Coinrail Had Strange Transactions Few Month Before Hack

Local publication said that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the hack
13 June 2018   335

The seventh largest exchange of South Korea Coinrail reported its own hacking on Sunday, June 10. The damage was estimated at $ 40 million.

As Bitcoin.com reports with reference to local media, in February, Korean banks recorded activities related to alleged money laundering, coming from the Coinrail exchange.

Several banks that traded with Coinrail found suspicious money-laundering transactions in Coinrail in February, and some banks took steps to stop their fund deposits in April.
 

Bank Official

In South Korea, banks have a legal right to refuse servicing crypto exchange if they do not use the system to identify users based on real names, which was presented in January, but has not yet been widely disseminated.

The hack of the Coinrail exchange was the largest in the history of the South Korean market. Another local exchange Youbit has been hacked last year twice: in April and December. After the second episode, the company was forced to report its own bankruptcy.

Currently, Coinrail does not service the trade, and on posted a notice of technical works. It also says that 70% of assets have been moved to cold storage and are safe.

About 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers. The exact damage of the leaked coins / tokens is currently being confirmed, which may require some time with the coins.
 

Coinrail

"Investigators visited the exchange yesterday to ascertain whether it was an accident or a crime," the Korea Times said, adding that the investigation is being conducted by the police, the Korean Agency for Internet and Information Security and the Ministry of Science, Technology and Information.

Zb.com to Open Office at Malta

Country made another step froward to leadership in blockchain industry
16 August 2018   125

Fifth in terms of the daily trading volumee exchange ZB.com announced plans to open a representative office in Malta. This is reported by CCN.

Secretary of the Malta Parliament for Digital Innovation and Finance Silvio Schembri said that the opening of ZB.com will be another step in the country's leadership in the blockchain industry.

At first, the Maltese branch of ZB.com will offer customers only cryptocurrency exchange, and subsequently also plans to add support for the currency. ZB.com will be the third exchange in Malta, following the offices of Binance and Bitbay, which offers the exchange of digital currencies for fiat money.

Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.
 

Jimmy Zhao

Co-founder, ZB.com

Zhao said that he was invited to Malta by his business partners and met with government officials to discuss the possibility of opening a representative office.

According to CoinMarketCap, the volume of deals on ZB.com for the last 24 hours was areoud $ 267M. The most popular trading pairs on the platform are BTC / USDT, Dash / USDT, Qtum / USDT and ETH / USDT.