DPRK hackers are suspected of theft $7M from Bithumb

North Korean hackers may have targeted crypto-currencies in order to evade the financial sanctions
19 December 2017   171

The South Korean Spy Agency suspects North Korean hackers in an attack on the country's largest crypto exchange Bithumb, and stole 7.6 billion won ($ 6.9 million). This is reported by the BBC.

The Spy Agency passed on to the prosecutor's office information about the February attack on personal computers of employees of Bithumb, which resulted in the theft of funds and personal data of 30,000 users.

The source also reports that hackers extorted 6 billion won ($ 5.5 million) in exchange for the destruction of stolen data.

National intelligence suspects that North Korean hackers are also behind the attack on the Coinis exchange. Representatives of the department believe that Pyongyang initiated a coordinated campaign aimed at mastering crypto-active assets with the aim of mitigating the consequences of international sanctions. 

Bithumb Restored New User Registration

Starting from February 9, users can confirm their accounts through the Nonghyup Shinhan bank
09 February 2018   94

South Korean Exchange Bithumb began registering new traders after the integration of the user identification "know-your-customer" system  (KYC) in accordance with the requirements of the law.

Bithumb reports that starting from February 9, investors can confirm their accounts through the bank Nonghyup. Verification through the bank Shinhan is also carried out.

The integration of the new system on the Bithumb exchange was carried out 10 days after the entry into force of the new rules, according to which anonymous trade in crypto-currencies in South Korea was banned. The Financial Services Commission (FSC) demanded that all exchanges of the country introduce a procedure for identifying real names of traders through bank accounts.

Banks, in turn, pledge to stop opening virtual accounts used for anonymous trading.

At the same time, not all exchanges were able to switch to a new system. Some of them use corporate accounts and independently verify users, which allows them to do the law while others have been forced to suspend trading.

According to the Yonhap edition, banks have the right to refuse to serve small and medium-sized exchanges with crypto currency and work only with large sites, such as Bithumb, Upbit, Coinone and Korbit.