his account were stolen bitcoins in an amount equivalent to $ 8,700.

The newspaper also says that despite the fact that the exchange appealed to the law enforcement agencies of the country, about 100 injured clients plan to file a lawsuit against Bithumb.

Bithumb also announce that it is going to refund up to 100 000 wons per a person (around 870$). The remaining payments will be made after the final amount of losses has been accurately determined.

While it remains unclear what kind of legal responsibility the trading platform will bear for lost user funds. The situation is significantly complicated by the absence in the country of regulatory and legal regulation of the regulation of the crypto-currency sphere. 

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   105

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.